Trucker Tax Tips & Deductions - Page 2 - Truckers' Trucking Forum | Message Board

NightWind · #11 08.19.2007

Quote:

Originally Posted by paramore

You can deduct kleanex, toilet paper, napkins, plastic forks spoons knives, paper towels, cds, dvd, Eye glasses, contacts, drivers licenses these are a few more items that can be deducted.

Keep in mind that the IRS will expect you to prove that you don't use any items that you deduct anywhere else but the truck or activities related to taking care of the truck.
There are exceptions to this so check out the list and talk to your CPA about these things.

javelinjeff · #12 08.30.2007

there is a whole bunch of stuff you can deduct-even armour all for you tires as "cleaning supplies".cell phones,clothing,log books,scale reciepts,CB radios,the list goes on.just don't try to deduct lot lizards as "entertainment" expenses.but you could 1099 them if you had their SSN

rdp · #13 10.30.2007

Thank you Wise One for this topic. I have been a company driver for 10 years and am taking the leap to owner operator and this is my number one concern. I would love any input from anyone who could suggest an accounting firm or CPA that is specific to the trucking industry. Don't think Quicken or H&R Block Is going to work for me anymore

Carolina_Beaver_Teaser · #14 10.30.2007

For the Owner Operators and even the independent contractors, a well experienced CPA, with transportation clients is well worth the search!!
Don't be afraid to ask the CPA for references from other clients that they service in trucking, as a good one will be more than happy to oblige.
Be weary of some of the trucker tax services you might find in the back pages of some our trade publications, not that they are all bad, but most just care of keeping with ways to rid you of $$$, and could care less if their work is not up to par and brings about an audit .
( Personal experience, bad time to realize the IRS doesn't care if it is a CPA fault, you are the one ultimately responsible under code)

In my opinion, the CPA is one my most valuable assets.

jlkklj777 · #15 10.30.2007

According to Sirius 147, last week in a segment regarding the daily per diem rate, the IRS recently accepted a new way to calculate the daily allowance for per diem. Traditionally partial days were allowed so long as you used the same calculation all year round. Meaning you could not switch from receipts to standard deduction. A partial day would be calculated by dividing the day into 4 quarters and then adding the partials together and rounding up. Under the new ruling any partial day may be calculated as a full day rather than a partial. If this is in fact correct then each day you log (even as little as 1 hour) may now be used as a full days credit.

latanea · #16 11.04.2007

will this be utilized for 2007 or a new deal for 2008?

latanea · #17 11.04.2007

RPD - I used american truck tax for 4 tax seasons.

they have a pretty good system for input/deduction tabulations.

they used to have offices in the denver area - (Kitteredge?)

try to google their name - they have a website out there somewhere.

jlkklj777 · #18 11.04.2007

As far as I know taking the full day deduction it is in effect for 2007 tax year. I believe we are still only allowed 75% of the 52.00 per day rate though.

I think the per diem rate goes to 80% for tax year 2008. What the daily adjusted allowance will be remains to be seen.

Has anyone else been able to verify either the full day calculation for per diem or the increase to 80% for tax year 2008?

rdp · #19 11.05.2007

Thanks for the suggestion Lantanea. I have found a local CPA that has done taxes for a local owner operator friend of mine for the last 25 years and he seems to be very knowledgable about truckers taxes. My only problem may be is he is not taking new clients but he has agreed to let me come in and get me set up. I have a feeling that I may be able to talk him into taking me on during that meeting. Thanks again.

scurvydog · #20 12.09.2007

Some tax guy on sirius trucker channel said you can deduct a dog as a security system. So cost of dog, vet bills, food, meds, crate, etc.. If I did get audited, I can prove my dog works well for a security system

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