Tax Question for drivers of owner operators.
- Thread starter drivingmecrazy
- Start date
Greg, yes, a good one will do that. That's within their level of expertise. My point is that trucking taxes and accounting are just as specialized in that field as heart or neuro surgery in the field of medicine. While one could possibly get acceptable results in such surgery from a GP the outcome is more likely to be positive if done by the specialist in the field. Acceptable results are even less likely if done by the pharmacist and less still if done personally. That's the descending chain from truck specialist CPA to CPA to chain store tax preparer to do it yourself.
Leo Bricker, 73's K5LDB
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Leo Bricker, 73's K5LDB
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hptptrucking
Seasoned Expediter
I just had to sign in and reply with a comment on this subject of taxes. For the first 2 yrs that we were married we used an accountant in Atlanta, Ga who supposedly new about truckers laws and tax filing but he didn't because we ended up having to pay out alot of money which we didn't have so I went on a search for a new accountant for 2006 filing year. My brother had a friend that owned a trucking company in Charlotte, NC and they put me in contact with their CPA that only does tax filing for truckers. He is in Charlotte NC and does mainly owner operators and fleet companies. This man saved us!!! I can't tell you how much it was a blessing for us to find him. He knows so much about truckers rights when it comes to tax filing. For 2006 we didn't pay a dime and he did an amended return for 2005 and the money we owed has been cut down about 75%.
Save them receipts. I can't express that enough. Fuel receipts, receipts where you buy supplies for your truck, also alot of truckers don't know this but truckers are entitled to a hotel per diem for every night you are on the road regardless whether you stay in a hotel or in your truck. Your receipt is your log book where you do your post trip and stay for the night. The IRS honors the log book just in case of audit. I keep a running excel spread sheet of where we are nightly if we shut down. If anyone is interest in more info on this I have a government website you can go too, just private message me. Also I will be glad to give you my CPA's name also.
Just wanted to share that. We aren't in expediting anymore but I loved this website when I first came here and I guess I will continue to love it. There is just alot of good people here and alot of great info.
Happy Holidays to everyone.
Teresa Palmer
Lady Tee & Big Pappa
Save them receipts. I can't express that enough. Fuel receipts, receipts where you buy supplies for your truck, also alot of truckers don't know this but truckers are entitled to a hotel per diem for every night you are on the road regardless whether you stay in a hotel or in your truck. Your receipt is your log book where you do your post trip and stay for the night. The IRS honors the log book just in case of audit. I keep a running excel spread sheet of where we are nightly if we shut down. If anyone is interest in more info on this I have a government website you can go too, just private message me. Also I will be glad to give you my CPA's name also.
Just wanted to share that. We aren't in expediting anymore but I loved this website when I first came here and I guess I will continue to love it. There is just alot of good people here and alot of great info.
Happy Holidays to everyone.
Teresa Palmer
Lady Tee & Big Pappa
drivingmecrazy
Seasoned Expediter
Would really like to have your CPA's number.. does it mateer if we live in another state? Loved the part about hotel rooms- I believe you- however some people I told said no way! Oh well I guess they will lose out. Thanks for your reply!
nightcreacher
Veteran Expediter
you need a CPA,tax prepaires just dont understand the trucking industry
Everything you do on the road is a write off,your xm radio is a wrtie off,cause you need it for the weather channel,your cb radio,where you stay,what you eat,if you take your clothes to cleaners and someone else washes,get the receipt.you buy pens paper,get the receipt,the only receipts you dont need is for food,you can write off 80% of 52 dollars for every day your away from home for 24 hours,but you must be home at least 4 days a month,or you will not get the write off,you can even write off half day on way home and half day when you leave
If you make a room in your house an office,that room can be a write off,but if you sell the house,you will have to pay back part of the money.JUST REMEMBER,,KEEP THOSE RECEIPTS,and find a CPA that knows truking,oh ya hes a write off too
Everything you do on the road is a write off,your xm radio is a wrtie off,cause you need it for the weather channel,your cb radio,where you stay,what you eat,if you take your clothes to cleaners and someone else washes,get the receipt.you buy pens paper,get the receipt,the only receipts you dont need is for food,you can write off 80% of 52 dollars for every day your away from home for 24 hours,but you must be home at least 4 days a month,or you will not get the write off,you can even write off half day on way home and half day when you leave
If you make a room in your house an office,that room can be a write off,but if you sell the house,you will have to pay back part of the money.JUST REMEMBER,,KEEP THOSE RECEIPTS,and find a CPA that knows truking,oh ya hes a write off too
hptptrucking:
The use of hotel per diem by drivers of trucks with sleepers, and vans for that matter, has long been a topic of discussion in the EO forums and at truck stop counters. The concensus in this on-going dispute between the can-do's and can't-do's is that you may not legitimately claim the hotel per diem. I will claim almost $2000 worth of hotels this tax year and have previously been advised that the per diem for hotels is not allowed. I don't have a reference at hand, but suggest any driver using this deduction be wary of its validity.
