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1st time w/ returns??!!

Discussion in 'Ask An Owner Operator' started by Trucker327, Aug 20, 2019.

  1. Aug 20, 2019 #1
    Trucker327

    Trucker327 Light Load Member

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    Dec 24, 2017
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    So I'm trying to figure out how to go about doing the returns...I know its still early but i need to figure everything out...1st question...is it cheaper to let the mega fleet do it for me or go to a professional? I know all mega fleets lie and say "oh its cheaper if we do it" lol yeaaaa im sure...but i also hear it cost a pretty penny to take it to a professional..so which is cheaper? Also since this is my first time...i dont know what forms i need and crap like that but i want to know everything i need to so i can file it on my own...2nd reciepts I keep em all...so my question about the reciepts are..if i let the mega fleet do my return..when i pay for things out of pocket how do i give them the reciepts for those expenses since there not on file? I know theres alot of things you get deducted for like truck expenses..fuel..tires..cleaning supplies..but how the "cooked meals" work? I dont eat at these fast food places..i stop at walmart and buy and make my own food...do i use those reciepts? How does that work?? And if i do the return myself..if the fleet took it outta my next check whatever i had to pay...that falls under things i had to pay...but if i need reciepts for those things how do i get them? Or thro the kiosk they give you your checks..are the checks themselves reciepts?? Cuz i know in those...it tells you what you pay for like all the insurance and crap you pay every week..i appreciate any info anyone has!!
     
    Trucker327, Aug 20, 2019
    Trucker327, Aug 20, 2019
    #1
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  3. Aug 20, 2019 #2
    starmac

    starmac Road Train Member

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    Apr 11, 2019
    Fairbanks Ak
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    As far as the food, it is usually always better to just use the maximum prudem you can deduct, if you are an oo operator.
     
    starmac, Aug 20, 2019
    starmac, Aug 20, 2019
    #2
    Trucker327 Thanks this.
  4. Aug 21, 2019 #3
    Ridgeline

    Ridgeline Road Train Member

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    Dec 18, 2011
    Michigan
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    Get an accountant


    I don't get why you new owners don't do this right, being cheap and trying to figure out things that other people spend a few years learning to advise others doesn't always have a good outcome for you.
     
    Ridgeline, Aug 21, 2019
    Ridgeline, Aug 21, 2019
    #3
    Trucker327, 86scotty and autopaint Thank this.
  5. Aug 21, 2019 #4
    86scotty

    86scotty Road Train Member

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    Aug 27, 2017
    Appalachia
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    Ridgeline is going to disagree but you don't specifically need an accountant by name. My tax preparer has been doing it 20 years and he'll tell you he is a tax preparer, not an accountant. He works with lots of solos and small carriers. It cost me about $250 and was trouble free.

    I had to sit down with him twice for about an hour.
     
    86scotty, Aug 21, 2019
    86scotty, Aug 21, 2019
    #4
    Trucker327 and x1Heavy Thank this.
  7. Aug 21, 2019 #5
    x1Heavy

    x1Heavy Road Train Member

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    Mar 5, 2016
    White County, Arkansas
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    We use the Block for over 20 years. There has been 2 preparers so far who have lived and died at that desk taking care of our taxes. (If any) It's 250 dollars now.

    Im not going to tell you how to run your business, but you do need to organize in a set of 12 to 25 different manlia folders with your receipts, expenditures etc. You will also need your miles by state run and fuel purchasing etc. And a whole heap of other things related to your trucking business. That includes medicare, SSA and local and state taxes as well. Etc etc etc.
     
    x1Heavy, Aug 21, 2019
    x1Heavy, Aug 21, 2019
    #5
    Trucker327 Thanks this.
  8. Aug 21, 2019 #6
    Accidental Trucker

    Accidental Trucker Road Train Member

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    If you don't understand business, you better pay someone to explain your business to you..... so yes, you need to understand your business numbers, tax numbers, all of them. If you don't, pay someone to explain them to you.
     
    Accidental Trucker, Aug 21, 2019
    Accidental Trucker, Aug 21, 2019
    #6
    Trucker327, Midwest Trucker and 86scotty Thank this.
  9. Aug 22, 2019 #7
    Ridgeline

    Ridgeline Road Train Member

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    Actually I do agree but the problem is two part, one is a lot of tax preparers are clueless to anything complex, and the other is an accountant can actually advise on things like depreciation and purchased, plus they can setup a system for the business to use for accounting.
     
    Ridgeline, Aug 22, 2019
    Ridgeline, Aug 22, 2019
    #7
    Trucker327 Thanks this.
  10. Aug 25, 2019 #8
    Trucker327

    Trucker327 Light Load Member

    176
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    Dec 24, 2017
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    Thanx guys for all the info!! Theres alot of things that i didnt know about...seems complicated but id rather have someone..either accountant or preparer to show me the ropes and do it correct..
     
    Trucker327, Aug 25, 2019
    Trucker327, Aug 25, 2019
    #8
  11. Aug 25, 2019 #9
    starmac

    starmac Road Train Member

    6,642
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    Apr 11, 2019
    Fairbanks Ak
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    My tax preparer was an accountant, PLUS if the IRS ever had a problem he dealt with it.
     
    starmac, Aug 25, 2019
    starmac, Aug 25, 2019
    #9
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