Trucker Tax Tips & Deductions

That is what I thought, thanks for the reply...

 

Come on all you O/O's or I/C's... you should all be able to answer my questions. Thanks in advance... BTW,,question #3 has been answered...

 

W-2 is filed on personal side of taxes and your I/C or 1099 with all expenses goes on your business sch. C - profit/loss sheet.
You will need turbo tax (Personal & Small Business) to file a sch. C and all other business related filings.

 

Here are just a few deductions you don't hear on here much. You can claim your satellite radio bill because if its traffic and weather channels, Satellite dish because of the "weather channel", and you can also claim anything you incur with a dog. the dog is considered your alarm system.

 

I totally agree with what SandDollar wrote. I keep all of my own records and at the end of the year take my records to a bookkeeping service and they prepare my taxes. It has worked out great for me but I do keep detailed records.

 

New question.....I think because I'm too sorry to look at 35 pages of answers:

I put together a spreadsheet for myself and at the first of the year and at the end of the year I have miles run in both years. Do I claim the miles paid or the miles for the week, or the miles paid for the year. A different way of putting it, the last week of the year had 2 days of the new year on it. Do I only count the compensation that was earned during the year, or the compensation that was paid during the year, (leave off the last 2 days and claim them next year)?
If anyone can sort out this convoluted question, I'd appreciate a response. Thanks

 

Actually, a better way of asking is, if I run a load in December 2015 but get paid for it in 2016, when do I claim it?

 

If you're an O/O paid on 1099 can you deduct your health insurance?

 

I have just a few questions. Im fixing to finance a truck and I have a company Im planning on lease to. I won't have my own authority just yet but soon enough. But I guess my question is if I were to lease on to a company without my own authority would I need to take out any % a week for taxes, Ive heard a few different scenarios like (hold back 28-30% a week) or dont worry about unless you have your own authority. And if any one knows a good CPA in JAX FL area thatd be great. thanks guys

 

I used Turbo Tax last year,,,,but had 6 months of W-2 and 6 months of 1099 This year will be all 1099....