TurboTax not ideal for Owner Ops?

I know I am going to catch a lot of flack from other folks here, but I just noticed when trying to use turbotax that it's not deducting 100% of fuel expenses and such. In fact, when I go to the information for the truck expenses, it only lists "GAS", so what is recommended for software to use to file taxes for truck drivers? Or is the only real option to go to a CPA? Isn't fuel deducted 100%, dollar for dollar as a business expense?

Thanks.

 

Nope - no flak from me.

I vote "Find trucking industry proficient CPA".

 

I give it all to the tax guy, so not 100%, but in previous business fuel was not deductible, as an allowance for mileage was given.

Not sure in trucking. I let the pro's handle it.

 

No. Works great for W2 but garbage for 1099. Pay a tax professional or pay a lot of unnecessary tax with turbo tax.

 

I appreciate that. I agree with this idea, but my wife is insisting on taking everything to H&R Block? Seems like they're going to use the same system we could use ourselves online to file anything, which will likely yield the same hoopla from TurboTax.

Thank you. I definitely want a pro to handle this. My wifes brother is a CPA but she hasn't even talked to him because she doesn't think he knows anything about trucker taxes.

I agree. I am curious how much I have shafted myself over the years using their service. I didn't ever notice really it wasn't deducting all the fuel. For example, if I increase the fuel by $1,000.00 (just playing with it in the "GAS" section) it only shows an increase of $200 for a refund.

 

I don't want to beat up on you, because I have been there too, but April 5th is a little late to be asking this question. A good CPA is going to need some time to make sure all your records are in order, your P&L and accounting reports make sense and to wrap their head around your exact situation. It goes way beyond the basic concept of fuel or other operating cost deductions and gets deep into if your spouse has earnings, your home ownership situation and more.

It will be tough finding a good tax professional this close to the filing deadline, although it is worth trying!

None of the do it yourself tax software solutions are any good for the self-employed, nor are tax preparer groups like H&R Block or Jackson tax, as they are all focused on the W2 employee model. Keep in mind, the person you sit with at H&R Block is not a CPA, not even a trained accountant, just someone that passed a internal tax preparer course and can type info into a software program.

Even among the professional independent CPA world, few truly understand transportation from the owner operator perspective. When I ran as an owner operator I got into a lot of tax trouble using these "professional" tax preparers, especially H&R Block but even a local guy that was a true CPA and claimed he knew about trucking. Eventually I found a guy out of Texas to help fix it and he worked wonders. His name was MIke Albright. I don't have his contact info anymore but he was a former trucker turned CPA that really understood the business. He may be willing to take on a new client last minute, if he is still around.

Good luck.

 

Thanks. It may be "late", but if the deadline to file is April 15, I think I will be okay. Just have to find the CPA. My brother in law may be able to help if my wife would talk to him. I already have all the deductions listed and receipts and all on a thumb drive.

 

If u going to use turbo tax . U need to integrate it with quickbooks.. and do all your expense and revenue stuff thru quickbooos

 

What he's saying about it being too late is spot on as is the parts about H&R Block etc, they don't know the trucking business. You need to find someone independent who is familiar with and has lots of trucking businesses for clients. At this stage when you find that person they're going to tell you you'll have to file an extension and pay the penalty for that because they're swamped taking care of customers who didn't wait until the last minute.

 

Looks like Kevin Rutherford still has his tax program for O/O it online. Might want to look at his Profit Gauges program

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