TAX questions!!!
 

Ok, this starts a new year as me being a 1099. I'm wondering where I can find the amounts I can write off each year for Hotels, Food, and other expenses made for truckers.

I have searched the net and CANT find anything that tells me specifics, I'm hoping someone out there knows a book/webpage that will in form me.

I was told you can write off $10 per day for food, and $50 per day for lodging, but just trying to figure things out before I go and get audited and don't have proof of what I'm writing off.

Thanks for any and ALL help!

Chop

IRS Publication 1542 covers food, lodging, etc. You can get it at www.irs.gov

I'm confused just a little from reading ove rthat. I'm basicall a driver that doesnt have taxes taken out. I get a 1099 at the end of the year . The amounts showed IE $280, or $248 or what not....is that per week/month/year??

CHop

Get an accountant...

It will be the best money you ever spent, get one that understands trucking. Hope you have all your receipts, if not hope you charged eveything.

TW

Not sure, are you talking about box #7? The Non-employee compensation amount? If so, then that amount should reflect the entire years money paid out to you, not week/month, or quarter.

But like the wife says, have an accountant look at and explain it to you, then there is no guessing.

I think you'll be able to claim about $42 per nite on the road ($52*80%) for 2008. This is known as "per diem". Keep your logbook (min 3 years, preferably 5) so you can show how many days you drove in case you're audited. If you claim this, you CAN NOT claim individual meals and motels (in most cases).

Keep receipts for everything, here's a couple links that lists items that may be deductible:

http://www.truckercpa.com/deductibles.html
http://www.thetruckersreport.com/tru...tax.tips.shtml

Do you know you're required to make estimated tax payments every 3 months (quarterly), not just at the end of the year? If you don't you could end up with a penalty at the end of the year.

I'll echo that you should, especially if it's your first year on 1099, seek a tax preparer or CPA experienced in trucking. It'll be well worth the money. BOL

yeah im gona have to get an acountant myself...I dread this filing nghtmare approaching :p

IRS publication 463 covers this too. The part your looking for is instructions for line 24 on the Schedule C. It's a little easier to read than the other publication.

Pub 535 is another one. The meal part starts at page 39. Basically, you can either claim each meal individually or a flat rate.

According to Pub 535 the flat rate is between $ 45 to 58 per day. The rate depends on the area you're in. This is because in places like NYC food cost more than Tulsa.

The first time out it might be worth it to have someone do your taxes. This way you can see how it works. The fee is also deductible.

In my area a lot of tax people have bags of receipts they loan to people in an audit. :lol: