out of that .46 per mile, how much get taken out for self employment tax, ss, medicare ect. also how much do you think you'll get back in taxes for depreciation on your truck and your $52-59 a day you get for being away from your tax home? Thanks. Sean
JCT
Discussion in 'Discuss Your Favorite Trucking Company Here' started by LMB, Nov 9, 2008.
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8 % of gross will cover all three. I write off the whole trk payment seeming how I'm leasing. Yes I also write off the per diem.dabs Thanks this.
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Thanks, that is the one thing i could not figure out. I spreadsheet would be super, but its hard to find some who is willing to show their paystubs or tax returns.
Alan, check your facebook!
If your in D.C. sometime, Steak is on me -
I am not trying to corret you, but some of the drivers that are looking to get a contract with JCT might misunderstand. There is no Per Diem. The government allows you to deduct a percentage of $52 a day that you have been away from home. It can be more tha that if you have ALL your reciepts. There are no tax deductions taken from your weekly settlement, you are responsible for you own quarterly payments. JCT has your lease set up so you can deduct your entire truck payment. Not all leases are set up this way. If you use your own accountant, Make sure he(she) is up to date on owner operator tax specs. JCT pays all IFTA, even if you buy fuel with your own credit card(if you get on here you will see why you might have to do that) you are supposed to turn in that fuel ticket.
Again Alan, not trying to step on your toes.
One other thing that I don't believe has been mentioned, if you have a short run under 500 miles the rate is .93 cents a mile. ie; if you pick up a load in Mira Loma and deliver in Bakersfield you would get the higher rateThe Challenger Thanks this. -
LMB is correct, he was more in depth and more good info on y JCT is the way to go
LMB and The Challenger Thank this. -
Thanks for the info again guys! Can you elaborate on why one might have to use their own credit card to buy fuel? Is this a requirement?
Also... do any of you use the JCT account services for your taxes?
TIA,
Dabs -
JCT gives you an EFS card, and deducts the fuel out of your settlement. You have to LOG each fuel stop that is on the EFS card........You are not required to use your credit card. I pay for a lot of my own repairs, and PM's. I don't use my maintenance account unless I have to. Remember, the money that goes in to you maintenance account is your money, and should be counted as income. So when someone says they take home $1,000.00, add another $250.00 or so for the account
I have my own accountant. JCT has a program where you can signup with ATBS, and they get copies of your settlement. you have to mail them any xtra reciepts you have. They are very good, and they will send you a P&L every month. I have had my accountant for 20 years, and know her and her husband quite well. If it wasn't for that I would use ATBS. Actually you can do your own accounting with Quickbooks, and save money.The Challenger, dabs and Alanp613 Thank this. -
I just run my numbers through my quickbooks, and I am operating at 51%
Not bad, not bad at all -
Hey Alan, Well I ended up with my second choice at truck selection, an 07 KW 900, plum metallic, apu, lotsa crome, pretty happy with it so far other than mpg's but I'm still getting used to the 13speed so hopefully it will get better. First load weighed in at 79990 with tanks at 3/4. That didn't help mpg! Yeah I ran out to cali and back to the yard for some minor fixs. So far so good! Thanks for asking.
Does anyone know where I could find the original equipment refrigerator meant for the w900? Mine was equipped with one but removed at some point. I was told if i find one the shop would put it in for me since it was specked that way originally. I know I can order one from KW but was hoping so save alittle green for those 120 gallon tanks
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dabs Thanks this. -
I use ATBS and they are pretty good.They email you P and L statements.My guy always calls me back.They even sent the tax form filled out and the address where I needed to send the check.The only thing I did was print,sign,fold,stuff,licked the envelope,attach postage,and drop in mailbox.I have no complaints.They even call you every so often to discuss where or how you can make more money.For me its spend less on fuel which is not likely to happen.If you have seen my earlier post you know where my foot is and the position of the drivers door.
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