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Thread: Trucking tax software- does Taxcut cut it?

  1. 03-21-2007 09:20 PM #1
    Cam
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    Default Trucking tax software- does Taxcut cut it?

    So I bought the business version of Taxcut. When it comes to meals, there is a place to write them in as business expenses but few if any truckers deduct their actual meals costs. We all take the daily rate, right? I can't find that in Taxcut. Leaves me with doubt about the information it will give me for other more hairy things like depreciating my truck.

    Anyone already been down this road? Does Taxcut cut it? Is there some other quality program more tailored to trucking? Taxcut moves logically and clearly through all the elements of tax preparation but I wonder if it gets detailed enough, especially with the particulars of all the different kinds of business.

    Hey, it's getting close. What do you have to do to file for an extension? I may do that and just worry about all this ...sometime. :?
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  2. 03-21-2007 10:21 PM #2
    Uturn2001
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    IMHO, as an O/O you really need to have a tax pro or CPA who knows about the transportation industry do your taxes for you. While it will cost you a few hundred to have them do it for you, in the long run it can save you hundreds or possibly thousands more.
    Finding the right trucking company is like finding the right person to marry. I really comes down to finding one whose BS you can put up with and who can put up wih yours.
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  3. 03-22-2007 05:19 AM #3
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    Default Re: Trucking tax software- does Taxcut cut it?

    Quote Originally Posted by Cam
    So I bought the business version of Taxcut. When it comes to meals, there is a place to write them in as business expenses but few if any truckers deduct their actual meals costs. We all take the daily rate, right? I can't find that in Taxcut. Leaves me with doubt about the information it will give me for other more hairy things like depreciating my truck.

    Anyone already been down this road? Does Taxcut cut it? Is there some other quality program more tailored to trucking? Taxcut moves logically and clearly through all the elements of tax preparation but I wonder if it gets detailed enough, especially with the particulars of all the different kinds of business.

    Hey, it's getting close. What do you have to do to file for an extension? I may do that and just worry about all this ...sometime. :?
    I wouldn't even THINK of letting H&R Block touch my taxes as an O/O. Using Taxcut, that's exactly what you are doing.

    If you take your business seriously, then get a real accountant - one who deals with trucking.
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  4. 03-22-2007 05:25 AM #4
    Cam
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    That may be true and I still may hand everything over to a professional. Have you ever done your trucking income taxes yourself? Right now, the question has to do with software. I'm learning a lot about my business just by attempting this.
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  5. 03-22-2007 12:28 PM #5
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    sidman82
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    My accountant keeps my quarterly taxes down to a bare minimum and makes my company break even. $0 due at tax time. I just have to pay my $100 filling fee. He also used to work for the IRS.
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  6. 03-22-2007 12:51 PM #6
    jnk2001
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    Quote Originally Posted by sidman82
    My accountant keeps my quarterly taxes down to a bare minimum and makes my company break even. $0 due at tax time. I just have to pay my $100 filling fee. He also used to work for the IRS.
    so, how much a yr does an accountant cost? and can you deduct him from your taxes...
    It's fun living in the gray areas of a black and white world!
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  7. 03-22-2007 01:07 PM #7
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    My accountant charges me $475 quarterly. But he included mine and my wife's return for free. It comes out to $37 dollars a week for me. Yes, his fees are tax deductible.
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  8. 03-22-2007 01:21 PM #8
    Cam
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    Just finished chatting with Taxcut's customer service. It was horrible. I couldn't find anyplace where it gives you the daily meals deduction and the customer support staff had absolutely no clue. The software apparently only helps if you keep all your food receipts. Who knows what I'd have run into when I tried to depreciate my truck, never got that far. :sad:

    Well, I'm about ready to give up but I know we've had threads on here before about software, or was that just accounting software?

    Gman, have you got an oracle for us?
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  9. 03-22-2007 02:09 PM #9
    Bigmon
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    Cam,

    All the software that I've seen ask for a grand total for meals and other expenses. That might be why you can't find it. Hard to tell for sure without seeing it.

    If you're a sole Proprietor a Schedule C is where you list all your expenses. If it's a corp. then it's different.
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  10. 03-22-2007 03:21 PM #10
    Cam
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    Quote Originally Posted by Bigmon
    Cam,

    All the software that I've seen ask for a grand total for meals and other expenses. That might be why you can't find it. Hard to tell for sure without seeing it.

    If you're a sole Proprietor a Schedule C is where you list all your expenses. If it's a corp. then it's different.
    I was away from the house working 279 days last year. I thought all I had to do was figure out $a x 279 days = big ol' much needed write off. At least I think that's how it's done. If so, how much per day? Secondly, what does that daily allowance include besides food and drink? Seems like someone once told me it's a little more than that including showers, in which case I couldn't legally count those receipts.

    Man, I can just about do this! Sheltering income, Roth IRAs...that's all another matter, really. I just want to get through the basic return and I can tweak it for all the rest. :?
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  11. 03-22-2007 03:53 PM #11
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    Quote Originally Posted by Cam
    I thought all I had to do was figure out $a x 279 days = big ol' much needed write off.
    Yes. Take the full days you were away (partial days can't use the entire amount), and multiply time $52. Then take that total, and multiply times 75%. That is your deduction.

    Secondly, what does that daily allowance include besides food and drink? Seems like someone once told me it's a little more than that including showers, in which case I couldn't legally count those receipts.
    The meal allowance is ONLY for meals. Showers can be deducted as well, if you have receipts for them. They aren't included in the meal deduction.
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  12. 03-22-2007 04:23 PM #12
    Cam
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    Well great, that's exactly what I wanted to know!!! A tax processing empire was built on less knowledge
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  13. 03-22-2007 04:51 PM #13
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    Quote Originally Posted by Cam
    Well great, that's exactly what I wanted to know!!! A tax processing empire was built on less knowledge
    You can expect my bill in the mail. :wink:
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  14. 03-22-2007 05:39 PM #14
    serbie
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    Quote Originally Posted by Rev.Vassago
    Quote Originally Posted by Cam
    Well great, that's exactly what I wanted to know!!! A tax processing empire was built on less knowledge
    You can expect my bill in the mail. :wink:


    another tax deduction...
    Don't drive like an ass!

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  15. 03-22-2007 05:54 PM #15
    Cam
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    Quote Originally Posted by Rev.Vassago
    Quote Originally Posted by Cam
    Well great, that's exactly what I wanted to know!!! A tax processing empire was built on less knowledge
    You can expect my bill in the mail. :wink:
    Sure, just as long as I can get in on your IPO
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  16. 03-28-2007 07:53 PM #16
    Dejanh
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    My accountant charges 500 for my coorporation filing and 300 personal as i am the only employee of the coorporation so i payed 800 just last week but it was well worth it...
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  17. 03-28-2007 07:59 PM #17
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    Quote Originally Posted by Dejanh
    My accountant charges 500 for my coorporation filing and 300 personal as i am the only employee of the coorporation so i payed 800 just last week but it was well worth it...
    Why even have a corporation with only one employee? Just wonderin'.
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  18. 03-28-2007 08:12 PM #18
    Dejanh
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    There are tax benefits involved and asset protection.
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  19. 03-28-2007 08:15 PM #19
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    Quote Originally Posted by Dejanh
    and asset protection.
    What asset protection can you get from a corporation? From what I've heard, that claim is false.
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