The use of hotel per diem by drivers of trucks with sleepers, and vans for that matter, has long been a topic of discussion in the EO forums and at truck stop counters. The concensus in this on-going dispute between the can-do's and can't-do's is that you may not legitimately claim the hotel per diem. I will claim almost $2000 worth of hotels this tax year and have previously been advised that the per diem for hotels is not allowed. I don't have a reference at hand, but suggest any driver using this deduction be wary of its validity.
hptptrucking
Seasoned Expediter
terryandrene:
Just spoke to my CPA to make appt for first of Feb. and just mentioned what has been discussed on this site. I don't want to be audited (we have had our share of crooked tax people and the ones that think they know truckers rights the last few years before we found this one) and he said he would like to see that on paper and the hotel.
He has been doing TRUCKERS ONLY taxes for 20 + years and says every owner operator he does files for it and only a few audits have occurred. We filed it last year and like I said did an amended turn for 2005 for it and it got approved just last month so until I am told otherwise my CPA makes that call.
I am on top of record keeping so I don't worry about an audit. After working for a large corporation for 20+ years record keeping and CYA is my middle name.
Also someone ask if you have to live in my CPA's state to have him do your taxes? NO.. He said he does alot of people that live out of state especially NY and Ohio so PM me if you would like his phone number and email address. He has a well equipped staff that is super friendly. Let me tell you how nice this guy is... Last year when we went to him to have our taxes done my husband was so nervous because of the last jerk that messed our taxes up. Jack (the CPA) said man are you ok? Harvey stated he just needed a drink. Jack ask what you need coffee, soda, beer or shot of liquer? LOL.... Harvey said a beer to calm my nerves and a beer is what he got and Jack told him not to worry this wasn't his first rodeo. He is a very nice guy.
Lady Tee & Big Pappa
Just spoke to my CPA to make appt for first of Feb. and just mentioned what has been discussed on this site. I don't want to be audited (we have had our share of crooked tax people and the ones that think they know truckers rights the last few years before we found this one) and he said he would like to see that on paper and the hotel.
He has been doing TRUCKERS ONLY taxes for 20 + years and says every owner operator he does files for it and only a few audits have occurred. We filed it last year and like I said did an amended turn for 2005 for it and it got approved just last month so until I am told otherwise my CPA makes that call.
I am on top of record keeping so I don't worry about an audit. After working for a large corporation for 20+ years record keeping and CYA is my middle name.
Also someone ask if you have to live in my CPA's state to have him do your taxes? NO.. He said he does alot of people that live out of state especially NY and Ohio so PM me if you would like his phone number and email address. He has a well equipped staff that is super friendly. Let me tell you how nice this guy is... Last year when we went to him to have our taxes done my husband was so nervous because of the last jerk that messed our taxes up. Jack (the CPA) said man are you ok? Harvey stated he just needed a drink. Jack ask what you need coffee, soda, beer or shot of liquer? LOL.... Harvey said a beer to calm my nerves and a beer is what he got and Jack told him not to worry this wasn't his first rodeo. He is a very nice guy.
Lady Tee & Big Pappa
Thanks for the clarification. I wasn't suggesting that I know the rules, just that I have been led to believe by our tax adviser that the only per diem deduction available to us is the standard meal allowance for transportation workers. Therefore, I take no other per diem deduction.
I don't know the rules either, but I did stay at a Holiday Inn Express last night. Gawd, I'm a hoot.
Seriously though, I did once read an excerpt for some IRS publication that trucks with "permanent sleeping quarters" couldn't claim hotels.
Seriously though, I did once read an excerpt for some IRS publication that trucks with "permanent sleeping quarters" couldn't claim hotels.
nightcreacher
Veteran Expediter
the motel is seperate from meals,but if you dont have a tax home bases,you cant take either,you must show at your taxable home at least 4 days a month
davebeckym
Expert Expediter
I don't remember the exact wording, but I did look it up on the IRS web site last tax season. It said if you are an employee, you get the motel per diem. Self employed have to have receipts. I don't remember anything about a permanent sleeper, makes sense though.
I have a hard time with the 4 days a month. You have to be able to prove by paying rent, house payment or taxes on a home to get the per diem. I trust our accountant on this one as we are very rarely home every month or every other month.
nightcreacher
Veteran Expediter
ive been audited twice,lost the write off for at the time $30 day meals,was kicked back to $9 per day as I was living in truck,getting home just every couple months,second time, I had my ducks in a row,and my CPA took care of all the answers,he's worth every penny I pay him,and that is a write off
Where you paying rent and/or taxes on where you lived?
I'm not sure who the question about CPA contact information was directed to but if it was for John Turner www.truckcpa.com should work. I've never heard of a 4 day rule but I trust that "the boss" being home all the time will take care of that or else John would tell me I need to do something differently.
Leo Bricker, 73's K5LDB
OOIDA Life Member 677319, JOIN NOW
Owner, Panther trucks 5508, 5509, 5641
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.
Leo Bricker, 73's K5LDB
OOIDA Life Member 677319, JOIN NOW
Owner, Panther trucks 5508, 5509, 5641
EO Forum Moderator
----------
Support the entire Constitution, not just the parts you like.