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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   #1   01.16.2009

Hometime Light Load Member   Last Seen: 05.07.2009 11.30 AM Member Since: Aug 2008 Location: Southeast Trucker? Trucker Wife Age: 45 Posts: 233 My Trucking Photos: 0 Thanks: 78 Thanked: 179 Times

Is it best to use a CPA? Since this will be our first experience doing taxes with a trucker in the family do most of you recommend using a CPA? Does anybody do it on your own with a program such as Turbo Tax? Can anybody provide tips for what to have together when going to get taxes done as it relates to the trucking part? Just want to make sure we get the maximum benefit out of any deductions we are entitled to. __________________ Insanity is doing the same thing over and over again and expecting a different result.

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^ Top   #2   01.16.2009

Lilbit Road Train Member   Last Seen: 07.02.2009 04.35 PM Member Since: Aug 2008 Location: Madison, WI Trucker? EX-8 Years Age: 42 Posts: 6,838 My Trucking Photos: 0 Thanks: 2,544 Thanked: 1,661 Times My Truckers Blog : 6

If you're an O/O or lease op, definitely use a CPA familiar with the industry. If you're a company driver, you'll probably be better off just doing them on your own. I do our taxes on Turbo Tax myself. That's just me though, I'm very familiar with that stuff. __________________ Dynamite comes in small packages, Nitro comes in smaller ones, take your pick! Lo there do I see my father Lo there do I see my mother and my sisters and brothers Lo there do I see the line of my people back to the beginning Lo they do call to me They bid me to take my place In the halls of Valhalla Where the brave may live forever. From the movie 'The 13th Warrior'

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Hometime (01.16.2009)

^ Top   #3   01.16.2009

danc694u "Village Idiot"   Member Since: May 2007 Location: Mississippi Trucker? 23 Years Age: 49 Posts: 8,839 My Trucking Photos: 11 Thanks: 369 Thanked: 2,372 Times

If your hubby is a company driver. Turbo Tax Deluxe will do the job fine. Basically, he'll just need his W-2. Unless you guys itemize his OTR expenses. Of course, you'll need other things that you would normally file outside of trucking. My taxes are done, and I'll be submitting them today. It took about 45 minutes. __________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________

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^ Top   #4   01.16.2009

Hometime Light Load Member   Last Seen: 05.07.2009 11.30 AM Member Since: Aug 2008 Location: Southeast Trucker? Trucker Wife Age: 45 Posts: 233 My Trucking Photos: 0 Thanks: 78 Thanked: 179 Times

So I assume Turbo Tax will walk me through the process of taking the daily per diem rate he is entitled to? And what about the CB, GPS, fridge...other things we purchased for the truck? The CPA I talked to charges $200. I am hoping the Turbo Tax route would be much cheaper. And thanks by the way! __________________ Insanity is doing the same thing over and over again and expecting a different result.

^ Top   #5   01.16.2009

danc694u "Village Idiot"   Member Since: May 2007 Location: Mississippi Trucker? 23 Years Age: 49 Posts: 8,839 My Trucking Photos: 11 Thanks: 369 Thanked: 2,372 Times

Quote: Originally Posted by Hometime So I assume Turbo Tax will walk me through the process of taking the daily per diem rate he is entitled to? And what about the CB, GPS, fridge...other things we purchased for the truck? The CPA I talked to charges $200. I am hoping the Turbo Tax route would be much cheaper. And thanks by the way! If possible, buy a copy online. It's much cheaper. It will walk you through the process, pretty much. You'll have to pay close attention when you get to the additional deductions area. In the "travel expenses" area It will ask you to insert a number from a dropdown list. Which can be editted a few windows later, to the correct amount. It will also ask if the job is listed as transportation. Which it is, so no biggy there. The CB, GPS, fridge, etc...all have a nice neat place to be inserted __________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________

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Hometime (01.16.2009)

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^ Top   #6   01.16.2009

Lilbit Road Train Member   Last Seen: 07.02.2009 04.35 PM Member Since: Aug 2008 Location: Madison, WI Trucker? EX-8 Years Age: 42 Posts: 6,838 My Trucking Photos: 0 Thanks: 2,544 Thanked: 1,661 Times My Truckers Blog : 6

