Deductions
- Thread starter copdsux
- Start date
Hi Mike
Your question was.
Are costs associated with "start-up" considered deductible? For example: Qual-Comm installation, putting logos on the truck, expenses incurred attending orientation, etc. Thanks in advance,
Mike
The the start up costs are deductiable, but must be listed separately on your Sch C profit & Loss some under Car & Truck expenses, others under other expenses.
orientation (other)
Motels (travel
logos - (truck)
You would have to give specifics or let your preparer know that you have them. otherwise they go astray. and if he doesnt know trucking it will be not allowed,
Especially if you drop your information at a CPA, or other to prepare your return, Normally they give them to someone else to complete and then he calls you to come in and sign, and bingo there done, without him actually checking if you recieved all the deductions that you can take, I have seen this happen too often. and wound up amending a lot of there (CPA's) returns, who claim to know the Trucking industry.
Frank
When I recive your tax information I complete each return individually, and if there are any questions as to expenses I persoanlly call that taxpayer and ask if this is an expense or if a single item is questionable or not. or if the trucker left something out, i definitely will call them before completing there return
Your question was.
Are costs associated with "start-up" considered deductible? For example: Qual-Comm installation, putting logos on the truck, expenses incurred attending orientation, etc. Thanks in advance,
Mike
The the start up costs are deductiable, but must be listed separately on your Sch C profit & Loss some under Car & Truck expenses, others under other expenses.
orientation (other)
Motels (travel
logos - (truck)
You would have to give specifics or let your preparer know that you have them. otherwise they go astray. and if he doesnt know trucking it will be not allowed,
Especially if you drop your information at a CPA, or other to prepare your return, Normally they give them to someone else to complete and then he calls you to come in and sign, and bingo there done, without him actually checking if you recieved all the deductions that you can take, I have seen this happen too often. and wound up amending a lot of there (CPA's) returns, who claim to know the Trucking industry.
Frank
When I recive your tax information I complete each return individually, and if there are any questions as to expenses I persoanlly call that taxpayer and ask if this is an expense or if a single item is questionable or not. or if the trucker left something out, i definitely will call them before completing there return
PalletJack
Expert Expediter
This might be a foolish question but are there any deductions that are pecular to the expediter segment of trucking. Thank You
The deductions that are allowed in the transportation industry are definitly for the industry only and are not allowed in a standard business.
Log book deduction using a special rate perdiem allowance is the most different due to the regulations based on time left and time returned in 1/4 days to main place of abode.
the per /Diem for most persons is where they are/ where they stay, and what motels prices are. they get 50% of these cost,
truckers get 70% of these cost. for a deduction
Items in the trucking business that are allowable for use on the truck are not allowed in some other types of business.
but for truckers its, for instance a porta potty, and the music rolls that you by for it.
blankets, mattresses, sheets, pillowcases. heaters, coolers, etc.
o
Frank
Log book deduction using a special rate perdiem allowance is the most different due to the regulations based on time left and time returned in 1/4 days to main place of abode.
the per /Diem for most persons is where they are/ where they stay, and what motels prices are. they get 50% of these cost,
truckers get 70% of these cost. for a deduction
Items in the trucking business that are allowable for use on the truck are not allowed in some other types of business.
but for truckers its, for instance a porta potty, and the music rolls that you by for it.
blankets, mattresses, sheets, pillowcases. heaters, coolers, etc.
o
Frank