I haven't started my driver training yet!
My drivers eduction started about a week ago, WHEN I FOUND THIS SITE !!!
First thing I learned was DO NOT LEASE, especially beforer you get some time and experience under your belt!
Starting Lease Purchase.....
Discussion in 'Trucker Taxes and Truck Financing' started by Romans612, Dec 3, 2010.
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I just cannot understand why these new drivers will admit they have very little experience and knowledge of the trucking business,and ask for help, yet will not listen to the very good advice given by those who have made the error of signing a lease early in their driving career. DO NOT LEASE A TRUCK UNTIL YOU UNDERSTAND THE GAME. The odds are against you, big time. However, I wish you luck, and hire a CPA familiar with trucking. There are several who advertise their expertise in dealing with the transportation industry.
scottied67 Thanks this. -
Ok
He gets the point problem is it's already done ... He didn't ask for a sermon on LP but for tax advise
To the OP ...
I do mine annually , prob I have found on the quaterly side is sometimes your get a projected next qtr earning and etc ... So if you have a down period etc don't work out well ...
Now some will dispute me on this but ... I go annual and be sure you keep receipts for every nut and bolt , fuel etc
You will be fine or I havebbone, Raiderfanatic, Corporal_Clegg and 2 others Thank this. -
CPA. I've been with my CPA for 20 years and I told her I was starting a new career in trucking and might be in the market to be O/O in the near future. She assured me that their company handles many different businesses would be happy to take another account.
My wife was an independent contractor for a political consultant in Sacramento. The first year she was working there, and taxes needed to be filed, we didn't know about quarterly taxes. No problem- there was no penalty just pay up by April 15 like everyone else lol.
The sentiment on this board is very anti-lease purchase. Don't worry too much about taxes, try to hold back about 28% or so to cover that but in the worst case scenario if you ended up owing tens of thousands of dollars to the IRS believe it or not you can make a deal with them lol.RBPC Thanks this. -
The forum isn't "anti lease".............. its anti FLEECE purchase.
Theres a difference. -
ATBS out of Colorado is a great tax service for O/O's. They will be glad to help you out and show you how much money you are losing!
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The best approach is organization. Record keeping for taxes isn't rocket science. Keep a cheap Walmart accordion folder in your truck and label slots for: Fuel, PM Service (lube/oil and such), repairs & maintenance, tires, lumper receipts, truck washes, tolls, scales, and Miscellaneous (for cleaning supplies, tools and truck related junk). When you get a copy of a receipt, plunk it in the folder.
At home keep a little file for business related expenses (cell phone, office supplies and that sort of thing). Keep a little book to record all miles on your personal vehicle doing anything business related. Hey, going to the post office for stamps is biz related, no? Went to Wally world to buy paper towels for the truck? That mileage is deductible. BTW, keep your logbooks forever because they show nights away from home and support per diem.
This thing will give you an idea of the type of information that you well give to your tax preparer before tax time. You don't send your preparer a shoe box filled with receipts, you just send the tax organizer form and attachments mentioned in section 10 of the organizer. Keep receipts, tax related paperwork and copies of the organizer for a minimum of three years (audits?). Your company will give you settlement sheets and a quarterly printout for fuel taxes paid.
All this is easier than it looks with cheap decent printing calculator (also deductible) and you can total up costs every month. If you wait and total at the end of the year, it can take a day or two.
With luck, you'll make about what a company driver will make with a decent company. Unless your company has changed, they were always fair and honest with me. Hope this helps.scottied67 and RBPC Thank this. -
Great post Diogenes. The only thing I would do different : I would mail receipts home as OFTEN as possible. Keep stamps and envelopes in the truck. If you have someone at home that could file them for you, that would be nice. Keeping a lot of receipts in the truck, your logs better be TIGHT !
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Maybe I'm just too cheap to spring for the stamps. -
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