Turbo Tax will run you a little over $100 to file online. A CPA might not be a bad idea, as you do have to specify on doing additional deductions. It does walk you through, and you can file online and get your refund in about 10 days through them if you have a refund. $200 isn't bad for a CPA. Just depends on how comfortable you are doing it yourself. __________________ Dynamite comes in small packages, Nitro comes in smaller ones, take your pick! Lo there do I see my father Lo there do I see my mother and my sisters and brothers Lo there do I see the line of my people back to the beginning Lo they do call to me They bid me to take my place In the halls of Valhalla Where the brave may live forever. From the movie 'The 13th Warrior'

^ Top   #7   01.16.2009

Hometime Light Load Member   Last Seen: 05.07.2009 11.30 AM Member Since: Aug 2008 Location: Southeast Trucker? Trucker Wife Age: 45 Posts: 233 My Trucking Photos: 0 Thanks: 78 Thanked: 179 Times

Quote: Originally Posted by Lilbit Turbo Tax will run you a little over $100 to file online. A CPA might not be a bad idea, as you do have to specify on doing additional deductions. It does walk you through, and you can file online and get your refund in about 10 days through them if you have a refund. $200 isn't bad for a CPA. Just depends on how comfortable you are doing it yourself. Not a bad thought LB. I may check out turbox tax from a friend that uses it and see what I feel before making a final decision. It may be best to go CPA this first year with the goal of being able to do it on my own next year once I am more familar. Just hate to turn lose of that extra cash to get it done. Of course should we happen to get a huge refund then it might not be so painful. __________________ Insanity is doing the same thing over and over again and expecting a different result.

^ Top   #8   01.16.2009

Lilbit Road Train Member   Last Seen: 07.02.2009 04.35 PM Member Since: Aug 2008 Location: Madison, WI Trucker? EX-8 Years Age: 42 Posts: 6,838 My Trucking Photos: 0 Thanks: 2,544 Thanked: 1,661 Times My Truckers Blog : 6

That's a good idea since you know someone that has it. That will give you a chance to see how it works. It is pretty easy to use. I've always done our taxes except for a couple of years when I had my cleaning biz. I paid the accountant to do that, but it was also much more involved because I had employees. Self-employment without employees I have no problem with. __________________ Dynamite comes in small packages, Nitro comes in smaller ones, take your pick! Lo there do I see my father Lo there do I see my mother and my sisters and brothers Lo there do I see the line of my people back to the beginning Lo they do call to me They bid me to take my place In the halls of Valhalla Where the brave may live forever. From the movie 'The 13th Warrior'

^ Top   #9   01.16.2009

danc694u "Village Idiot"   Member Since: May 2007 Location: Mississippi Trucker? 23 Years Age: 49 Posts: 8,839 My Trucking Photos: 11 Thanks: 369 Thanked: 2,372 Times

Quote: Originally Posted by Lilbit Turbo Tax will run you a little over $100 to file online. A CPA might not be a bad idea, as you do have to specify on doing additional deductions. It does walk you through, and you can file online and get your refund in about 10 days through them if you have a refund. $200 isn't bad for a CPA. Just depends on how comfortable you are doing it yourself. I bought my copy from Wal-Mart for $54. It would have been about $10 cheaper to download it online. It includes 1-5 free E-File(s) for the Federal form. Depending where you obtained your copy. State is an additional $17.95 per state. __________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________

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Hometime (01.16.2009)

^ Top   #10   01.16.2009

Lilbit Road Train Member   Last Seen: 07.02.2009 04.35 PM Member Since: Aug 2008 Location: Madison, WI Trucker? EX-8 Years Age: 42 Posts: 6,838 My Trucking Photos: 0 Thanks: 2,544 Thanked: 1,661 Times My Truckers Blog : 6

Quote: Originally Posted by danc694u I bought my copy from Wal-Mart for $54. It would have been about $10 cheaper to download it online. It includes 1-5 free E-File(s) for the Federal form. Depending where you obtained your copy. State is an additional $17.95 per state. That's a good deal. Part of the reason mine is higher is the fees for direct deposit of my refunds. Takes no more than 10 business days that way. I have so much software installed on my computer that I prefer to use the online version. __________________ Dynamite comes in small packages, Nitro comes in smaller ones, take your pick! Lo there do I see my father Lo there do I see my mother and my sisters and brothers Lo there do I see the line of my people back to the beginning Lo they do call to me They bid me to take my place In the halls of Valhalla Where the brave may live forever. From the movie 'The 13th Warrior'

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