Trucker Tax Preparation

Why would you assume doing your own taxes "cost" you money? If you keep reciepts, know the per diem rate, depreciation, ect how do you cost yourself money? I don't do my own but, there is no legal method you can use to "save" me any money that I'm not already aware of.

 

I am currently trying to do my taxes w/ turbo tax/ home n business, but i cant find where the depreciation form / sch. for my truck / trailer.

can someone help me w/ this?

 

I believe you are referring to form 4562. You can check the irs website. Do a search for irs forms.

 

If you do your own taxes, you need to remember that drivers can take a fixed amount of expenses per day off their taxes without having receipts. It saves having to save all those receipts. Some people compare what they actually spend with the standard deduction before doing their taxes. I don't know if that form is on Turbo Tax.

 

With Turbo tax you access the form from the schedule c or 2106 by way of depreciation on the form.

 

Last year i used the per diem form that i researched within turbo tax.

 

thx. I found the form where i depreciate truck and trailer, playing with the depreciation module i affect what i owe or a potential refund, any suggestions on if 100/50/37.5 % deprec. allowance is better?

do i need to list the tractor and trailer separately or combine them under 1 heading?

thx.

 

List separately. Each item is to be identified.

Stay away from excess depreciation if this is the first year of you being out. Any use of them and then the closing of the business or loss of asset become a very taxable event.

Just my opinion on it.

 

This is not my tax computer where the programs are and I will not be home for another week.

I will see if it can be found or maybe download my software from the company to this one for the research.