mcavoy33
Seasoned Expediter
That might explain why he's never had a problem claiming $50.
New Owner
- Thread starter hettick304
- Start date
That might explain why he's never had a problem claiming $50.
hettick304
Active Expediter
I agree, Panther pays twenty cents a mile DH from the point of acceptance, don't quote me on the twenty though, I think it changes on a weekly basic, but your right, if your not in a good freight lane, that's my problem, trust me I'm leaning right now, I don't expect Panther to take my hand and say "Ok honey, here is the exact place to be to find freight, so you can make lots and lots of money" I get the feeling that dispach has got there hands full enough as it is. On the other hand, it is nice when you managed to jump the gun and accept a load to Aberdeen SD, with nothing to offer out,, the only other board is 280 miles away with 0 a day,, so you sit for a few days, and finnaly get another load offer with 800 loaded, but PU is 230 miles away, if it gets you out of Dakota and back to the happy East, I'm game! It does not cover your expences but it does give you some peace of mind when you know you need to take that load instead of sitting for the rest of the week, or weeks LOL
Is it that high now? I may have underclaimed some stuff. Per diem goes off the areas you are laid over at, so I just tried to average the number out. You also know you are only allowed to claim 80 percent of 100 percent of the daily allowable per diem!
Macavoy is right, the per diem allowance went up after September of 2009. I underclaimed for the year 2010, but I claimed accurate for 07-08-09. I had several years of undone taxes and ended up having to go back and reconstructut 5 years of records based off of banking transactions. Then I used tax slayer to go back and fix up the returns "only claiming what I can prove in the event of an audit!" It worked out good, since I did not show a loss for any years the, IRS decided not to audit me, and they accepted my returns and all I gotta pay is like 1,100 dollars and i'm all good.
Let this be a lesson to you guys, please save your records. Contemporaneous records do look better, but if you can prove your mileage and per diem by bank statment transactions, you are good to go too. I also did not owe a dime to the IRS, but since I lost a few records and ran for 7 months off of cash without saving those receipts, I had to only claim what can be clearly proven in the event of an audit. I have a very small file with very accurate and detailed records that took me 2 weeks of 4 hours a day to compile, and it wouldn't take more than 15 minutes for an auditor to see that my sheet is in order!
I just hate doing daily records. I'm the laziest driver on the planet. I'll clean my van, keep it free of trash, and drive like a maniac while tired, but I hate paperwork! But remember to look up the hobby rule. You don't want to claim too many losses. All you really have to do is run your taxes through the tax slayer program and play with the numbers till you owe like 150 bucks to the feds and you will show a profit and they will not red flag you for an audot. If you show more than two years of a loss that sends up a red flag the IRS lady told me. I owed nothing to the state, which made California have to eat sheet! lol
Let this be a lesson to you guys, please save your records. Contemporaneous records do look better, but if you can prove your mileage and per diem by bank statment transactions, you are good to go too. I also did not owe a dime to the IRS, but since I lost a few records and ran for 7 months off of cash without saving those receipts, I had to only claim what can be clearly proven in the event of an audit. I have a very small file with very accurate and detailed records that took me 2 weeks of 4 hours a day to compile, and it wouldn't take more than 15 minutes for an auditor to see that my sheet is in order!
I just hate doing daily records. I'm the laziest driver on the planet. I'll clean my van, keep it free of trash, and drive like a maniac while tired, but I hate paperwork! But remember to look up the hobby rule. You don't want to claim too many losses. All you really have to do is run your taxes through the tax slayer program and play with the numbers till you owe like 150 bucks to the feds and you will show a profit and they will not red flag you for an audot. If you show more than two years of a loss that sends up a red flag the IRS lady told me. I owed nothing to the state, which made California have to eat sheet! lol
Absolutely nothing to do with taxes. I understand Huntington Beach won the Little League World Series. Congratulations.
chefdennis
Veteran Expediter
You are right bill...Congrats to the Huntinton Beach Little League All Star team that won the Little League World Series 
Oh and it was won in the 6th inning (final inning in LL) with a bases loaded base hit for the winning run...final score 2-1 over a Japanese Team...
Oh and it was won in the 6th inning (final inning in LL) with a bases loaded base hit for the winning run...final score 2-1 over a Japanese Team...
