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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 06.07.2008
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  ^ Top    #12  
Old 06.19.2008
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Originally Posted by Big "A" View Post
Taxes!!!!! I HATE Taxes!!!!!!!!!!!!!
Since I have just paid second quaters 1040-ES on Monday this is soooo fresh in my mind! And my 2290 is a settin here waiting to be filled out and sent off as well..................

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Originally Posted by notarps4me View Post
A good thing to have is a tax book for truckers. I bought mine for about 5 bucks at hess truck stop. It has the truckers tax laws in it. It is a daily ledger and has a place for each days expenses. Everything is broke down and it tells you what you can deduct. All you have to do in write down the expenses each day in the box provided for it. I have seen these for about 20 bucks at other truck stops. It is for O/O's or company drivers. It tells you it will save you a couple grand each year in missed deductions.
Yes by all means if you (anyone ) who has never been in business for your self before you will need a guide as how to maintain your records. I use a popular bookeeping program on my pc that you can uses the book tarps has recomended to see you own catagories for. I am a BIG receipt saver. Every ticket is catogorized according to cash-check-or credit and put in the organizer as such. EXCEPT my fuel tickets. They are always togeather so I can better keep track of the gal. I am burning. With the varriance if fuel cost now it is hard to tell each yr if I am spening more on fuel w/o actualy checking the gallons. (more as burning too much because of engine factors or too much d/h.) At the end of ea year al record are put into an airtight container marked by year and put in storage.
I switchd co in Jan. this year...my income is the same as last year with the former co BUT of course fuel cost are through the roof. But if I check the gallons used I will have a better idea if I have improved my move through gallons purchased. Also keeping track of what each truck is costing you seperately sometimes can make the difference in which truck needs to go. One time we were going to sell a heavier truck and keep the lighter weight one. We were notorious grain haulers at the time. Weight mattered. But when I ran the figures the heavier truck was costing us less in overall expense and the loss in potential revenue from a lighter truck did NOT outweight the cost in operating expense. The guys broke down and sold the "BABY" the truck we all loved. So start out on the right foot...get your recordkeeping in order pay your quarterly taxes and you will be glad for it cme April 15.
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Old 06.29.2008
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Don't forget to tell trailboss that his itemized deductions need to exceed his standard deduction or there is no point in itemizing.
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