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Trucker Taxes Discuss taxes specifically related to truckers and the trucking industry here. Owner Operators have some hard decisions when it comes to tax time, but so do company truck drivers. Give us your hints here! STOP Uncle Sam from ravaging your wallet.

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^ Top   #41   07.24.2008

CANGST Light Load Member   Last Seen: 09.03.2008 07.50 PM Member Since: Jul 2008 Location: Oxnard, CA Trucker? 2 Years Age: 29 Posts: 179 My Trucking Photos: 0 Thanks: 107 Thanked: 53 Times

I would go by expenses, because then you can depreciate the vehicle, claim repairs, and fuel costs. The mileage rate was just raised to .58 a mile. But I am sure there is a lot of regulations regarding that. I have heard of CPA's that you just mail them all your receipts every month and they do everything for you.

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^ Top   #42   07.28.2008

Jacstress 18wheeldumptruckers hottie   Last Seen: 3 Weeks Ago 07.18 PM Member Since: Jul 2008 Location: Sullivan, Ohio Trucker? Trucker Wife Age: 37 Posts: 36 My Trucking Photos: 0 Thanks: 1 Thanked: 8 Times

Quote: Originally Posted by AlohaWolfana Mahalo Baack.... our concern is we had a financial advisor do our taxes. He's good in his field, but he doesn't specialize in TRUCKERS. Now, he knows a lot more about things than we do.... but, the fuel issue just didn't sit well with my husband and myself. So, let me add this as well... incase that is where he was coming from. Do you write off your mileage or your fuel? Our fuel alone was about 47k... he's showing a 51k write off and we had 103k in mileage. I have a call into him, just anxious looking for some help from those in the business. Again, thanks! In my experience, because semis do not get the best fuel mileage, it is better to use the actual expenses. Meaning, repairs, fuel, oil changes, filters, etc... Now if you drove a sprinter van, that might be a different story. This year I had to amend three years for a customer who used Turbo Tax & it let him 'double dip' & take both. He answered all the questions it asked him & it let him take both mileage & actual expenses. Of course the IRS caught him & he came to see me.

^ Top   #43   07.28.2008

Otter Light Load Member   Last Seen: 4 Hours Ago 05.17 PM Member Since: Mar 2008 Location: Milton, VT. Trucker? 30 Years Age: 55 Posts: 168 My Trucking Photos: 0 Thanks: 0 Thanked: 66 Times

Don't forget the "Railroad Worker Reform Act." A person who works in interstate commerce may claim his state of residency where he lives or earns 50% of his income. I know a airline pilot who failed to pay Vermont State income tax while he lived in Burlington Vermont. The state took him to court and he won the case and established case law in Vermont when the Judge ruled in his favor. He worked for an airline that was based in a state that didn't have a state income tax, therefore not paying state income tax to Vermont.

The Following User Says Thank You to Otter For This Useful Post:

Baack (07.28.2008)

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