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Owner operator tax Question

Discussion in 'Ask An Owner Operator' started by DoubleATrucker, Jun 1, 2020.

Page 1 of 3
  1. Jun 1, 2020 #1
    DoubleATrucker

    DoubleATrucker Bobtail Member

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    This is my first year with my own authority and 2 trucks
    What can I deduct as an expense for taxes
    So far I have employee pay roll
    Repairs
    IFTAs
    License plates
    Insurance
    Truck lease payments
    And my fuel though the person helping me with taxes wants a count of how many gallons because they are saying that they can’t write the whole fuel amount off it does not seem right as it’s a business expense and it messes with the profit
     
    DoubleATrucker, Jun 1, 2020
    DoubleATrucker, Jun 1, 2020
    #1
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  3. Jun 1, 2020 #2
    Accidental Trucker

    Accidental Trucker Road Train Member

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    Lol, yeah, no. Every $ spent on fuel for the truck is an expense. They will need gallons for IFTA, but that’s another story.
    Everything you legitimately spent on the business is deductible. PPE, truck washes, all maintenance, interest, subscriptions, phone, internet, registrations insurance, business travel, etc, etc, etc.
     
    Accidental Trucker, Jun 1, 2020
    Accidental Trucker, Jun 1, 2020
    #2
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  4. Jun 1, 2020 #3
    Old Man

    Old Man Road Train Member

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    you need a new account, 100% of fuel, plus any ifta you have to add,
     
    Old Man, Jun 1, 2020
    Old Man, Jun 1, 2020
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  6. Jun 2, 2020 #5
    DoubleATrucker

    DoubleATrucker Bobtail Member

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    Yeah that’s what I figured I have a 3rd party that takes care of my ifta and Licensing. But I need an actual tax person that does Trucking taxes in the Phoenix Az area since it’s the first year in business with everything I’ve invested I am upside down so far 2 tax persons that I’ve gone with have told me different stories.
     
    DoubleATrucker, Jun 2, 2020
    DoubleATrucker, Jun 2, 2020
    #5
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  8. Jun 2, 2020 #5
    Midwest Trucker

    Midwest Trucker Road Train Member

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    Health care as well. Parking. Pretty good list already assembled.
     
    Midwest Trucker, Jun 2, 2020
    Midwest Trucker, Jun 2, 2020
    #5
    Rideandrepair Thanks this.
  9. Jun 2, 2020 #6
    Opus

    Opus Road Train Member

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    @Dave_in_AZ might be some help.
    You have the wrong person doing your taxes.
    Basically, anything that goes in or on that truck is deductible
     
    Opus, Jun 2, 2020
    Opus, Jun 2, 2020
    #6
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  10. Jun 2, 2020 #7
    Ridgeline

    Ridgeline Road Train Member

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    No not a tax person, you need an accountant that is also an EA. This is a person who will do your books or set them up for you do them and represent you in front of the irs.
     
    Ridgeline, Jun 2, 2020
    Ridgeline, Jun 2, 2020
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  11. Jun 2, 2020 #8
    feldsforever

    feldsforever Road Train Member

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    What is a E A?
     
    feldsforever, Jun 2, 2020
    feldsforever, Jun 2, 2020
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  12. Jun 2, 2020 #9
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    Enrolled Agent
     
    Dave_in_AZ, Jun 2, 2020
    Dave_in_AZ, Jun 2, 2020
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  13. Jun 2, 2020 #10
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    My tax man is an EA as well. It means he can speak to the IRS. Not everyone can.

    OP, claim all incidentals to the truck - paper towels, truck washes, anything.

    Also claim your phones, and internet.

    Scale tickets, tolls, anything you use is an expense.
     
    Dave_in_AZ, Jun 2, 2020
    Dave_in_AZ, Jun 2, 2020
    #10
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