If you plan on taking the IRS daily per diem deduction you may need your logs to prove that you were out of town. I have log books that go back at least 10-20 years. The IRS can audit you and unless you can document being out of town, you could pay more taxes. They can to back for 7 years and if they find something can go back an additional 6 years, as I recall. Your logs are also a means of proving you worked in this industry should your carrier go out of business. It might help you find another job.
How long do you keep your logbooks?
Discussion in 'Experienced Truckers' Advice' started by BigJDub, Jun 11, 2011.
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I keep mine 6 months thats it. Where are you guys finding these years for irs audits i have had one and was told only need 5 years worth of documents by the irs so thats all i keep.
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I trained at H & R block in the 80's. Unless it has changed, the usual audit period is the 3 years prior but they can go back 7 years if they want. I still prepare my own and family members taxes. One thing to keep in mind, last I knew, they were 2 years behind on audits. I keep all my stuff for 20 years. I would recommend at least 9 -10 years minimum. I don't see how you could survive an audit without at least 5 years of records. If you can't prove you were on the road, the Per Diem deduction will not be allowed. You will need logbooks, computer records or company records to prove this. I would never allow my fate to be in the hands of a company or computer records.
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The IRS can only audit back 3 years, with one exception, that being fraud, then they can go back 7 years.
double yellow Thanks this. -
Thanks for the advice. I guess it would be in my best interest to keep them. I was going to hold on to at least the current year for taxes but I didn't think about auditing. Might as well keep them all I guess.
Also the comment about the company going out of business and needing to prove employment was an interesting thought as well. DOT background goes back 10 years so I need to at least keep that many.
Thanks for the great advice. -
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i kept mine for nearly 10 years, then i chucked them. in retrospect, i wished i still had them. -
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3 years for me to prove road time.......
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So, I'll say again. Use your own judgement.
Good luck.Lonesome Thanks this.
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