I'm getting everything ready to purchase my first truck and lease onto my current carrier, system transport. I've figured everything out relatively easy. For some reason the only thing stumping me is how to set up bank accounts. I know system will provide fuel cards, but how do you vets suggest I set up accounts (maintenance, savings for the truck,expenses for truck) of course o already have my own account that I will pay into for paying myself. Any advice and suggestions would be great!! Secondly, does anyone suggest a good tax person? Preferably in las Vegas, or just a good trustworthy person. Thanks yall, keep the rubber side down !
I don't use a separate account for the cash, just a spread sheet and quicken for the accounting. It's good, simple and clean. Most everything you touch is tax deductible....but if your OTR just keep your logs. Your uncle gives you $59.00 a day to live on the road in lieu of receipts. Quicken tracks taxable events and downloads from the bank. I cut and copy the truck events to a spread sheet. Then just press print at tax time. OR You can get free software for your smart phone like Kingsoft or MS office for Apple or Android system and just add to it daily and download it to where ever, whenever.
I do have a business and personal account.My accountant told me years ago to never mix the two! And I still don't.. I would highly recommend an accountant,a lot of drivers use ones that are familiar with the trucking industry,and since this is your first go around,I'd also recommend that for you. if you open a business account you will need the paperwork for your business name to take to the bank. Once you have that done " you're in business" lol
I also use quicken but the wife usually handles all of that. I have a business account and a personal account separate. I too don't believe in co-mingling monies. What I recently did was get a American Express Bluebird card at Wal Mart, its a nifty prepaid card. It costs zero to load money, zero monthly fees and it is backed by American Express. I swing my personal expense money onto this card, so I never have to carry lots of cash and it is accepted everywhere. One of your biggest expenses is going to be tires. Does the company your leasing onto have a discounted tire, fuel and parts program? do they setup a maintenance fund for you where all these types of expenses are covered?
If your company doesn't give you per diem, do u need to keep every reciept for food, drink, shower etc to turn in to your tax preparer to get the 59 $ per day on your return, or do I just need to keep and show my log book to tax preparer to get the 59 $ per day???
To my knowledge the $59 per day is only permitted for days your working and the log book backs you up. If your on home time, you cannot take the deduction
