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Estes | Well, it's that time of year again........Tax Time...

Starkravinloon

Starkravinloon

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Well, it that time again,tax time...I thought I would start this thread to give some others insightful opinions and facts of the current tax codes and who you get to do your taxes...If you know something about the changes and additions to the new tax codes, please, by all means, post them on here...All of us are here to help out and get as much back as possible...So post away to websites,articles and recommendations...Good luck to all this tax season, I feel with the regime we have now, we're going to have to look at our returns a lot more closer now,than ever..
 
There are are number of fees and expenses related to trucking that are tax deductible, and a well-organized trucker takes all tax deductions available.

Drivers, when you’re doing taxes, Don’t Forget These Deductions:

Access Fees:
Internet (Earthlink, AOL, MSN, PeoplePC), Satellite (Qualcomm, XM, Sirius)
Administrative Fees:
ATM Fees, Check Reorder Fees
Association Dues
OOIDA, Teamsters, etc
Cell Phone Charges
(Business Use)
ComData/ComCheck Fees:
Computer Software
Credit Card Fees
Cleaning Supplies:
Window Cleaner, Paper Towels, RainX
Interest:
Business Loan, Credit Card
Office Supplies:
Pens, Pencils, Paperclips, Envelopes, Folders, Rubber Bands
Medical Exams
…required by your employer
Postage Fees:
For Mailing Invoices, Bills of Lading, etc…
Real Estate Expenses:
Mortgage interest
Mortgage prepayment penalties
Penalties of early withdrawals
Points on principal residence financing
Real estate taxes
Safety Gear
Trucking & Business Related Subscriptions
Uniforms
Dry Cleaning Costs for your uniforms or protective clothing

Don’t make the same mistake as many truck drivers, falling into the trap of trying to claim too much and ending up with an audit.* Here are some non-deductible expenses that many truckers’ need to leave off:

NON-Deductible Expenses:

Expenses that were reimbursed by your employer.

Clothing that is adaptable to everyday wear

Commuting costs (tolls, gas, parking)

Home phone line

Interest on personal loans.

Personal vacations.

Student loan interest if adjusted gross income is greater than $65,000 (single) or $130,000 (married).

Student loan principal.

Special Notes For Owner-Operators:


You CANNOT deduct the time you incur from working on your own equipment

You CANNOT deduct the income lost as a result of deahead/unpaid mileage
ONLY the expenses incurred to operate the truck during that time such as fuel, tolls and scales. etc.

You CANNOT deduct for downtime
 
you need to start your own tax preparer service.... h@r mildew.... LOL. very thourough, but to get this itemizing started, you need your per diem, any considerable amount of time on the road, brings 12 to 14 thousand real quick. by the book per diem means leaving the house for the day, and taking your schedualed time off away from home
 
mildew said:
There are are number of fees and expenses related to trucking that are tax deductible, and a well-organized trucker takes all tax deductions available.

Drivers, when you’re doing taxes, Don’t Forget These Deductions:

Access Fees:
Internet (Earthlink, AOL, MSN, PeoplePC), Satellite (Qualcomm, XM, Sirius)
Administrative Fees:
ATM Fees, Check Reorder Fees
Association Dues
OOIDA, Teamsters, etc
Cell Phone Charges
(Business Use)
ComData/ComCheck Fees:
Computer Software
Credit Card Fees
Cleaning Supplies:
Window Cleaner, Paper Towels, RainX
Interest:
Business Loan, Credit Card
Office Supplies:
Pens, Pencils, Paperclips, Envelopes, Folders, Rubber Bands
Medical Exams
…required by your employer
Postage Fees:
For Mailing Invoices, Bills of Lading, etc…
Real Estate Expenses:
Mortgage interest
Mortgage prepayment penalties
Penalties of early withdrawals
Points on principal residence financing
Real estate taxes
Safety Gear
Trucking & Business Related Subscriptions
Uniforms
Dry Cleaning Costs for your uniforms or protective clothing

Don’t make the same mistake as many truck drivers, falling into the trap of trying to claim too much and ending up with an audit.* Here are some non-deductible expenses that many truckers’ need to leave off:

NON-Deductible Expenses:

Expenses that were reimbursed by your employer.

Clothing that is adaptable to everyday wear

Commuting costs (tolls, gas, parking)

Home phone line

Interest on personal loans.

Personal vacations.

Student loan interest if adjusted gross income is greater than $65,000 (single) or $130,000 (married).

Student loan principal.

Special Notes For Owner-Operators:


You CANNOT deduct the time you incur from working on your own equipment

You CANNOT deduct the income lost as a result of deahead/unpaid mileage
ONLY the expenses incurred to operate the truck during that time such as fuel, tolls and scales. etc.

You CANNOT deduct for downtime
Click to expand...

Mildew ..........You can deduct XM radio?????????????
 
mildew said:
As long as it has traffic and weather is the way I understand it
Click to expand...

Just left tax man deducted my gps , some other things i threw out my xm bill he told me only if it built into estes truck if its mobil like mine he said no go...... He did say we could try but he said sometimes entertanment things throw up red flags for an audit so i left it be. i dont want the irs on my tail...
 
BossHog said:
Just left tax man deducted my gps , some other things i threw out my xm bill he told me only if it built into estes truck if its mobil like mine he said no go...... He did say we could try but he said sometimes entertanment things throw up red flags for an audit so i left it be. i dont want the irs on my tail...
Click to expand...
My Cpa says it don't make much difference unless it all totals over a $1000. She said some of the little things people worry about don't make any difference. I wish I could get my taxes done this early.
 
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