Ok would try to explain this briefly
Last year I bought a truck and trailer from my friend I gave him $14.000
as a down payment and paid the remaining balance while working under his authority
This year I'll be incorporated on my own beginning next month
So now he sent me a 1099 tax form and while I know I can pretty much claim all the expenses I had I'm getting crazy confused looking at my receipts (I did save them all)
I'm sure you guys have been through this how do I go about keeping items separated (or do I have to do it) by category on recipes for instance you are on the road stop at a Walmart and while you were there you get food a pair of boots a uniform and cleaning supplies for the truck then you pay for this items got your receipt and walk away thinking That's all you just need to save that and when taxes time comes you add up Everything and and done
I'm I supposed to Pay separately for each item
My fear is that since I had more expenses than Proffitt I might just get audited and I just got the 1099 I'd like to file before 04/15
so how do you keep track of what is what on a receipt like food uniforms tax
Is that necessary?
this might sound dumb but my accountant gave me a sheet with a detailed list of all expenses
so even I i manage to decode all the items where do taxes go
Of course I kept fuel scales tolls and all of those separated but places like Walmart and them are the ones that are getting me confused
even at a truck stop sometimes you pay for light bulbs oil log books and food at the same time how do you guys do it
Thanks for reading and any advice
questions about 1099 taxes
Discussion in 'Trucker Taxes and Truck Financing' started by DONDAMIAN, Apr 11, 2014.
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I don't file a 1099 but I do itemize and would do it the same, the difference is you have to set aside a certain amount in case you do have to pay taxes. my accountant said I could use a plain old note book as ledger so to speak, does your accountant need to see and sort receipts.. quarterly or maybe by the year? if not, save receipts for 3 years in case of an audit.
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Try to separate your expenses by simply having 2 bank accounts too. Personal and business. That's what i do with my S corp. you don't have to keep every receipt but keep a log of expenses. Your accountant should be able to steer you in the right direction. That's what you pay him to do, right? Good luck.
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If using a card only, Bank statements do show how much and where it went... but not much on the what
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It is easiest if you avoid putting different items on the same bill and pay for them separately. Dont include food on the same receipt as supplies if you can help it.
If you do place different items on the same bill make a note on the receipt for what each item was in pen (the ink on receipts sometimes fades by the time you do your taxes) and record each item on the work sheet your accountant gave you under the category where it belongs. . I do this right when I buy items as it is almost impossible for me to remember what I bought later. -
go thru your bills every quarter so as not to have to many.you would have tolls repairs/maint,motels scales fuel phone and more,you write off everything you can.food just claim what govt. allows,unless your big eater its not that hard
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Ok i found. A video explaining better the per diem deal that would also help now I think I understand better thanks for your comments
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