Us anyone used turbotax?

for a company driver, its pretty easy. turbo tax should be able to handle it. double check schedule a and form 2106 before you finalize it. 2106 is where the itemized deductions get figured out. make sure you are getting 80% of the meal allowance, as opposed to 50%, because you are subject to hos rules. also make sure to include ALL of your road expenses other than meals, including cell phone, work apparel, xm, wifi, any electronics you bought for the truck (gps, tv, microwave, inverter, refrig), theres a ton of stuff i havent included. remember, garbage in garbage out. anything you neglect to include wont be there. itemized deductions are a trucker's best friend, but it hurts when you forget stuff.

 

I tried Turbo but could not find the space to list all of his expenses...I am looking for someone who knows their #### when it comes to trucks and all the expenses....My husband started last year and he has a lot of expenses for his truck....he's in glass so he's out sometimes 2 1/2 to 3 weeks at a time.....Safe travels!

 

Last time I used TurboTax it asks you if you are a transportation employee so it can give you the 80% rate. But it still gave 50% after double checking. Make sure that part is fixed. Other than that it's not bad.

Compare your itemizing to the standard deduction.

 

If You are using Turbo tax to do your taxes it will ask you while your starting your deductions if your subject to DoT HoS. It is a little box you will have to check mark. Later on it will give you a box to put in a dollar amount. Make sure you put in the full amount of your per diem as Turbo Tax automatically applies the 80% against that number. Basically Use $59 on your days out and 44.25 on your days your coming home. Do not use the 47.20 for your days out or it will take an additional 80% from that number! Good Luck!

 

If you are on the road a full day I don't think you get different rate if you are coming home .

 

According to some, Kevin Rutherford to be specific, days leaving or returning home are counted a 3/4 of a day. The rate is still $59 per day, though. It would be figured by this example, leave on Monday and return on Saturday. Monday and Saturday would count as 3/4 each and Tuesday through Friday would count as full days, each. That would 4 full days and two 3/4 days, for a total of 5.5 days. 5.5 X $59 = $324.50. $324.50 X 80% = $259.60 true deduction for those days.

 

My tax guy says the same thing 3/4 a day for leaving home a arriving home, and only used Turbo Tax 1 time got audited, owed an additional $8000.00, never again. To quote the agent that was doing the audit " The IRS recognizes 3 classifacations of people, Churches,Transportation,and everybody else, and companies like Turbo Tax and H&R Block ect do not stay current on the ever changing tax rules of the transportation industry." For example the year in question in my audit was the year they changed the perdium rule, and it went into effect May 1st, so Jan. to April 31st i got full days all days then after,that i got the 3/4 deal. I'm not knocking TurboTax or anybody else i'm just sayin'....