Fuel surcharge
- Thread starter Crazynuff
- Start date
Craynuff you asked
I have been told the fuel surcharge is not taxable . If that is true , can the full expense of fuel be deducted or how does this work ? Thanks Frank . I know this is a busy time for you .
Sorry you guys, but it included on your settlements as part of your income and will be included in the non employee income that is on your 1099 MISC.
You are recieving the fuel surcharge to cover the increased cost of fuel only, and it is separated on your settlement sheet but figured into you total income.
If you own a Cargo Van, it will be deducted if you use the standard mileage rate or actual expenses.
In a Straight Truck or Tractor you deduct the price of fuel by your reciepts. that is all the fuel you purchase is DEDUCTIBLE PERIOD. Cause in these trucks you can not use the Standard Mileage Rate at all.
DO NOT LOSE OR LET THE FUEL RECEIPTS FADE OUT. IF YOUR USING THE FUEL ISLANDS YOU GET A PRINT OUT, THAT PRINT OUT DEPENDING ON THE COMPANY WILL AND DEFINITELY FADE THAT YOU CAN JUST ABOUT READ THEM,
FLYING j, PILOT, use thermal paper and will FADE OUT PERIOD IF YOU DO NOT USE THE STANDARD TRUCK FUEL ISLAND, FOR INSTANCE THE FLYING J RV PUMPS, AND MOST OF THE PIOLTS GIVE YOU A RECEIPT AT THE PUMP, THESE ARE ON THERMAL AND WILL DEFINITELY FADE,
If you are audited by the IRS for truck expenses, and you have unreadable receipts they will be disallowed even though you have a recipt, but they cannot read the amount paid.
ITs the same for toll receipts, certain states use thermal paper also,
PA, OH, IN, NY, and the bridges inand out of Canada, Make sure you make copies of all of them when they are still fresh. then you will have no worries.as to your correct deduction
If you have any more questions please to not hesitate to ask
Franklin Katz, ATP
Franks Tan & Business Service
Kings Mountain, NC
704-739-4039*
I have been told the fuel surcharge is not taxable . If that is true , can the full expense of fuel be deducted or how does this work ? Thanks Frank . I know this is a busy time for you .
Sorry you guys, but it included on your settlements as part of your income and will be included in the non employee income that is on your 1099 MISC.
You are recieving the fuel surcharge to cover the increased cost of fuel only, and it is separated on your settlement sheet but figured into you total income.
If you own a Cargo Van, it will be deducted if you use the standard mileage rate or actual expenses.
In a Straight Truck or Tractor you deduct the price of fuel by your reciepts. that is all the fuel you purchase is DEDUCTIBLE PERIOD. Cause in these trucks you can not use the Standard Mileage Rate at all.
DO NOT LOSE OR LET THE FUEL RECEIPTS FADE OUT. IF YOUR USING THE FUEL ISLANDS YOU GET A PRINT OUT, THAT PRINT OUT DEPENDING ON THE COMPANY WILL AND DEFINITELY FADE THAT YOU CAN JUST ABOUT READ THEM,
FLYING j, PILOT, use thermal paper and will FADE OUT PERIOD IF YOU DO NOT USE THE STANDARD TRUCK FUEL ISLAND, FOR INSTANCE THE FLYING J RV PUMPS, AND MOST OF THE PIOLTS GIVE YOU A RECEIPT AT THE PUMP, THESE ARE ON THERMAL AND WILL DEFINITELY FADE,
If you are audited by the IRS for truck expenses, and you have unreadable receipts they will be disallowed even though you have a recipt, but they cannot read the amount paid.
ITs the same for toll receipts, certain states use thermal paper also,
PA, OH, IN, NY, and the bridges inand out of Canada, Make sure you make copies of all of them when they are still fresh. then you will have no worries.as to your correct deduction
If you have any more questions please to not hesitate to ask
Franklin Katz, ATP
Franks Tan & Business Service
Kings Mountain, NC
704-739-4039*
Frank, on the receipts you will also have your statement from Comdata if you paid that way or if by credit card you will have that statement which will take the place of the actual receipt if it fades out for proof.
Frank, on the receipts you will also have your statement from Comdata if you paid that way or if by credit card you will have that statement which will take the place of the actual receipt if it fades out for proof.
Bob & Linda Caffee
FedEx Custom Critical
D6077
OOIDA Member #697330
EO Moderator
Hi Bob & Linda,
What you say is true, that is if the O/O is using them for the transaction, I am talking about the people who use Cash, or ATM Cards. Most of the Comdata Statements that I have seen in my 10 years Driving, AND over the last 20 years seeing receipts and statements from drivers has been just the charges for using the card and not the actual fuel transaction, On the O/O settlement statements the fuel is deducted from the income made depending on which company you drive for. But the IRS will not accept this,even though its in black and white. You have to have the actual receipts.or credit card statement for it to be accepted. As far as Charge cards are concerned there on your monthly statement, but they prefer the receipt
But it would depend on the EXAMINER,IF YOUR AUDITED. I had one a few years ago, which was my first audit in 25 years, but the main reason was that the taxpayer did not file the return until 2 years after the due date. THAT BECAME A AUTOMATIC AUDIT, that if the actual receipt was not there it was disallowed even though we had Fleet card statements. After appealing it, all was approved showing all fuel transaction of location, date, and amount with gallons. but the appeal was not necessary, all expenses were proven and accepted when it was all over. But is was an unnecessary extra cost for the taxpayer, that was not needed.
Franklin Katz, ATP
Frank's Tax & Business Service
226 S. Cherokee St
Kings Mountain, NC 28086
704-739-4039
OOIDA MEMBER # 643570
Bob & Linda Caffee
FedEx Custom Critical
D6077
OOIDA Member #697330
EO Moderator
Hi Bob & Linda,
What you say is true, that is if the O/O is using them for the transaction, I am talking about the people who use Cash, or ATM Cards. Most of the Comdata Statements that I have seen in my 10 years Driving, AND over the last 20 years seeing receipts and statements from drivers has been just the charges for using the card and not the actual fuel transaction, On the O/O settlement statements the fuel is deducted from the income made depending on which company you drive for. But the IRS will not accept this,even though its in black and white. You have to have the actual receipts.or credit card statement for it to be accepted. As far as Charge cards are concerned there on your monthly statement, but they prefer the receipt
But it would depend on the EXAMINER,IF YOUR AUDITED. I had one a few years ago, which was my first audit in 25 years, but the main reason was that the taxpayer did not file the return until 2 years after the due date. THAT BECAME A AUTOMATIC AUDIT, that if the actual receipt was not there it was disallowed even though we had Fleet card statements. After appealing it, all was approved showing all fuel transaction of location, date, and amount with gallons. but the appeal was not necessary, all expenses were proven and accepted when it was all over. But is was an unnecessary extra cost for the taxpayer, that was not needed.
Franklin Katz, ATP
Frank's Tax & Business Service
226 S. Cherokee St
Kings Mountain, NC 28086
704-739-4039
OOIDA MEMBER # 643570
Crazynuff,
Sorry for the slight delay in getting back to you but Your lucky only a few faded out,
If there are any receipts that you get that are on thermal paper, make sure you make a copy of them ASAP. even though you have the originals over time they will not be readable.
Frank
Sorry for the slight delay in getting back to you but Your lucky only a few faded out,
If there are any receipts that you get that are on thermal paper, make sure you make a copy of them ASAP. even though you have the originals over time they will not be readable.
Frank