Tax Question?

Discussion in 'Ask An Owner Operator' started by murat, Feb 21, 2020.

  1. murat

    murat Light Load Member

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    I have been owner operator for about 6 years and my wife and I have always filed our taxes jointly.I have a LLC and she works full time.I have a friend from H and R Block do our taxes but I am curious if we our doing the right thing or should we keep her income and the LLCs separate.
     
  2. Mike250rs

    Mike250rs Medium Load Member

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    Too many variables with not much info.

    Find a tax accountant that understands the industry.
     
  3. jammer910Z

    jammer910Z Road Train Member

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    Yeah. Find a CPA that specializes in this industry.

    No offense to your friend at HR Block, but I found out the hard way that not all CPAs are created equally.

    Had one sit at a desk and tell me all the things I could NOT deduct.. like 80% meals, and other expenses. I walked out.

    Find a specialist.
     
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  4. Spyro2112

    Spyro2112 Light Load Member

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    Run far from HR, it's owned by George sorros, yes get a CPA that know about the business
     
  5. snowwy

    snowwy Road Train Member

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    HR really don't have a clue on taxes.

    Try asking about stocks. They'll sock it to you.
     
  6. Ridgeline

    Ridgeline Road Train Member

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    Just get a good cpa, if they know how to work with a business, they don't need to know everything about this industry.
     
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  7. murat

    murat Light Load Member

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    Thanks, I know I have found out a couple things we don't really agree on as far as deductions.
     
  8. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    It's pretty cut and dry for trucking. You can take your phone and internet.

    All the little $1 and $1.75 fees will add up to $600 or $700 over the year on money transfers, etc.

    Uber is deductible.

    $66 day when you're not at home per diem.

    My return is a good 1/4" thick, and the fee is $675. Like everything, you get what you pay for.
     
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  9. murat

    murat Light Load Member

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    I guess my main question is who files Married or Married filing separate,thought my wife would make out better.I did learn that by my filing the LLC and itemizing that my wife can't use the standard deduction.
     
  10. Dave_in_AZ

    Dave_in_AZ Road Train Member

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    You need to ask a CPA that question.
     
    brian991219 and murat Thank this.
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