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!!
1st time w/ returns??!!
Discussion in 'Ask An Owner Operator' started by Trucker327, Aug 20, 2019.
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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.
Trucker327 Thanks this. -
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.Trucker327, 86scotty and autopaint Thank this. -
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.Trucker327 and x1Heavy Thank this. -
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.Trucker327 Thanks this. -
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.
Trucker327, Midwest Trucker and 86scotty Thank this. -
Trucker327 Thanks this.
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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..
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My tax preparer was an accountant, PLUS if the IRS ever had a problem he dealt with it.
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