Whats the best for my taxes?
Discussion in 'Trucker Taxes and Truck Financing' started by Flattie C, Jun 13, 2016.
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Nope. If u own a house or have other income like stocks or investment, your tax return may differ.
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Claim two on the W-4, one for you and one for your job. They will take less out of each weeks paycheck. No need to give an interest free loan to the Feds. If you are OTR and gone from home 275 to 300 nights a year, your deduction on Form 2106, forwarded to Sched A will still give you a healthy refund.
I am not a Tax Attorney, nor do i claim to be, but this is the way i have done it for years, and i get a refund every year.Flattie C Thanks this. -
Your thinking about when you "work" in other states, meaning you literally have a job in more than one state throughout the year. In your case you work in your state (your terminal) but travel into others, different thing. I also so claim yourself, you DO have to support yourself after all. In most cases you won't wind up owing but it all comes down to which tax bracket you wind up in. Hard to predict.
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So right now mine is set to 1 coz I called them and change it to claim myself. If i will call them back to change into 2 instead of 1 I will owe less or posibility still get a refund at the end of the year despite the fact that I dont have kids and dependnts?
I am trying to get best option where they wont take much money from my check and owe less at the end of the year.
I work OTR btw. -
You'll just get a bigger refund if you only claim yourself on your W-4,Flattie C Thanks this.
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Right. But if I claim 2 for myself and my job i still won't owe much at the end of the year but less refund? Since they will take less every paycheck correct?
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Okay cool! Thank you so much!tucker Thanks this.
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Your difference in weekly tax with held is about $20, in claiming 1 or 2.
I threw together some quick figures to help show you what would happen come tax time.
These are random figures but based on actual percentages.
Lets say you make 45 cents a mile. You are out 275 days a year. you average 400 miles a day for the whole year which is 115000 miles for the year.
Your gross pay for the year is $51750.
Your SSA/Medicare would be $3959
Your Income tax withholding $7350 based on IRS weekly payroll charts.
OK, tax time rolls around. By doing a basic tax form, you show your adjusted gross income is $51750.
Your personal exemption is $4050
Your deduction on schedule A is: 275 days X $63/day X.80 %(for persons under Federal HOS) less 2 % of AGR which equals a $12825 deduction.
OK, using these figures, you will pay tax on $34875
A single person would owe $4770 in taxes which would give you a refund of $2580.
You may or may not have other deductions or have money taken out for 401K's which will change thing's but this is the basic math.audeygdad and Meade Trucking Thank this.
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