Doing my OWN taxes

Discussion in 'Trucker Taxes and Truck Financing' started by TruckerPete1990, Nov 30, 2017.

  1. TruckerPete1990

    TruckerPete1990 Road Train Member

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    Hello i currently have ATBS... I Feel they are really doing some bad stuff with my taxes.. They have my total Maintenance at 4,000 this year when i know for dam SURE its more then that... So im looking to switch to my own taxes.. I wanna use profit gagues to keep track of it all for profit and loss statement. But whats the best way to fill quarterly?
     
  2. mnmover

    mnmover Heavy Load Member

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    Fill or file? Save 9 to 10 % of gross, and send it in every quarter, both state and fed. Are you a corporation, llc or sole propieter?
     
  3. TruckerPete1990

    TruckerPete1990 Road Train Member

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    Sorry ment file I'm a sole proprietor. I normally put 10% away. Just trying to find best way to file and the easiest lol.
     
  4. mnmover

    mnmover Heavy Load Member

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    If you are planning on doing your own income taxes, don't. Hire someone who knows about trucker deductions, etc. They will save you more than their fee.
    My daughter does taxes, Tax Depot, Litchfield Mn.
     
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  5. Accidental Trucker

    Accidental Trucker Road Train Member

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    A good CPA will easily pay for his own fees out of tax savings.

    I don't understand how ATBS can possibly determine what your maintenance expenses are, unless you hand them a box of receipts and tell them to make it up the best they can.

    You should have every transaction related to your business entered and classified as to what it was (Fuel, office expenses, maintenance and minor repairs, major repairs (i.e. overhaul), bank fees, professional fees, etc, etc, etc). The accountant has no need to see anything but the total for the category. Paying a $75 / hr accountant to be your secretary and enter receipts is poor business practice.
     
  6. TruckerPete1990

    TruckerPete1990 Road Train Member

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    My wife want's to do my Book keeping. But i think she's gonna need help with understanding how to file the taxes every quarter and what not.
     
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  7. TruckerPete1990

    TruckerPete1990 Road Train Member

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    i scan all my receipts in to them after 2 years my wife doesn't work anymore so shes gonna start doing them.
     
  8. Rickp

    Rickp Medium Load Member

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    You can use just about any bookkeeping software for records but you need someone you trust for the tax advice (pretty limited if you want it to work with mileage though). I've had friends use atbs and they always found out they coulda done better once they dumped em. I just use quicken home and business for records and do the mileage calcs by hand each month. It wont do tax forms though.
     
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  9. Jazz1

    Jazz1 Road Train Member

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    There is a huge difference between a book keeper and CPA. I have CPA doing my taxes for decades. They are up on everything and revenue dept has to deal with the CPA if any questions. Money well spent IMO
     
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  10. somecallmetim2

    somecallmetim2 Bobtail Member

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    As a self employed driver, using a schedule C for business expenses for the last 4 years, I made quarterly payments based off of the previous year tax owed. Form 1040, line 63, total tax. If you make a bit more money you will owe on your taxes, so keep a safety net, but shouldn’t be penalized.
    According to:
    Penalty for Underpayment of Estimated Tax
    A taxpayer generally will be subject to this penalty if the tax is $1,000 or more and the taxpayerdid not prepay on a timely basis at least the smaller of (1) 90% of the current year tax, or (2)100% of the prior year tax (110% if the prior year AGI was over $150,000 ($75,000 if married andfiling a separate return)).
    Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary


    As for ATBS, I used them for almost 3 years and was frustrated the whole time. I would scan in receipts every month and would have to go back over how they entered and categorized expenses. There were corrections needed every month, for either completely missed entries on their end and entries that they said weren’t business expenses and clearly were. Why pay them for bookkeeping, if you are essentially doing it yourself.
    They also base their estimated quarterly tax payments with no regard to the HOS per diem rules, for both years they did my taxes I got a huge tax return for me and my wife, because we overpaid a ton! While some people like a big tax return every year, I would like to break even or come close at the end of the tax season, and budget that money throughout the year instead.

    As other people have responded, you will find many different ways you can get to the answer, a CPA should ultimately be consulted so you can decide what would be best for you.
     
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