Uncle Sam go away!!!!

[redhotxpress]

HELP!! it's that time of year again!! everyone's getting their receipts, per diem and all ready for uncle sam. how about sharing some useful TIPS on record keeping, computer programs, etc. that helps keep you expediters sane at the end of the year. anyone who has info on TAX preparers that you use in MISSOURI or elsewhere, please share or send email to me. we use truckers helper but would welcome any input on other programs. our usual tax person doesn't know squat about the trucking industry..so we are on a mission to find someone knowledgeable in this area. thanks
TC::

 

[TeamCaffee]

We have had the same trouble as you trying to find a local accountant. We have just located a new one that just handles trucks, does not require you to send all your receipts, and appears rather knowledgeable about our business. His firm was recommended by another driver but as we have not had our taxes finished yet I do not know how it will turn out at this time. We use QuickBooks and every day I enter all of our receipts, it is easier to know exactly how you are doing that way. Get receipts for everything. We have a portable file box that we keep our important papers in, and also a monthly folder for receipts after they have been entered into QuickBooks.

 

[greg334]

I am going to have a mess this year with taxes but all I got to say is read 'The Fair Tax Book' and if you think it will really work Support IT.

 

[Coco]

Accounts Receivable Tax
Building Permit Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax,
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax
Interest expense
Inventory tax
IRS Interest Charges IRS Penalties (tax on top of tax)
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Service charge taxes
Social Security Tax
Road usage taxes
Sales Tax
Recreational Vehicle Tax
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft registration Tax
Well Permit Tax
Workers Compensation Tax

COMMENTS: Not one of these taxes existed 100 years ago,
and our nation was the most prosperous in the world.
We had absolutely no national debt, had the largest middle class
in the world, and Mom stayed home to raise the kids.
What happened?
And I still have to "press 1" for English

 

[Broompilot]

Coco tell us how you really feel? I like that spirit!!!!!



As for record keeping.

Keep it simple stupid, I use this it may be helpfull to youall.

1 6x8 envelope

I make copies and than cut it and tape it to the front of the envelope (12 copies)

Very top reads Month of__________________

than I have 13 colums accross and than 20 lines down all into little squares that I put the dollar amount to the line 1-20.

Across the 13 reads in each colum

Fuel-Tolls-TruckWash-WashSupply-TruckRepair-MaintSupply-Lodging-Postage-Fees-OfficeSupply-Phone-Permits-Misc.

Fuel being the most purcahsed item, I # each receipt according to line no dates on form, thus if my accountant wants to look at #3 fuel receipt just go inside they are # accrodingly. I do put Fuel or Wash Supply on the reciept to make it easier for her.

At the end of every month when the Visa bill comes in and phone bill its added to the list and #ed.

At the very bottom is a row seperated from the 20 with TOTALS. Thus its very easy to keep track of. So SIMPLE EVEN STUPID PEOPLE CAN DO IT.

 

[TeamCaffee]

But where is the fun in that? No challenge, I like it complicated! Give me my QuickBooks and Quicken any day of the week and lots of categories.

 

[Fkatz]

Help is here, if you want it. Income Tax is a requirement and there is no way of getting around it. DO not listen to anyone who says that you do not have to file a tax return, this is false information, it is federal law that everyone must file.

Try and get all of your receipts, and figures to your tax preparer or Accountant ASAP and before the filing deadline,and make sure that your tax balance is paid by April 15, 16, 0r 17 depend on what day the 15th falls out on. this year the 15 falls on a Sunday so the return and payment must be filed by midnight Monday the 16th. The reason for this is that if you as for an Extension which will be granted until Oct. 15, 2007 and you owe any balance of tax you will not save, the interest, and penalities, the will still be added to your balance,
The current interest rate for the first quarter of 2007 is 8% per quarter compounded daily on unpaid tax until April 30, and 1/2 of 1% penalty on the unpaid balance per month, also compounded daily.Since the October deadline with the granted extension you will still pay the interest and penalty until the balance is paid.

Franklin Katz, ATP
Frank's Tax & Business Service
26S S. Cherokee ST
Kings Mountain, NC 28086

OOIDA #640573

I have been preparing Trucker Taxes since 1998 when I first went into my own tax practice. before then I was a Company Driver, for Carretta Trucking, Paramus, NJ, & Forest City, NC,1991-1992, Carretta was put out of Business by the DOT & IRS in 1993 & from 1992 thru 1995 drove for KLLM Transport Service, Jackson, MS,

Then in 1998 I leased on with CTX Expediting, Warren Mi and later drove for Chawanna Hot Shot, Charlotte, NC in 2001 and 2002 part time
In 2001 I hired a Driver for my vehicle and my Tax and Accounting business was open all year.

I am a moderator, under the Tax Service Forum Sponsered by this Web Site every year Since its inception in 1998,and a vender at the Expediter Expo at the Detroiter Truck Stop until last year when it moved to the Roberts Convention Center in Wilmington, OH. that is Except for 2002 when I had Open Heart Surgery the Same week that it was to be held.

I have actually been preparing Tax Returns for all individuals, Partnerships,and Corporation since 1975, that is over 30 as a professional Tax preparer.

So if any of you have any questions and want to request a Deductible listing and expense sheet please e-mail me directly at [email protected] or ask the questions on this web site on my tax forum. The Average return fee for tax returns is between $225.00 and $350.00 depending on what forms it would take to complete your tax return, that price is for Individual Returns with a Schedule C, it does not include Partnerships or Corporations which Start at $300 and up.
I know of firms that a lot of drvers use and they are charged Minimun of $250.00 to as high as a $1000.00, and this is just for an Individual Tax return with 1040, SCh A, Sch C Sch SE, dependents,
depreciation and possibility of there home state included or added to the fee.

The Information tha you request if for your information, and if your accountant or tax preparer does not know what to do, the I suggest finding one that really knows the trucking industry.
Out of the the 21,000 plus of tax preparers, Accountant, CPA's, EA's under about 1% of those preparers actually know trucking and specialize in it. So find someone who does specialize in this field otherwise you might have problems.

Ask THESE 4 questions when you meet with a preparer, Accountant, CPA, or Enrolled Agent
1. How is the Depreciation taken on a Tractor or Straight Truck, and for how long, (If he says 5 years: Find another Preparer) the answer is 3 years with a 4 year life, at Straight line depreciation
2 Can I take my truck payments as a deduction, (if he says yes: Find another Perparer) you can only take the interest that you paid
3. if he says that you can take the standard mileage rate, (Don;t walk RUN, find another preparer)
4. What is the per diem rate and at what is the percentage of that per diem for a truck driver,
If he says that you have to use the Publication to find where you were for that day, RUN AS FAST AS YOU CAN AND FIND ANOTHER PREPARER

All tax preparers will tell you the same thing, YES THEY PREPARE TRUCK DRIVERS TAXES. THE REASON IS THEY WANT YOUR BUSINESS WEATHER THEY DO OR NOT. ASK THE QUESTIONS ABOVE TO FINDOUT IF THEY ACTUALLY KNOW TRUCKING

Franklin Katz, ATP