Fuel Card rebates

Discussion in 'Trucker Taxes and Truck Financing' started by Onlyme, Aug 13, 2022.

  1. Onlyme

    Onlyme Bobtail Member

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    Aug 13, 2022
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    I recently changed companies and started using their fuel card since I can get a 35 cent discount on fuel at certain stations. The receipt from the fuel stop shows the full amount paid, the discount comes when they deduct the amount from my settlement. Which amount do I put into my accounting software for tax purposes, the amount on the receipt or the amount that is actually deducted from my settlement?
    Not sure how it would matter but just to throw it out there, I only work in one state so I don't do IFTA.
     
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  3. Rideandrepair

    Rideandrepair Road Train Member

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    My guess would be use the receipt. Assuming the amount reimbursed on your settlement would be included in total revenue, subject to tax. Since you’re deducting it using the receipt, it’s really not increasing your tax burden. It’s a wash. Easier to keep everything matching up that way. IMO. Same way I deduct a paid Lumper, using the receipt as proof, and claim the added Lumper fee as part of my gross pay on the load. I’m no tax expert. It really depends on whether the rebate refund is included in your 1099, as gross revenue. I would think that’s most important. I’d ask the Company, if you can’t tell by the settlement sheet.
     
  4. flood

    flood Road Train Member

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    Legally you write off WHAT YOU PAID (settlement)
    But then again the irs doesn't know what you paid and you do have A RECEIPT showing you paid more (bigger deduction)
    Ssooooo
     
  5. Short Fuse EOD

    Short Fuse EOD Road Train Member

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    IRS and IFTA working together in the future? Are they now? If IFTA audit shares actual receipts to IRS on trucking company audit? We are hiring more agents and my paranoia is growing!
     
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