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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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Old 12.23.2007
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Get Those Deductions!
It's that time of year, and you've got a few days left. Need new sunglasses? Buy 'em. Boots? Go for it!

What about that stock you have that lost a ton of money? Sell it! Old clothes or stuff you don't use anymore? Goodwill or AmVets could use your donation...

Don't forget to max out your standard IRA, either. You're allowed $4000 in tax deductible contributions this year!
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Old 12.23.2007
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Originally Posted by BearGator56 View Post
It's that time of year, and you've got a few days left. Need new sunglasses? Buy 'em. Boots? Go for it!

What about that stock you have that lost a ton of money? Sell it! Old clothes or stuff you don't use anymore? Goodwill or AmVets could use your donation...

Don't forget to max out your standard IRA, either. You're allowed $4000 in tax deductible contributions this year!
Depending on their age, they can put more into the IRA. I believe the amount is up to 5000. This depends on your age and whether you are covered by a pension plan.

They might also consider if they have high deductibles of starting Health Savings Accounts. These allow you to get deductions like the IRA and use the money tax free for the medical expenses. Alot of banks do these for no charge.

Remember. If you charge it to your credit card, the IRS considers it paid when charged.
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Old 12.23.2007
BearGator56's Avatar
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One thing I don't like about the medical savings plans, is that if you don't use it, you lose it. That really sucks.

If you make regular prescription purchases, visit the doctor several times a year, or have children it can be a good deal if you plan your spending just right. I think women on birth control pills would be a good example. Those things aren't cheap, and being able to deduct that once a month prescription would make this plan more than worth it.

I'm single, and don't have any health issues (yet! lol), so I don't think it would benefit me that much.

I'm pretty sure it covers over-the-counter meds too, like aspirin or cough syrup.
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Old 12.23.2007
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Originally Posted by BearGator56 View Post
One thing I don't like about the medical savings plans, is that if you don't use it, you lose it. That really sucks.

If you make regular prescription purchases, visit the doctor several times a year, or have children it can be a good deal if you plan your spending just right. I think women on birth control pills would be a good example. Those things aren't cheap, and being able to deduct that once a month prescription would make this plan more than worth it.

I'm single, and don't have any health issues (yet! lol), so I don't think it would benefit me that much.

I'm pretty sure it covers over-the-counter meds too, like aspirin or cough syrup.
That is true on the older plans. They were like Flex savings and etc.

The new HSA are your plans, your money. You can put money in each year. It grows tax free until you use it. You don't loose it.
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Old 12.23.2007
BearGator56's Avatar
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That's good to know! I'll be looking into one soon, then. Every deduction counts!
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