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irs audit bank statement

Discussion in 'Trucker Taxes and Truck Financing' started by 4noReason, Jan 13, 2020.

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  1. Jan 13, 2020 #1
    4noReason

    4noReason Road Train Member

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    Nov 29, 2012
    0
    ok guys help me understand something. so i was talking to some owner ops from a company in ohio. and i was telling them how i report on my personal 60-90k im a owner op. and they looked at me like im crazy because they report 20k or less or some a loss. my question is. how do you report a loss. doesnt the irs go to your bank during an audit and force them to hand over records?
     
    4noReason, Jan 13, 2020
    4noReason, Jan 13, 2020
    #1
    Upinsmoke Thanks this.
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  3. Jan 13, 2020 #2
    Cabinover101

    Cabinover101 Heavy Load Member

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    Jul 28, 2019
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    Take every possible deduction that is available to you. Make sure whoever is doing your taxes is WELL VERSED in the ever CHANGING Trucker Taxes. Personally I use ATBS. They know every possible deduction and stay current on every tax law change
     
    Cabinover101, Jan 13, 2020
    Cabinover101, Jan 13, 2020
    #2
    James j, Upinsmoke and 4noReason Thank this.
  4. Jan 13, 2020 #3
    Rubber duck kw

    Rubber duck kw Road Train Member

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    Dec 9, 2017
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    You deduct everything you can and maybe a few things you shouldn't, and take a few more weeks off.
     
    Rubber duck kw, Jan 13, 2020
    Rubber duck kw, Jan 13, 2020
    #3
    Upinsmoke, Studebaker Hawk and 4noReason Thank this.
  5. Jan 14, 2020 #4
    Ridgeline

    Ridgeline Road Train Member

    20,723
    100,948
    Dec 18, 2011
    Michigan
    0
    Get someone to help you with your situation.

    Atbs has issues with their services, so look at a few accountants.
     
    Ridgeline, Jan 14, 2020
    Ridgeline, Jan 14, 2020
    #4
    Upinsmoke Thanks this.
  7. Jan 14, 2020 #5
    Opus

    Opus Road Train Member

    16,278
    91,197
    Dec 18, 2011
    South GA
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    RUN FROM ATBS!!!!!
    But find a good account
     
    Opus, Jan 14, 2020
    Opus, Jan 14, 2020
    #5
    Terence Whitfield, KB3MMX, Sirscrapntruckalot and 4 others Thank this.
  8. Jan 14, 2020 #6
    Cabinover101

    Cabinover101 Heavy Load Member

    726
    1,165
    Jul 28, 2019
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    What issues from ATBS? I would like to know?
     
    Cabinover101, Jan 14, 2020
    Cabinover101, Jan 14, 2020
    #6
    Trucking gramma and Upinsmoke Thank this.
  9. Jan 14, 2020 #7
    Brandt

    Brandt Road Train Member

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    Sep 17, 2012
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    People can't get to crazy. My tax guy said you can't report no profits for every year. The IRS will consider your job a hobby. You can write you truck off first 3 years. Plus all the normal stuff fuel and repairs and anything you buy for the truck. Just because you list something doesn't mean the IRS will say it's ok in an audit. Something crazy like buying car or pickup truck and saying it's for the business.
     
    Brandt, Jan 14, 2020
    Brandt, Jan 14, 2020
    #7
    Upinsmoke Thanks this.
  10. Jan 15, 2020 #8
    Cabinover101

    Cabinover101 Heavy Load Member

    726
    1,165
    Jul 28, 2019
    0
    I went through an audit before and the guy had 'No Idea' that truckstops had showers! .. now this was a guy that had several accolades from the Army all over his wall in his office :confused:
     
    Cabinover101, Jan 15, 2020
    Cabinover101, Jan 15, 2020
    #8
    KB3MMX and Upinsmoke Thank this.
  11. Feb 7, 2020 #10
    just_sayin

    just_sayin Light Load Member

    104
    166
    Sep 2, 2012
    Bristol baby
    0
    This is the first time in 28 years I've shown a loss. I don't know if that's good or bad? But it was due to depreciation
     
    just_sayin, Feb 7, 2020
    just_sayin, Feb 7, 2020
    #10
    Upinsmoke Thanks this.
  12. Feb 7, 2020 #10
    x1Heavy

    x1Heavy Road Train Member

    34,017
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    Mar 5, 2016
    White County, Arkansas
    0
    I don't care for people who hang "I love me" items at the workplace. I would prefer they hang their family.

    Oh wait...
     
    x1Heavy, Feb 7, 2020
    x1Heavy, Feb 7, 2020
    #10
    KB3MMX and Upinsmoke Thank this.
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