HI! My husband and I drove team straight all last year where we do the 60/40 split with us paying for fuel. We received our 1099's and the way they were done is it shows the total deposits to us for the year, not the actual amount we grossed each week. Anyway, we have all these fuel receipts that I thought I could claim, but I'm not sure I can with the way the 1099 was done. We did not own the truck at the time or pay for maintenance, only fuel. Any suggestions?
Tax question
- Thread starter JENNANDDUSTY
- Start date
1099 has nothing to do with claiming fuel expense. You can claim fuel expense on Schedule C of the 1040 form. Your tax person can show you how. Its similar to claiming expenses on any equipment rental such as car gas or truck diesel. You do not have to own the truck, since you were essentially renting or leasing it from the owner, and paying for the fuel, which is deductible.
They have to show the income to offset the expense. 1099 needs corrected.
Daffyduck528
Expert Expediter
Yep! Owner needs to fix it.
I spend the 120 bucks or so for an accountant to do all my taxes they know how the tax codes work, and how to do the deductions so I don't have red flags for the IRS. You will probably need a spread sheet showing your total income, and a breakdown on what you spent money on. Your PCA will tell you how he or she wants it done. Oh yeah, paying the tax preparer is another deduction.
Like team Bob and Linda hire a real tax preparer, one who understands trucking not ones you see advertised on T.V. They are for civilians not business owners.
You did remember to set aside your 30% on your profit margin, right?
If you made any money you pay taxes on what you made after expenses.
I run a trucking company I don't do taxes. I leave that to a pro.
Bob Wolf.
Like team Bob and Linda hire a real tax preparer, one who understands trucking not ones you see advertised on T.V. They are for civilians not business owners.
You did remember to set aside your 30% on your profit margin, right?
If you made any money you pay taxes on what you made after expenses.
I run a trucking company I don't do taxes. I leave that to a pro.
Bob Wolf.
Daffyduck528
Expert Expediter
$120? Wow! I spend a lot more. How'd u get that hookup?
I agree also, should be corrected. In the long run with only showing what you made after the fuel was out will equate the same way on your taxes but i would wonder if he is trying to take the deduction. Which i have heard of some doing. Really though, everything you made plus your fsc should be on your 1099.
If the 1099 does not match your settlement sheets, Something is definitely wrong with this picture,
have him correct it immediately, soyou can file your tax, If I were you I would gotohis office and insist that he give you one immediately, so if he is thinking of taking your fuel, he will not be able to do so.
I would chek him out a lot closer, in reference to see if he is a crooked owner, there are quitea few of them out there.
Franklln Katz, ATP,PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Web Site: Http://www.frankstaxbusiness.com
Providing Professional Accounting, Bookkeeping,Payroll and Income Tax Preparation Services
*Circular 230 Disclaimer: To ensure compliance with Treasury Regulationsgoverning written tax advice, please be advised that any tax advice included inthis communication, including attachments, is not intended, and cannot be used,for the purpose of (i) avoiding any federal tax penalty or (ii) promoting,marketing, or recommending any transaction or matter to another person.
Confidentially Notice: This email message is Ifyou have receivedthis message in error and are not the intended addressee, please advise thesender by reply email and delete this message immediately.
*The IRS doesnot endorse any particular individual tax preparer. For more information on taxreturn preparers go to IRS.gov
have him correct it immediately, soyou can file your tax, If I were you I would gotohis office and insist that he give you one immediately, so if he is thinking of taking your fuel, he will not be able to do so.
I would chek him out a lot closer, in reference to see if he is a crooked owner, there are quitea few of them out there.
Franklln Katz, ATP,PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: [email protected]
Web Site: Http://www.frankstaxbusiness.com
Providing Professional Accounting, Bookkeeping,Payroll and Income Tax Preparation Services
*Circular 230 Disclaimer: To ensure compliance with Treasury Regulationsgoverning written tax advice, please be advised that any tax advice included inthis communication, including attachments, is not intended, and cannot be used,for the purpose of (i) avoiding any federal tax penalty or (ii) promoting,marketing, or recommending any transaction or matter to another person.
Confidentially Notice: This email message is Ifyou have receivedthis message in error and are not the intended addressee, please advise thesender by reply email and delete this message immediately.
*The IRS doesnot endorse any particular individual tax preparer. For more information on taxreturn preparers go to IRS.gov
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