Self employed Owner Operator taxes

Thank you Native Dancer and Road Medic. I think it's starting to make sense. Florida provided the worst directions on how to do this and has not even sent us a way to renew the decals for 2008, no web page to access either. I have to call them on Monday. It was never once mentioned in the IFTA directions that there was a base price that I was working with. I assumed that each states surcharge was multiplied by the gallons bought in each state! There was no explanation as to what the purpose of the form is. That would've helped, you think? LOL.

Road Medic, I'll see if I can scan one quarter and get that to you. Thanks so much for offering to look it over. I think we are due a refund now.

I'm doing his IRS taxes for 2007 now too.....oh the fun.

 

I would stay away from the business use of home form unless that is a really big deduction. The 2290 should have been sent in by aug 31 it is 550. You will need an irs stamped copy to renew your truck licenses. All license and road tax gets deducted on schedule c line 23. Also meals are at 75% of 52.00 a day. figured at by the quarter day. If his log book shows leaving home at 8 am and is gone for all the rest of that day you deduct 75% of 3/4 of the day.

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Oh good, that is info i can use. I know about the 2290, but what licenses does he need to renew? His authority? And what is the due date to renew these licenses?

Now the meal deduction makes more sense too! He can deduct $52 a day for every day not on the road (not home) but only a percentage of the actual days he leaves and returns home. (75% of that total can be claimed as a deduction)

Oh i'd like to use the Business Use of Home because our interest paid was $12,000 in mortgage payments and almost $5000 in real estate taxes. I think we have a good reason to claim it?

 

CPA for $350 a year? That's not too bad. Worth looking into. Well since I have no clue what I'm doing it seems, this is a headache learning all of these regulations, rules, deadlines. But I do like the advantage of knowing the details, regulations, and tax stuff like this.

Oh, off topic real quick. He just got a $700 ticket in CO last night!

They have a law that you must have a muffler for your compression/engine brake. Who knew about this law! They did a full inspection on his truck at the weigh station and this is how they found out he has an engine brake without a muffler. The worst part of it is that he is a very courteous trucker who never uses his engine brake in city limits, never speeds, and overall he has a very quiet truck up to all DOT regulations. Engine brake was switched off when he was inspected and DOT guy made him turn it on. The DOT guy could have given him a warning but he wanted to be a _______!

So I did research and found Montana and Nevada also have this law. So he's going to have to put his muffler back on and keep it on. His truck ran better without it, ... oh well.