Trucker Tax Tips & Deductions

I love it when someone does that.

I charge by the hour. Reconstruction costs them dearly.

 

Well what would be the most effective way to do it then?

 

For the driver to compile the information into a computer some how.


Whether it is excel or quicken or whatever.

 

I have three shoe boxes.
One is fuel, the next is tolls and scales and the third is maint. Simple but it works.

 

And thats easy most homes with a computer may have a all in one scaner printer and fax. use it. I am about to go back out driving for a O/O I am going to get a laptop and this thing that can be pluged into the computer and it will scan everything and file it on your computer. I have seen them on TV and at computer stores. And you get the deduction on it as well. But as a back up I will have all the rec copied because as well all know after a while the ink fades and you can no longer see what they say. I am new to all this I have done nothing but be a company driver so this is all rocket science to me. I think that in order to save my butt I am going to find a CPA for help. But were can I find good info on what we can deduct? I have searched here and found nothing. SO maybe somebody here can post a link or links to a good site.

Thanks and be safe, our families are waiting for us to get home

 

Just because they have CPA behind their name does not make them good.

You need to find a tax preparer, enrolled agent, CPA or whatever, who is familiar with the trucking industry.

My opinion, is that if you buy if for the truck, because of the truck, use it in the truck you should list it.

Let the tax preparer make the final determination.

Scanning receipts are good, but I was refering to a program or listing on spread sheet where the driver is the one who does the work compiling the information.

 

Yes I will let a tax guy do this for me,The CPA is to help the record keeping. And the scanner I taked about will make a spread sheet and can be used in the truck, it is that small, yet it can scan full size sheets of paper. I am also talking about home use, I see and understand were you are coming from. I just want to line up all my duck in a row.This is new to me and I dont want to mess up.

 

I have a standard file folder box in my sleeper, and keep a rheem of 8x11 paper in my truck, and simply take the receipts (at the end of the day) and tap them to the paper, date the paper, and assign a tracking number to each receipt. Then at the end of the day/week, I enter it into a spreadsheet, each receipt with its corresponding code number and date goes on an individual spreadsheet, one for fuel, one for meals, etc. This allows me to effectively track every receipt incase of audit, and provide my account with a summary, to save my accountant time. It works, and if I have an question about an expense I can easily mark it RED in the spread sheet, and my account can simply find it in my box, reveiw it and make a ruling. It works for me, simple, yet keeps me feeling that I can survive and audit.

 

Is there any good software one can use that can help here?
Usually I have always done my own taxes and whether its mortgage deductions or investment issues, I have chugged through it.

Now, being an O/O with major expenses and a virtual loss for the entire 1st year I want to be able to deduct as much of these as I can...I prefer software over paying someone for something I really should be able to do on my own. Most of the CPAs I have looked at are a bit out of my price range, at least for this part of my business venture..

 

Turbo tax for one. I used it many years ago.

Many others as well. You can google them.

The major thing to keep in mind, is to be sure to go for as many deductions as possible and legal.