Doing my own taxes

Discussion in 'Trucker Taxes and Truck Financing' started by Thuggishcoot, May 27, 2016.

  1. Starboyjim

    Starboyjim Road Train Member

    2,039
    1,423
    Dec 10, 2011
    Weed, CA
    0
    Let's not forget the roadtrain Psychiatrists.
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

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

  3. xsetra

    xsetra Road Train Member

    4,910
    6,548
    Aug 21, 2011
    0
    If you don't know. Software will not prevent you from entering wrong information.
    First couple years pay a professional tax guru, that knows trucking.
    Then study those returns and learn.
    I have found less stress to hire mine out. Best $500 insurance I pay every year
     
    123456 Thanks this.
  4. Garzaci

    Garzaci Light Load Member

    90
    71
    Dec 27, 2013
    0
    I have always done my own taxes. Even with rental properties, mortgages etc they are pretty easy and straight forward. Trucking is another beast. You are dealing with bigger numbers, more moving parts etc. Knowing what you can claim is extremely valuable knowledge. Also, understanding what your time is worth is also valuable.

    Say you are going to do your own taxes. You're probably looking at a couple of hours of time a day for a few days to get this accomplished. Say for easy numbers 2 hours a day for 3 days. So 6 hours of time. Now wthat 6 pulling a load 5
     
  5. Garzaci

    Garzaci Light Load Member

    90
    71
    Dec 27, 2013
    0
  6. 8thnote

    8thnote Road Train Member

    1,980
    3,686
    Aug 12, 2013
    Chattanooga, TN
    0
    Just remember that while it's possible to "right" off, or even to "wright" off, anything your imagination can conjure, you had best make sure that you have documentary proof in case of an audit. Otherwise the IRS will make sure that you pay them everything that you "O", along with penalties and interest.

    For what it's worth, I would not recommended attempting to fill out government tax forms until you have a much better grasp on written English.
     
    minirack Thanks this.
  7. double yellow

    double yellow Road Train Member

    5,946
    10,065
    Aug 28, 2011
    State of Jefferson
    0
    I like doing my taxes because each year I better learn how to structure things to save money. I mean how many tax prep guys are going to take the time to find inflection points like this:

    [​IMG]

    [​IMG]

    In that case, contributing $1 extra saved $493...
     
  8. Garzaci

    Garzaci Light Load Member

    90
    71
    Dec 27, 2013
    0
    Sorry guys. I actually fell asleep right in the middle of my thinking and typing.
     
  9. MiRig2017

    MiRig2017 Light Load Member

    68
    32
    Feb 6, 2017
    U.S.A
    0
    Anyone know where in the world to put the expenses for taxes? I am so confused about this part of it. I am using Turbo Tax. What is the percentage of expenses a truck driver is allowed- not referring to meals at $63 a day allowance. We have over 4k expenses for the year and they are un-reimbursed expenses. This includes, cell phone and data plan, winter gear, shoes, toiletries, and all the other good stuff. When I put it under the travel expenses OR under the in the "other" business related expenses, the refund only goes up by 600. Is there another way to do this to get more back. My husband was out 314 days this past year and yes he has his logs. Thanks for any help you can provide. I called Turbo and the guy read to me the same stuff I read off of IRS.gov. For some reason, they do not go into detail about this part.
     
  10. Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,970
    Apr 19, 2011
    0
    https://ttlc.intuit.com/questions/2...-my-department-of-transportation-dot-per-diem
     
    MiRig2017 Thanks this.
  11. MiRig2017

    MiRig2017 Light Load Member

    68
    32
    Feb 6, 2017
    U.S.A
    0
    Thanks for the info. I searched a little further on Turbo Tax and found this, if anyone needs this information for clarity, here it is:
    What is the 2% rule?

    In taxes, the 2% rule refers to the limitation on certain types of miscellaneous deductions, including unreimbursed job-related expenses (Form 2106), tax preparation fees, investment or advisory fees, and safe deposit box rentals.

    Under the 2% rule, you're only allowed to deduct the portion of miscellaneous expenses that exceeds 2% of your adjusted gross income (AGI). You must also itemize to get this deduction.

    Example:
    You paid $800 in job-related tools and uniforms, plus another $200 to prepare last year's taxes, so you have $1,000 in deductions subject to the 2% rule.

    If your AGI is $35,000 and you're itemizing, you can deduct $300 because:

    • $35,000 × 0.02 = $700 and $1000 - $700 = $300
    But if your AGI is $50,000 or higher, you can’t deduct these expenses because:

    • $50,000 × 0.02 = $1,000 and $1,000 – $1,000 = $0
    So the higher your AGI is, the higher your expenses need to be in order for you to be able to deduct a portion of them.

    When you enter expenses subject to the 2% rule, we'll automatically check to see if you qualify to take the deduction. If your expenses qualify, the deduction will show up on line 27 of Schedule
     
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

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