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guest
Guest
need help on what i can write off.i'm going to be driving a team op.
Is that Dollars and Sense?
I'm asking questions about $breakdown on 'what to do with this load'. Good answers. Trying to ask all the right questions so I can understand it, and help those starting out at the same time.
Called IRS and they are sending a packet for self employment, different catagories, and how to fill out tax forms. Also will cover expenses you can deduct.
Might want to try that.
One household team, or separate?
If separate, who owns the truck will file differently than the co-driver.
Do your research.
Armed and ready or alarmed.
I'm asking questions about $breakdown on 'what to do with this load'. Good answers. Trying to ask all the right questions so I can understand it, and help those starting out at the same time.
Called IRS and they are sending a packet for self employment, different catagories, and how to fill out tax forms. Also will cover expenses you can deduct.
Might want to try that.
One household team, or separate?
If separate, who owns the truck will file differently than the co-driver.
Do your research.
Armed and ready or alarmed.
BEACHBUM:
Frank Katz is the resident tax expert; he can be found in the Tax Topics For Expediters Conference. Some of our members use Frank as a preparer at tax time and I'm sure he'd be pleased to answer your concerns. Since you have asked the most basic and oft asked question about taxes, I recommend you seek the advice of a tax accountant or preparer who is experienced in truckers' taxes; you'll be pleased you did.
There is so much information about taxes and other expediter related topics that we all tend to refer folks in need of answers to search the archives of this site rather than repeat the answers. Well, everyone of us started out knowing nothing whatsoever about expediting and we learned what we needed from the experienced members here on EO. So, in keeping with the spirit of the "there's no dumb question" philosophy, I'll get this thread started with some of the basics. Don't take what I say about this important matter as gospel 'cause I'm by no means an expert. Reasearch the IRS publications and seek professional advice if you want to keep most of your earnings to yourself.
Start your research by keeping a ledger of all of your job/truck seeking expenses. You'll be able to deduct some of that. You may even deduct the tangible expense of keeping track of your expenses
You will depreciate the value of your truck and all of the permanent attachments to it, so keep good track of those add-on costs. Depreciation of your truck over time is not for the meek, so get good help here. You will deduct the cost of obtaining your CDL, and travel expenses to join a carrier.
Before you get your first load, you want some or all of these tax deductable supplies such as load bars, straps, dollies, pallet jack, furniture pads, pens, paper, signage, truck registration and insurance, fire extinguisher, reflective triangles, spare lamps, filters and other disposable parts, GPS gadgets, maps and any other items required for, or helpful to, performing your duties.
After you get the truck on the road, you'll deduct all of your operating expenses such as fuel, oil, windshield washer fluid and cleaning supplies. Repair and maintenance costs are deductable. Your meals on the road are partially deductable but most of us prefer to use the current $41 daily Transportation Workers Standard Meal Allowance, which is also partially deductable.
Your Hotel/motel expenses, as well as your paid truck stop showers are deductable. Business use of a telephone, pager or other communication device - deductable. Tolls and parking fees, truck wash, laundrymat and laundry supplies, all deductable. Membership in professional organizations such as OOIDA, and subscriptions to professional publications are deductable.
There you go, Beachbum. My list is not all inclusive but a good start for you. If you start out this year, try to hold off on some of the one-time expenses til next year so you can spread out the deductions over two years. Your deductable expenses will be meaningless if you have no income from which to deduct.
Good Luck and Welcome Aboard.
Terry
Frank Katz is the resident tax expert; he can be found in the Tax Topics For Expediters Conference. Some of our members use Frank as a preparer at tax time and I'm sure he'd be pleased to answer your concerns. Since you have asked the most basic and oft asked question about taxes, I recommend you seek the advice of a tax accountant or preparer who is experienced in truckers' taxes; you'll be pleased you did.
There is so much information about taxes and other expediter related topics that we all tend to refer folks in need of answers to search the archives of this site rather than repeat the answers. Well, everyone of us started out knowing nothing whatsoever about expediting and we learned what we needed from the experienced members here on EO. So, in keeping with the spirit of the "there's no dumb question" philosophy, I'll get this thread started with some of the basics. Don't take what I say about this important matter as gospel 'cause I'm by no means an expert. Reasearch the IRS publications and seek professional advice if you want to keep most of your earnings to yourself.
Start your research by keeping a ledger of all of your job/truck seeking expenses. You'll be able to deduct some of that. You may even deduct the tangible expense of keeping track of your expenses
You will depreciate the value of your truck and all of the permanent attachments to it, so keep good track of those add-on costs. Depreciation of your truck over time is not for the meek, so get good help here. You will deduct the cost of obtaining your CDL, and travel expenses to join a carrier.
Before you get your first load, you want some or all of these tax deductable supplies such as load bars, straps, dollies, pallet jack, furniture pads, pens, paper, signage, truck registration and insurance, fire extinguisher, reflective triangles, spare lamps, filters and other disposable parts, GPS gadgets, maps and any other items required for, or helpful to, performing your duties.
After you get the truck on the road, you'll deduct all of your operating expenses such as fuel, oil, windshield washer fluid and cleaning supplies. Repair and maintenance costs are deductable. Your meals on the road are partially deductable but most of us prefer to use the current $41 daily Transportation Workers Standard Meal Allowance, which is also partially deductable.
Your Hotel/motel expenses, as well as your paid truck stop showers are deductable. Business use of a telephone, pager or other communication device - deductable. Tolls and parking fees, truck wash, laundrymat and laundry supplies, all deductable. Membership in professional organizations such as OOIDA, and subscriptions to professional publications are deductable.
There you go, Beachbum. My list is not all inclusive but a good start for you. If you start out this year, try to hold off on some of the one-time expenses til next year so you can spread out the deductions over two years. Your deductable expenses will be meaningless if you have no income from which to deduct.
Good Luck and Welcome Aboard.
Terry
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guest
Guest
terryandrene,what part of missouri are you from?my father in law lives in independence.was out there labor day week,had really nice weather.I70 is a mess in blue springs.
St Charles County