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settlement & fuel

Discussion in 'Trucker Taxes and Truck Financing' started by coole99, Mar 3, 2009.

  1. Mar 3, 2009 #1
    coole99

    coole99 Bobtail Member

    32
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    Feb 26, 2008
    Pittsburgh, Pa
    0
    When leased on to a company they automaticlly take the fuel that i used out of my settlement. so my ? is should i include the fuel i used when deducting my taxes from my weekly settlement?
     
    coole99, Mar 3, 2009
    coole99, Mar 3, 2009
    #1
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  3. Mar 7, 2009 #2
    Roadmedic

    Roadmedic Road Train Member

    18,951
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    Apr 4, 2007
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    It depends.
    Alot of the companies only provide a 1099 that reflects the income after the fuel and maintenance is deducted.
     
    Roadmedic, Mar 7, 2009
    Roadmedic, Mar 7, 2009
    #2
  4. Jun 27, 2009 #3
    dino6960

    dino6960 YOUDAMAN

    1,347
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    Jun 25, 2009
    florida
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    hmmm so leaseing on is good as long as they,pay and do your taxes every3 mths so if i make 10 grand for the mthxxxxx keeping my fingers crosed,and iv got my llc in order have moneys deducted,for taxes right whats the % i should keep to the side?????
     
    dino6960, Jun 27, 2009
    dino6960, Jun 27, 2009
    #3
  5. Jun 29, 2009 #4
    DoubleDear

    DoubleDear Light Load Member

    272
    135
    Jan 28, 2009
    Harrisburg PA
    0

    If you're doing your quarterly taxes,,

    You probably got Advances to use for Fuel. You deduct the amount of fuel you paid out, for the reason you don't pay taxes on the fuel. Fuel is not considered as income,but rather an expense..
     
    DoubleDear, Jun 29, 2009
    DoubleDear, Jun 29, 2009
    #4
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