Tax Deductions?

I'm going to be a consultant. You should consult your accountant. There. Now I can write off this new computer.

 

http://www.thetruckersreport.com/tr...ng/20051-trucker-tax-tips-and-deductions.html

 

Wild Murphy check out john turner out of Houston tx www.jturnercpa.com he's been doing my taxes for several years now. He can also help you with what is deductible. Call him and get on his list for him to send you his tax organizer. It costs $10 the first year for the organizer after that it's free. Come tax time he will send you the organizer. Fill it out and send it back to him with payment for preparing it. Usually $300-400 maybe more depending on what has to be done. He will fill out the tax return send it back to you to send in to the irs. If you listen to Dave nemo in the mornings he is on the show answering questions once or twice a month.

 

the problem with that tax thread that was posted. is it's 7 years old.

tax laws change every year.

 

I went round and round the first couple of years I sold my biz--and then went back on the road..after paying close attention and looking at the hassles I went thru(and expenses of bookeeper accountant etc of 30 years as a very small fleet owner---I came to the very clear conclusion--that as a single company driver--by paying attention to your road expences--the fact that most of the higher priced toys(laptops-smart phones etc...ARE NOT fully deductible--if not used exclusively for work(and the IRS knows you use them for other non work purposes....
The easiest(and in my case most lucrative)is to just take the standard daily deduction--which transport workers are allowed to take 80% of--which with this years propsed IRS changes will be near $50 a day..is the best route--at least in my and many of my friends case--it really simplifies your tax reporting and come out better in the long run...the biggest bonus is YOU can file YOUR own taxes in about 1/2 hour--no need for accountant to file extremely involved returns etc....You do have to file a long form--but you only fill out a small part of it..then one additional form..w/no documentation required--you just basically take the standard deduction multiply it by days on the road--show that number--and carry it over to the long form as one deduction and your done....Only slight drawback is I havent found a FREE way to E File a long form--so I just print it out and mail it in the old fashioned way...still had refund in less than a month
Without going to deep into details....
Last 2 years I averaged right around 75K gross..yet averaged 3400 in tax refund...no fuss no muss....
Just my $.02

 

I agree that's it's pretty straight forward for a single company driver to file this way, and that an accountant won't have much to add except a bill. But if you have other income, or your spouse does, you might want that advice. I wouldn't want to be without a mechanic and an accountant that I can trust for advice when I'm doing the work, and services when needed.