New with Trucking Taxes Please Help, Thanks!

You don't need someone who knows trucking, there is very little that needs to be explained to someone who knows how to look things up.

 

I use a credit card or debit card for road expenses. I have one card for personal expenses and another for business expenses. When you use a credit or debit card, the city and state where the purchase was made should be on your itemized statement. My bank now will allow you to classify your spending which helps to keep taxes straight. Most truck stops have a handbook that you can keep all your expenses. I also keep all invoices and receipts in a large envelope for each load. Even if you use a composition book, you can write down all of your expenses. Unless you spend a lot of money on the road, you might come out just as well to take the per diem deduction. That way you don't have to keep track of your receipts. But, you will need to prove that you were out of town and working for those days. So, be sure to save your log books for at least 7 years in case you are audited. If you have difficulty keep up with receipts, you can find an expandable file folder that you can keep in your truck. They are available an any office supply store. If you fail to keep track of your expenses you are only costing yourself money.

 

The meals and entertainment deductible is then further reduced by 20% for us transportation workers ... so you can only claim 80% of the allowed deductible ...

 

Two questions ...

How can I get a copy of my elogs? I am using a mcp 50.

When mentioned "to keep all receipts" would this include shower receipts? Even if they are from purchasing fuel?

 

GET SOMEONE WHO CAN HELP YOU SET THIS ALL UP, DO NOT USE A TAX PREPARER BUT SOMEONE WHO CAN MAKE SURE YOU HAVE ALL THE BASES COVERED FOR TAXES.

 

No.... only items you paid for..

 

Hey buddy its just like driving you'll be nervous at first but once you've done it a few times you'll get to be good at it. To save on tax all you need to do is get the most taxable deductions for your gross income as a driver though you can claim on fewer things than an o/o simply because you have less expenses to deduct. Where ever you live there will always be some tax account that can help you out if you really can't do it yourself.

 

How is this backup done?

 

The company you worked for should have explain this to you when you got the unit training, they do have their own copies to fulfill the FMCSA regulations but if they don't tell you how to get your copies, then you need to talk to them.

I would get it in printed form by the way.

 

I believe it's 80% without receipts, 100% with.