getting paid my gross.

Discussion in 'Ask An Owner Operator' started by mentality, Nov 21, 2007.

  1. mentality

    mentality Bobtail Member

    6
    0
    Nov 21, 2007
    alberta
    0
    guys im driving tractor here in edmonton my goss is around $1500 weekly, my boss said if i register a buisness i can be paid my gross and i can claim expenses so if for the year my goss is $70,000 how much of that can i claim in expense. and what are the types of stuff i can claim for.
     
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  3. broncrider

    broncrider Road Train Member

    if you dont own the truck, pay for the fuel, insurance or any other of the truck expences , dont do it...way to many openings for the tax man

    as an employee you have (at least in the states)workman's comp, unemployment and ssi

    if you do own the truck and pay all related expences...why havent you got inc'ed yet?
     
  4. mentality

    mentality Bobtail Member

    6
    0
    Nov 21, 2007
    alberta
    0
    is the gov concern with a poor guy trying to evade them $10,000? anyways i found out i still can claim other stuff even if i dont own the truck.
     
  5. drive55cat

    drive55cat Medium Load Member

    313
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    Mar 3, 2007
    Pa
    0
    As a self employed contractor for a number of years, even as an employee you can still take some deductions every year, like work clothes and shoes, things you need but the company does not provide. If you are OTR you can deduct so much per day away from home, for meals. If you use a pay phone. You cannot write off everything because some of the stuff has minamums and ceilings(health insurance) is one. They change the tax law rather frequently, so it pays to know somebody or pay somebody to help you. When I first started out I went to a Certified public accountantant because they know more than the IRS does but they are getting expensive. I have had the fortune to marry an numbers savy wife and she has been doing my returns for a decade or so now. Besides, if your gross is 1500 a week just pay your bills, save some money and ask a lot of questions, you'll get it pretty quick. Also, create a weekly spreadsheet with daily expenses on it, you will see very rapidly where the money goes. drive55cat
     
  6. mentality

    mentality Bobtail Member

    6
    0
    Nov 21, 2007
    alberta
    0
    i rather get all my money in hand rather having to go ask the gov for it back, this way after all my expense they wouldnt be able to take any thing from me. any ideas about cpp and ei would i have to pay those my self?
     
  7. myminpins

    myminpins Road Train Member

    1,578
    65
    Sep 20, 2007
    Dartmouth, NS, Canada
    0
    Remember, MOST of the people here are from the USA so their rules may be different there. You can claim your meals but, as far as I know, if you're a company driver, that's all you can claim.

    If you own the truck and become self-employed, then you can claim everything. If the company wants to lease the truck to you and you go for it, you can claim everything.

    You can try using the computerized software these days to do your taxes. I've been doing it for years and never been audited (I'm self-employed) or asked for receipts.

    If you're self-employed, you have to pay your own CPP but you don't have to pay EI because you can't claim EI if you are self-employed.

    If they own the truck, though, there's not a heck of a lot you can claim other than what's mentioned above re: meals, clothing, etc., far as I know. Consulting an accountant at least once to do your taxes for the year may be a very good investment for the future as they can tell you all the things you can claim that you may not know about.
     
  8. mentality

    mentality Bobtail Member

    6
    0
    Nov 21, 2007
    alberta
    0
    thanks alot for the info, found out i can claim for my phone bills and a % of personal expenses plus i get to claim for a party every year.
     
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