Is it best to use a CPA?

Discussion in 'Trucker Taxes and Truck Financing' started by Hometime, Jan 16, 2009.

  1. Hometime

    Hometime Light Load Member

    229
    244
    Aug 8, 2008
    Southeast
    0
    Since this will be our first experience doing taxes with a trucker in the family do most of you recommend using a CPA?

    Does anybody do it on your own with a program such as Turbo Tax?

    Can anybody provide tips for what to have together when going to get taxes done as it relates to the trucking part?

    Just want to make sure we get the maximum benefit out of any deductions we are entitled to. :yes2557:
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  3. Lilbit

    Lilbit Road Train Member

    16,583
    12,233
    Aug 4, 2008
    Let me check my logbook
    0
    If you're an O/O or lease op, definitely use a CPA familiar with the industry. If you're a company driver, you'll probably be better off just doing them on your own. I do our taxes on Turbo Tax myself. That's just me though, I'm very familiar with that stuff.
     
    Hometime Thanks this.
  4. dancnoone

    dancnoone "Village Idiot"

    9,922
    3,713
    May 6, 2007
    Mississippi
    0
    If your hubby is a company driver. Turbo Tax Deluxe will do the job fine.

    Basically, he'll just need his W-2. Unless you guys itemize his OTR expenses. Of course, you'll need other things that you would normally file outside of trucking.

    My taxes are done, and I'll be submitting them today. It took about 45 minutes.
     
    Hometime Thanks this.
  5. Hometime

    Hometime Light Load Member

    229
    244
    Aug 8, 2008
    Southeast
    0
    So I assume Turbo Tax will walk me through the process of taking the daily per diem rate he is entitled to? And what about the CB, GPS, fridge...other things we purchased for the truck?

    The CPA I talked to charges $200. I am hoping the Turbo Tax route would be much cheaper.

    And thanks by the way! :biggrin_25525:
     
  6. dancnoone

    dancnoone "Village Idiot"

    9,922
    3,713
    May 6, 2007
    Mississippi
    0
    If possible, buy a copy online. It's much cheaper.

    It will walk you through the process, pretty much.

    You'll have to pay close attention when you get to the additional deductions area. In the "travel expenses" area It will ask you to insert a number from a dropdown list. Which can be editted a few windows later, to the correct amount. It will also ask if the job is listed as transportation. Which it is, so no biggy there.

    The CB, GPS, fridge, etc...all have a nice neat place to be inserted :D
     
    Hometime Thanks this.
  7. Lilbit

    Lilbit Road Train Member

    16,583
    12,233
    Aug 4, 2008
    Let me check my logbook
    0
    Turbo Tax will run you a little over $100 to file online. A CPA might not be a bad idea, as you do have to specify on doing additional deductions. It does walk you through, and you can file online and get your refund in about 10 days through them if you have a refund. $200 isn't bad for a CPA. Just depends on how comfortable you are doing it yourself.
     
    Jran11 Thanks this.
  8. Hometime

    Hometime Light Load Member

    229
    244
    Aug 8, 2008
    Southeast
    0
    Not a bad thought LB. I may check out turbox tax from a friend that uses it and see what I feel before making a final decision. It may be best to go CPA this first year with the goal of being able to do it on my own next year once I am more familar.

    Just hate to turn lose of that extra cash to get it done. :biggrin_25511: Of course should we happen to get a huge refund then it might not be so painful.
     
  9. Lilbit

    Lilbit Road Train Member

    16,583
    12,233
    Aug 4, 2008
    Let me check my logbook
    0
    That's a good idea since you know someone that has it. That will give you a chance to see how it works. It is pretty easy to use.

    I've always done our taxes except for a couple of years when I had my cleaning biz. I paid the accountant to do that, but it was also much more involved because I had employees. Self-employment without employees I have no problem with.
     
  10. dancnoone

    dancnoone "Village Idiot"

    9,922
    3,713
    May 6, 2007
    Mississippi
    0
    I bought my copy from Wal-Mart for $54. It would have been about $10 cheaper to download it online.

    It includes 1-5 free E-File(s) for the Federal form. Depending where you obtained your copy.

    State is an additional $17.95 per state.
     
    Hometime Thanks this.
  11. Lilbit

    Lilbit Road Train Member

    16,583
    12,233
    Aug 4, 2008
    Let me check my logbook
    0
    That's a good deal. Part of the reason mine is higher is the fees for direct deposit of my refunds. Takes no more than 10 business days that way.

    I have so much software installed on my computer that I prefer to use the online version.
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

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