If he is using the standard mileage deduction, then yes.But I have no idea if the DH miles are deductible for the IRS.
for new van owner want to be
- Thread starter underdog777
- Start date
Unfortunately that can get you in trouble with the IRS also. Employees have money withheld from their paychecks. This amount can be adjusted by the number of dependents claimed each year. Self-employed people who end up with taxable income should be making quarterly payments based on past years, using an IRS worksheet or personal experience. Whether an employee or self-employed if you are paying too large amount in taxes in April you could draw the ire of the IRS!
underdog777
Seasoned Expediter
Ok i get 17 miles a gallon that is 3923 gallons of fuel for the loaded miles.Now as for deadhead the only deadhead i count is the miles to pick up the load.I dont count deadhead to layover spot because i may go where i think the best spot would be not the nearest spot .So with that said i added another 477 gallons on for deadhead to pickup only.And you want to know about the taxes.Ok last year i was out for 3 months on the road the rest of the time i had a reg job.So yes i hope not to pay any taxes but i sit aside 10 percent of my projected taxable wages.This way if i dont have to pay.That money will be like a refund.ON the fuel cost i took my last two week fuel tickets and did an avg of 3.35 a gallon
Like I said..I pay SS tax only..and estimate quarterly payments not required on that portion...