Finding a tax specialist w/transportation industry knowledge
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#1
Danisawannabe , 03-05-2007 03:49 PM
How do I go about finding a tax professional that has transportation industry experience?
Two weeks of school left and my 1st choice is a carrier that pays 26cpm, of which 6cpm is per diem. Yes I am aware that this is lower than average pay. Yes I have searched "per diem" on this site and know that most say don't do it with only a few saying it works for them. Thats why I want to ask a tax pro with industry experience.
However, I like 98% of what this company has to offer. I have spoken to one of there new hires (only with the carrier for 1 week so far) and so far they like it. I do plan on trying to talk with at least 1 more of their drivers when they are not on company property as well as talking to some on company property (already discussed 2nd part with their recruiter).
So If anyone knows how tho find a competent tax pro let me know. Any other constructive advice advice is also appreciated.
Thanks
Dan
Two weeks of school left and my 1st choice is a carrier that pays 26cpm, of which 6cpm is per diem. Yes I am aware that this is lower than average pay. Yes I have searched "per diem" on this site and know that most say don't do it with only a few saying it works for them. Thats why I want to ask a tax pro with industry experience.
However, I like 98% of what this company has to offer. I have spoken to one of there new hires (only with the carrier for 1 week so far) and so far they like it. I do plan on trying to talk with at least 1 more of their drivers when they are not on company property as well as talking to some on company property (already discussed 2nd part with their recruiter).
So If anyone knows how tho find a competent tax pro let me know. Any other constructive advice advice is also appreciated.
Thanks
Dan
#2
Rev.Vassago , 03-06-2007 12:40 AM
Guest
American Truck Business Services
Per Diem only works if you are earning enough to justify it. At $0.26 per mile, I doubt you will (unless you have a spouse that makes a boatload of money).
You are still responsible for the tax on that $0.06 per mile. It is assumed that your meal deduction will offset it, but if you don't earn enough to itemize, then you are going to have to pay tax on all of it.
Per Diem only works if you are earning enough to justify it. At $0.26 per mile, I doubt you will (unless you have a spouse that makes a boatload of money).
You are still responsible for the tax on that $0.06 per mile. It is assumed that your meal deduction will offset it, but if you don't earn enough to itemize, then you are going to have to pay tax on all of it.
#5
There are some who advertise in some of the truck magazines you find at most truck stops. If you want to find someone local to work with, you could just start making phone calls and ask them whether they have had experience working with trucking companies or owner operators. My niece used to use Jackson Hewitt for her taxes when she ran a truck. They have offices all over the country. She seemed to like them. I think it probably depends on the office as to whether they have had any experience.
#6
H&R Block does mine, the same individual did mine before I drove commercially. No problems, no audits. I sleep well at night. Don't make it more complicated that it needs to be. BOL
#8
My honey drove OTR for the first time beginning this past July and consequently, this will be his first year taking the road into consideration regarding his taxes...
He was told by other drivers when he first started out that he didn't need to save receipts for meals, that it was a standard deduction of $51 per day for each day a driver was 100 miles from home. Is this info correct? Also, the above-referenced tax services appear to be geared toward lease or owner operator...anyone use Jackson Hewitt or another service as a company driver?
I'd appreciate any info...
He was told by other drivers when he first started out that he didn't need to save receipts for meals, that it was a standard deduction of $51 per day for each day a driver was 100 miles from home. Is this info correct? Also, the above-referenced tax services appear to be geared toward lease or owner operator...anyone use Jackson Hewitt or another service as a company driver?
I'd appreciate any info...
#9
Rev.Vassago , 03-06-2007 04:33 PM
Guest
Quote:
No, it's not. The correct amount is 75% of $52 per day, and it is only for days that are spent away from your tax home. If your husband gets home every night, then he cannot deduct the meal deduction. On days that he gets home, he cannot deduct the entire amount.Originally Posted by tbrown
He was told by other drivers when he first started out that he didn't need to save receipts for meals, that it was a standard deduction of $51 per day for each day a driver was 100 miles from home. Is this info correct?
Re: Finding a tax specialist w/transportation industry knowl
I'd stay away from H&R Block, or similar places. Co to your local bank, and ask to speak to a bank officer; they should be able to refer you to a good one. While you are at it, check with your local chamber of commerce; they should be able to help guide you as well.
Quote:
Thanks
Dan
The "Transportation Industry" Tax Professionals tend to deal with other more complex aspects of tax accounting proceedures, as opposed to tax preparation for drivers.Amy good CPA should be able to help you. ( I take it that you are NOT an O/o, and I pray that you are not a Fl/O.Originally Posted by Danisawannabe
How do I go about finding a tax professional that has transportation industry experience? So If anyone knows how tho find a competent tax pro let me know. Any other constructive advice advice is also appreciated.Thanks
Dan
I'd stay away from H&R Block, or similar places. Co to your local bank, and ask to speak to a bank officer; they should be able to refer you to a good one. While you are at it, check with your local chamber of commerce; they should be able to help guide you as well.