where can you find info for taxes?

[kilog55]

like what you can deduct, how to deduct it. whats allowed?? i see H&R Block alot on this site for doing taxes, but i would like to get alot of info before hand.

this will be my first "real" OTR job the rest were local, home daily jobs

[kc0iv]

like what you can deduct, how to deduct it. whats allowed?? i see H&R Block alot on this site for doing taxes, but i would like to get alot of info before hand.

this will be my first "real" OTR job the rest were local, home daily jobs

You can deduct everything you use exclusively for your job.

I haven't found H&R Block as being that good for trucking. You would be better off finding an accountant that understands trucking.

kc0iv

[Aligator]

I use an accountant. An aggressive accountant. He says that if I am audited and I don't have to pay a little, then he's not doing his job. Don't know whether that's true or not, but we get waaaay into the grey area of accounting, and I believe that's a good thing.
H&R only deals with Back and White rules........my experience is that if a deduction is not specifically allowed then they don't mention it. And there are a lot of things they don't talk about.

[kilog55]

so if i buy a GPS, high end CB, new boots, maps, contacts/glasses, and all that fun stuff i can deduct it next year if my main job is OTR? i dont imagine you would claim a modded radio just the cost of the radio itself.

how does the $52/day allowance work, we dont have per diem pay. so do i just take the days i was OTR and multiply it by $52 then X .75? or is it 100%

[Sealord]

Allowable per diem is a percentage of the $52, I think the rate is around $38/day. Using your OTR logs, you take that amount times the number of days you're gone from home, and that's your per diem which is not taxable as income. (Hint - at the end of each month, go thru your logs, add up the days, and annotate a corner of your log book with the # for the total days gone. Then you won't be doing it at o-dark thirty around April 13th.)
WRT H&R for tax prep, I've had no problems and sleep well at night.
As far as the stuff, you may want to wait about getting it until after you've been upgraded to solo, nothing wrong with making lists. Wouldn't be cool to have bought all the crap and not be able to take the "tool" deduction for your work. BOL

[kilog55]

should have added i am solo out of the gait out 5 days home on weekends (flatbed), so whatever i would buy would be for me and me only :wink:

i seen the list posted in the other section, but what i really need is a full list so i can take it in during tax time. i usually get my taxes done asap like in late jan/early feb. but i do em at home online.

so now i have to get em done.

maybe ill really look around the IRS site and see if i can find anything.

[kc0iv]

so if i buy a GPS, high end CB, new boots, maps, contacts/glasses, and all that fun stuff i can deduct it next year if my main job is OTR? i dont imagine you would claim a modded radio just the cost of the radio itself.

how does the $52/day allowance work, we dont have per diem pay. so do i just take the days i was OTR and multiply it by $52 then X .75? or is it 100%

You can't deduct "contacts/glasses" unless they are safety glasses.

You also might have a problem with a high end CB if the IRS did an audit.

kc0iv

[kilog55]

i thought you could deduct prescription eyewear under medical expenses if you are required to wear them in order to drive. :?

[4roses]

heres a few items you can deduct that you may not of thought of ..

You can deduct everything you buy and/or use on the road that pertains to your job.
Some examples are:
Lap Top computer
programs for the lap top
Cell phone
Cell phone bills
WiFi subscription
ISP subscription
Gloves
Clothes
Tolls
Showers
Fuel
Hotel bills
Parking fees

Just save ALL your records of what you buy on the road ... try setting up a system that works best for you. A folder for each month .. works for me.

[kilog55]

yeah i was thinking ones of those accordian folder with tabs for each month on it then i could scan and copy the pages of my logbook for each month so i had a record of them as well to verify i was OTR.

like i know license fees, DOT physicals and drug screens are deductable. but i am pretty sure you can deduct prescription eyewear. even the other post in what about this company says you can. but that isnt the whole list i dont think.

i mean if you can write off windex and papertowels you should be able to write off your glasses and contact lenses.

i know you also run a higher risk of an audit. but if you have all you reciepts you should be ok.

[kc0iv]

yeah i was thinking ones of those accordian folder with tabs for each month on it then i could scan and copy the pages of my logbook for each month so i had a record of them as well to verify i was OTR.

like i know license fees, DOT physicals and drug screens are deductable. but i am pretty sure you can deduct prescription eyewear. even the other post in what about this company says you can. but that isnt the whole list i dont think.

i mean if you can write off windex and papertowels you should be able to write off your glasses and contact lenses.

i know you also run a higher risk of an audit. but if you have all you reciepts you should be ok.

I stand somewhat corrected. Reading the IRS publication # 502 Eye ware can be deducted. Quoting from publication # 502

You can deduct only the part of your medical and dental expenses that is more than 7.5% of your adjusted gross income. If your medical and dental expenses are not more than 7.5% of your adjusted gross income, you cannot claim a deduction. -- page 2

So if your total medical expenses are greater than 7.5% of your adjusted gross income you can you can deduct that portion above 7.5%.

kc0iv

[kilog55]

so if you can figure out you AGI and order enough contacts and glasses it can be done. and with the price of glasses these days it should be easy. last i was told $150 or so for frames and $180ish for lenses.

but i dont think it is possible with a $36,000 average salary you would need almost $3000 in glasses anyways. i doubt they would like you to buy 10 pair

[married to the road]

My company give us a list of all the things you can deduct off of your taxes. I thinks it is kinda old and there may be some newer things, but everything on it should be correct. It is posted on the what about this company? forum. Sorry, wasn't sure which would be the the best forum to post it. It's a little long, and I had it in rows, but after i submitted it, the computer just put it all in a cluster. So i went back and put commas in, so it should be easier to read now.

[kc0iv]

My company give us a list of all the things you can deduct off of your taxes. I thinks it is kinda old and there may be some newer things, but everything on it should be correct. It is posted on the what about this company? forum. Sorry, wasn't sure which would be the the best forum to post it. It's a little long, and I had it in rows, but after i submitted it, the computer just put it all in a cluster. So i went back and put commas in, so it should be easier to read now.

Looking at the list several on that list have to be depreciated. Anything that has a service life greater than one year has to be depreciated.
Another one was watches. They no longer can be deducted.

My theory is you in doubt take the deduction. If you get audited and the IRS says no they will determine what is allowed. If there is no audit you saved a few bucks.

kc0iv