Any tax tips for 1st yr truck driver? Do I need all recipts

[ohiomohawk]

I did not save all the recipts from 2007 I have a lot but not all. In order to claim food and everything do i need all recipts just in case i get audited?? Do I claim only what I can represent in recipts??

I hear you can claim sattelite radio,cb,laptop computer all clothing, food etc......

I read that truck drivers can claim $54.00 for everyday on the road. I take it you would need recipts to do this. :?:

[choperbob]

if you are a company driver you claim the basic deduction. about $54/day. no reciepts are needed for this deduction. it covers meals ect. if you claim other stuff like radio, work cloths or anything else truck related. it has to average out over the year to be more than the standard deduction. at least this is what my accountant the last few years told me when i was a company driver. just keep a record of your home time, you don't get dduction when you are at home. i used a calander and marked each whole day i was home. if i did any driving comercially i did't count it as home time.

[GMAN]

You may want to keep your log books to prove where you were should you get audited. You can only claim those days that you were on the road. Another thing you may want to consider is using a debit or credit card for your expenses while on the road. Most will give you a monthly printout of your charges and help document your time away from home.

[Bigmon]

You have to claim them on Schedule A and you can only write off a % of them. Sometimes you're better taking the standard deduction instead of itemizing. Tax software is supposed to figure out which is better for you.


Bottom line is if you rent and are a company driver you get screwed on taxes.

[WOLF RIVER]

So are you saying that if I work my shift at ABF as a driver since its commercial driving I could claim it or get a 54.00 credit per day???

[thebaldeagle655]

So are you saying that if I work my shift at ABF as a driver since its commercial driving I could claim it or get a 54.00 credit per day???

Any day you are away from your home more than 24 hours can be claimed and the $54 per diem used (I thought it was $52 but could be wrong)

[Snowman7]

So are you saying that if I work my shift at ABF as a driver since its commercial driving I could claim it or get a 54.00 credit per day???

Its not a credit its a deduction and primarily for OTR drivers, not local drivers. And as someone pointed out, if you dont itemize (schedule A) you're probablt better off with the standard deduction anyway.

[Lunker]

So the way I see it, I was away from home about 200 days last year and that equals $10800 in deductions right off the top of my adjusted gross income?

[thebaldeagle655]

I was just listening to a CPA that specializes in Trucking on Sirius, he said that you don't have to be away from home 24 hours, that you only had to be away long enough to require all meals to be eaten away from home to need your daily break to claim it.

Also, you know our good IRS, they allow $52 a day for per deim but you can only deduct 75% of that off your gross.

I'll be contacting a CPA for sure

[TruckerChris]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

[kc0iv]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

[Snowman7]

So the way I see it, I was away from home about 200 days last year and that equals $10800 in deductions right off the top of my adjusted gross income?

You should seek the advice of an expert (not me ) but yeah, you got it. Companies who pay "per diem" actually lower your gross income, tax it, pay you your net, then pay you seperately for the "per diem" tax free so in that case you already got the deduction.

[TruckerChris]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

Doesn't matter to me, I'm just happy I got it back. Better than nothing.

[kc0iv]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

Doesn't matter to me, I'm just happy I got it back. Better than nothing.

Had you put that money in a simple passbook saving account you would have made around $160 in interest (Depends on your bank's going interest rate). If your paycheck runs around $1000/week that would be like getting an extra day's pay.

But I guess it is what ever floats your boat.

kc0iv

[Snowman7]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

Doesn't matter to me, I'm just happy I got it back. Better than nothing.

Had you put that money in a simple passbook saving account you would have made around $160 in interest (Depends on your bank's going interest rate). If your paycheck runs around $1000/week that would be like getting an extra day's pay.

But I guess it is what ever floats your boat.

kc0iv

For one thing the money would go into the bank a couple hundred dollars a month so the interest would be negliable, assuming the money was saved and not spent in the first place, which is unlikely with most people.

[Karnajj]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

I claim the maximum # of deductions I can in order to keep my tax withholdings to a minimum and I still got $3400 back last year. If you know a way to reduce that please let me know.

[tbrown]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How much do you get charged for someone to do your taxes? How do you verify their expertise in issues specific to truckers?

I did my fiance's taxes last year using HR Blocks' Tax Cut (Premium version). It even asks if you fall under DOT regulations when you start to prepare your deductions for meals. It seemed like a good tax program, but I still felt nervous I was doing something wrong or missing deductions he could have taken! :? :? :?

[Double R]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How much do you get charged for someone to do your taxes? How do you verify their expertise in issues specific to truckers?

I did my fiance's taxes last year using HR Blocks' Tax Cut (Premium version). It even asks if you fall under DOT regulations when you start to prepare your deductions for meals. It seemed like a good tax program, but I still felt nervous I was doing something wrong or missing deductions he could have taken! :? :? :?

The wife and I pay $200.00 at H&R Block to have our taxes done. I have never had any problems with them. They are pretty good about knowing what drivers can and cannot claim. I donot trust software such as Turbo Tax and stuff. That is just me. I would rather have my taxes done by a person that can answer any questions that I may have.
Also, STAY AWAY FROM RAPID REFUND!!!!!!!! Those are nothing but a money maker for the tax places. You will lose more then HALF of your refund. I did that ONCE, only once! I wait for the IRS to send me my money(takes about two weeks, get my taxes done in feb. right after I get my W2)

[kc0iv]

For one thing the money would go into the bank a couple hundred dollars a month so the interest would be negliable, assuming the money was saved and not spent in the first place, which is unlikely with most people.

I used a simple example in an attempt to show where kona911 could better use his/her money.

I wouldn't be using a passbook account for savings.

But I agree the interest would be less. If it was a simple interest account and the same amount was added each month then it would be 1/2 for the years. With a compounding interest rate it gets a little more involved. It requires either a computer program or a rule of 78 chart book.

As I said before -- whatever floats your boat.

kc0iv

[kc0iv]

What I did was keep all of my log books and my reciepts from everything and turned them into the local trucker tax person... Someone that actually deals or has dealt with truckers in the past. Last year I got $3200 back.

How did it feel to loan the government $3200 interest free? I hope your tax man showed you why you were taking out to much money.

It has alway amazed me how people think they are getting money from the government and don't understand it was/is their money.

kc0iv

I claim the maximum # of deductions I can in order to keep my tax withholdings to a minimum and I still got $3400 back last year. If you know a way to reduce that please let me know.

If this is normal I would suggest you talk to a CPA. You have something going on besides just payroll deductions.

kc0iv