Another word to the wise...

Discussion in 'May Trucking' started by Scooter Jones, Nov 20, 2012.

  1. WRIGHTRACING

    WRIGHTRACING Heavy Load Member

    882
    251
    Jan 3, 2011
    Iuka MS/Muscle Shoals AL
    0
    I claim single with no dependants(although married with a child), so as to get more money back at the end of year. It's like a savings account for me. I have always survived on getting paid this way, and still can, so it is all good. Then get a nice return.

    They seriously take a chunk out of my check for taxes:(
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,979
    Apr 19, 2011
    0
    The per diem deduction is a seperate deduction from a standard deduction altogether. It goes onto form 2290 I believe with a corresponding worksheet. If your company is NOT paying part of your wages as per diem, you can write off $59 per day (whether you spend that or not) for every day you are away from your home base completing the necessary rest period away from home each day. So, if you are out 200 days a year you can write off almost $12,000. The IRS adjusts that total to 80% of 12k, effectively reducing your tax liability by $9,600. If you are at a 15% tax bracket, that reduces your tax liability by about $1,500. Confused? ;-)
     
  4. WRIGHTRACING

    WRIGHTRACING Heavy Load Member

    882
    251
    Jan 3, 2011
    Iuka MS/Muscle Shoals AL
    0
    Very...nice work. I almost thought I got it.
     
  5. Blue02celi

    Blue02celi Road Train Member

    1,230
    289
    Aug 3, 2007
    Melbourne, FL
    0
    a few months ago i got a message over qualcomm, about doing this, downloading my elogs and not waiting until tax time (for those here at may, not sure if it was just my terminal or if it was to all drivers) so, I saved my first 6 months or so onto my computer, and in a few weeks ill go back on to the site, and do it again. with tax season coming up i was gonna see if any of the drivers, or staff at our denver yard knew of any trucking savy accountant. im definitely going to pay more for someone who knows what they're doing than go the cheap route, it was the same thing i did when i became a recruiter in the military, found myself a prior service accountant who knew what deductions I could get
     
  6. Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,979
    Apr 19, 2011
    0
    There's a guy named John Turner. He is an accountant that is completely in the trucker loop on tax related stuff. He's on Dave Nemo's show (ch. 106 Sirius) once a week giving advice and answering questions. You can find his link on Dave's website. It's an easy google search find.
     
    25(2)+2 Thanks this.
  7. Paloma

    Paloma Medium Load Member

    650
    233
    May 15, 2012
    Portland, Oregon
    0
    Remember .. You can only go back 6 months on yer e-logs online (per May Trucking).
     
  8. tahger

    tahger Light Load Member

    55
    13
    Jun 10, 2012
    Littleton,CO
    0
    I was told by the payroll dept. that if I choose to do the per diem, they charge you .025 a mile to print up your logs in case of an audit. When informed of that, I withdrew from that program and print up my logs every time I come home and put them into a three ring binder. It takes no more than 10-15 minutes to do it and I save myself the .025 in the meantime. I always save any receipt that I get when I'm gone.
     
  9. G/MAN

    G/MAN Road Train Member

    7,031
    8,625
    Sep 3, 2010
    0
    If you use a debit or credit card for all purchases while on the road, it can be a backuip to prove you were out of town and where you were on that date.
     
  10. Paloma

    Paloma Medium Load Member

    650
    233
    May 15, 2012
    Portland, Oregon
    0
    As well as yer logs and BOLs .. That's why I keep every trip that I transflo
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.