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  #1  
Old 05-27-2003, 09:47 PM
wolfmandan
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Default O/O: tax deductible expenses

Here's a question for you owner/operators out there. First off, I *will* talk to a tax professional before making any critical decisions; right now I'm just trying to collect some anecdotal input to help me with some early plans.

What sorts of expenses involved in the day to day operation of your truck are tax deductible? Can you calim fuel, or at least fuel taxes? What other expenses are allowable deductions?
  #2  
Old 05-27-2003, 10:02 PM
michael
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Default If You Can Get A Receipt

Get a receipt, get a deduction. Be realistic about it. If I go shopping and some articles I purchase aren't deductable(and that's not very much) then I will have the cashier ring me through twice. I NEVER mix personal and business purchases on the same receipt.
Papertowels, windex, gloves, coveralls,yadda yadda yadda. The list is never ending.
  #3  
Old 05-28-2003, 12:31 AM
crusinangel
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Default Tax Deductions

Go to www.ooida.com and search for the list of deductions and links about taxes.Also type "federal tax deductions trucking" in your search engine- -alot of info comes up there.

Many things required to operate the equipment as well as many personal expenses are tax deductable not only for the O/O but some are deductable for any driver who files a long form.

Some examples are.......

taxes on purchases of tractor and trailer as well as a portion of upfront costs to make the purchase

fuel, repairs,tools, equipment like chains and binders or tarps,tolls, tires, CB radio,laptops,phone cards ,pens, log books, cell phones and annual cost for the service, pagers and cost for paging service, required clothing like boots and long pants or coveralls, bedding,motel expense,etc etc As mentioned here already, the list goes on and on. There is also a $35.00 per day living expense allowance for every day logged on duty. Even the Timex on your wrist can be tax deductable- - drivers are required to be on time schedules aren't they? LOL

Hope this helped! Save all the reciepts you can and file that long form! The government takes enough as it is- - try to "get back" all you can! ();-)
  #4  
Old 05-28-2003, 12:41 AM
truckman
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Default re: O/O: tax deductible expenses

Everything is deductible, just get receipts, except you can claim $5 a day for showers everyday your out, and $25 a day everyday your out for food without a receipt ($49 a day in Canada) plus any credit card interest, if you associated with your business account, ie open a separate business checking account and tell'em you want a credit card. Fuel comes off your IFTA sticker you claim that as well. Depreciation for your truck, that's a big one. Now having said that...

My advice to you is don't do this yourself, get a business consultant firm that does your taxes for you..I use "American Truck Business Services" cost $900 a year but well worth every penny. More then just a tax service, you just send them all your receipts and settlement sheets every month and let them sort it out, every month you get a little break down on where your money is going at what percent and they show a comparison to the industry standards..let you know where you need to tighten up. Every three months they file your quarterly tax. Free unlimited phone business consult any time 24 hrs a day..answers all your questions, they do the research. There are others out there, but this one is hard to beat, they know all the latest reqs.

ph# 888-640-4tax
web: http://www.attrucktax.com/

hope this helps.
  #5  
Old 05-28-2003, 08:44 AM
michael
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Default Truckman Said

"Fuel Comes Off Your IFTA Sticker">>> What does that mean??

Does it mean they scan your sticker to pay for your fuel?
Does it mean fuel drips from your IFTA sticker into think I'm missing something here, please inform us all!!
  #6  
Old 05-28-2003, 04:04 PM
pbstax
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Default O/O: Tax Deductible Expenses

Any expenses you incur to run your business and operate your equipment is tax deductible. The standard meal allowance for 2003 is $40.00 per day (per diem). For a detailed list of deductions visit our web site at pbstax.com and download our Tax Organizer.
  #7  
Old 05-28-2003, 04:49 PM
truckman
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Default IFTA

Taxes my friend..taxes. You think you just get to pay at the pump and driver away...oohh nooo dependant on how much you drive in any state your required to buy a certain amount of fuel..well not required but your paying tax for it weather you buy fuel or not..that's what the IFTA sticker is for..covers almost all the states. You used too(I never had too) file for each state separately, IFTA combine it all to one central point. I'm not an expert on this, but that's the beauty of having a business service, I don't have to be, they well take care of that stuff for me. If you go it on your own, better know what your doing, or you might just end up paying some big fines or worst yet in jail for tax evasion...hehehe be there with dilinger.
  #8  
Old 05-28-2003, 05:13 PM
truckman
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Default Per Diem

Want to correct an earlier post on this thread..the per diem rate is $40 a day vice $25, don't know what I was thinking about, and it's $45 a day in Canada..think I was having Navy flashback, they always paid $25...see we were even getting short changed on the per diem deal. But I still think you should consider using a Bus. Service, getting info on this board is nice, but if my livelyhood dependant on it, you better get the straight scoop from someone that has the regs in front of them. If for no other reason that 24 hr bus. consulting deal will pay for itself.

Here is example..I thought awhile ago about getting my own authority, hooking up with a load board/broker somewhere and going it alone..called the bus. service and told'em my plan, he explained and gave me brake down of what it would cost, compared to what I'm doing now, ie miles and loads, what I would have to get on my own, miles, pay, etc..it didn't make any sense, I make more now as O/O contracted to a company. He said if I wanted to make more money he can send me a list of the top companies with a break down of thier pay scale and show how their clients are doing compared to industry standards...starting to see what I mean, you just can't get this info. everywhere, and I can't begin to tell you how useful it is in decision making...President of the United States has advisors, your the president of your little company, better have some advisors if you want to stay there.
 

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