Yeah they kicked butt Chef. I'm glad to see you all are running out there.
Blizzard said;
"That's why I try and keep my gross income at around 40-50k per year. Because for me, anything over that, I have to pay taxes on!"
I know this idea of not paying any taxes is appealing but....... sure, if you earn more you pay more taxes, but when all said and done, you end up with more in your bank account, and you might get some social security some day (sarcasm on the SS part). I suppose it is a matter of what you are comfortable with. Me, I like my toys too much to settle for less. The way I see it, sitting, empty moves and deadheading will net a loss, even after considering all tax breaks.
Don't hesitate to call Panther, option 4 driver relations and ask for home time. We too live in NE TX and find Panther very helpful in getting us home, however, we are st trk team. At least when home time is listed, you can turn down loads without a hit on your acceptance if going the wrong direction. Now if I can just get Panther to understand El Paso is still 890 miles from home......
"That's why I try and keep my gross income at around 40-50k per year. Because for me, anything over that, I have to pay taxes on!"
I know this idea of not paying any taxes is appealing but....... sure, if you earn more you pay more taxes, but when all said and done, you end up with more in your bank account, and you might get some social security some day (sarcasm on the SS part). I suppose it is a matter of what you are comfortable with. Me, I like my toys too much to settle for less. The way I see it, sitting, empty moves and deadheading will net a loss, even after considering all tax breaks.
Don't hesitate to call Panther, option 4 driver relations and ask for home time. We too live in NE TX and find Panther very helpful in getting us home, however, we are st trk team. At least when home time is listed, you can turn down loads without a hit on your acceptance if going the wrong direction. Now if I can just get Panther to understand El Paso is still 890 miles from home......
greg334
Veteran Expediter
You know a good point has been raised.
IF you are zero sum gain with your taxes and are not paying into SS, you do know that it will appear that you have not worked at all because you put zero into your SS account and when you hit that magic 70 or what ever it will be, you will have a reduced amount that you will get.
IF you are zero sum gain with your taxes and are not paying into SS, you do know that it will appear that you have not worked at all because you put zero into your SS account and when you hit that magic 70 or what ever it will be, you will have a reduced amount that you will get.
paullud
Veteran Expediter
That is how you get the best return, pay nothing and get something. It gives you the ability to invest your money into a retirement account the way you want.
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chefdennis
Veteran Expediter
LOL, Pay into the ripoff of SS...LOL, collecting SS, LOL, yea you will live well and enjoy a great lifestyle on that...LOL....
How did Reagan put it, "I am from the government and I am here to help you"...LOL he knew it was a joke to expect the government to get anything right....your retirement should be your own responsibility....just like most other things in life...but then that would requirer the government to get out of your lifes and we all know how the "entitlement crowd"and libs feels about that....
How did Reagan put it, "I am from the government and I am here to help you"...LOL he knew it was a joke to expect the government to get anything right....your retirement should be your own responsibility....just like most other things in life...but then that would requirer the government to get out of your lifes and we all know how the "entitlement crowd"and libs feels about that....
greg334
Veteran Expediter
I understand that and I do the posttax investment stuff instead of the pretax investment stuff. But your tax return gets popped out of the system for an audit and they see all these great deductions, they may end up throwing them out and having you justify every penny that you spend and prove that you could take the per diem deduction.
NO tax preparer can sit there and argue with an auditor and from what I see they can't go to court with you - so that means more money just defending yourself. So for your zero net gain in your business, you may end up paying the tax on the rejected deductions, the fines and one top of that when they revise your tax return, hit you for the social security and related back taxes and fines.
People like Dennis there who have multiple businesses can move things around and make it look good but people who are in the 30-50s and doing JUST this, they can risk a lot more than just money.
chefdennis
Veteran Expediter
you want to really have a good time with the IRS, have your investment counselor and tax advisor get you into a position to "defer income"....
hettick304
Active Expediter
Yea, I get those IRS letter that tell you wahat you've put in and what you'll get when you are retiered, or disabled, I laugh, I'm 32, and I have a hard time beleiving that I'll accually get that,, your right,, save save save
Posted with my Droid EO Forum App
Posted with my Droid EO Forum App