Question about Taxes

#1

08-10-2007 03:06 AM by BiGG T33

Hey Everyone i wanted to ask about when i'm OTR what should i be keeping Track of for the Following yr's taxes?
Shoud i keep all receipts or are therwe certain ones to keep and ones i won't need to keep?

Thank
Be Safe Out There!

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#2

08-10-2007 03:37 AM by Uturn2001

You wont need to save meal reciepts unless you want to claim actual expenses. All you will need to claim the standard daily deduction is your log books. I think it is currently $52 per day.

Anything else you will need receipts for to claim on your taxes. You can pretty much claim anything that you buy and use for the job that is not reimbursed by your company.

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#3

08-10-2007 01:29 PM by nickbtubas

any hotel receipts and travel expenses to and from your job...

keep all your logs. cuase if you have a LONG layover somewhere (multiple days) you might get a higher per diem for that city. i was kept for three weeks in Ft. worth and i was able to deduct more than $52.

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#4

08-10-2007 02:34 PM by GMAN

The best way I have found to keep track of road expenses is to use either a credit or debit card for all expenditures. I prefer a debit card. Doing so will not only track your expenses but serve as a back up record for being on the road.

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#5

08-11-2007 03:20 AM by kc0iv

Quote:
Originally Posted by GMAN
The best way I have found to keep track of road expenses is to use either a credit or debit card for all expenditures. I prefer a debit card. Doing so will not only track your expenses but serve as a back up record for being on the road.
GMAN I think this is the first time I have disagreed with you. I think a credit card is better than a debit card. With a credit card if you have a problem you can dispute the charge. With a debit card you don't have near as much recourse.

++++++++++++++++++++++++++++++++++++++++++++++++

Now to answer Sp33dbump question.

When I was still driving I kept a large envelope I put all receipts in. At the end of a run I would sort the receipts into separate envelopes. One for each deduction I thought I could claim. I also used a program such as Quicken (mine happen to be a full blown accounting program) to keep track of my expenses. Which I'm sure GMAN also uses an accounting program as well as most O/O's use.

Find yourself a good tax person that knows the trucking industry. He/She will more than pay for them self.

As Uturn2001 said you can deduct just about anything that you spend while on the road.

Be sure to keep a record of your days out so you can easily determine how many days you were out.

kc0iv

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#6

08-11-2007 04:27 AM by VitoCorleone99

Quote:
Originally Posted by nickbtubas
any hotel receipts and travel expenses to and from your job...

keep all your logs. cuase if you have a LONG layover somewhere (multiple days) you might get a higher per diem for that city. i was kept for three weeks in Ft. worth and i was able to deduct more than $52.
Watch yourself if you're going to take that higher per diem in certain cities. You have to either take the standard rate for unlisted localities ($39) and use the published rate for the listed localities, OR take the $52 a day everywhere.

Quote:
Amount of standard meal allowance. The standard meal allowance is the federal M&IE rate. For travel in 2006, the rate for most small localities in the United States is $39 a day from January 1, 2006, through December 31, 2006.

Most major cities and many other localities in the United States are designated as high-cost areas, qualifying for higher standard meal allowances. These rates are listed in Publication 1542, which is available on the Internet at www.irs.gov.
Quote:
Table 4. Maximum Federal Per Diem Rates (Effective October 1, 2006 - September 30, 2007) 1

Note: The standard rate of $99 ($60 for lodging and $39 for M&IE) applies to all locations within the continental United States (CONUS) not specifically listed below or encompassed by the boundary definition of a listed point. However, the standard CONUS rate applies to all locations within CONUS, including those defined below, for certain relocation allowances. (See parts 302-2, 302-4, and 302-5 of 41 CFR.)
That's the background for the point I'm trying to make, which is as follows (emphasis added by underlining):

Quote:
Special rate for transportation workers. You can use a special standard meal allowance if you work in the transportation industry. You are in the transportation industry if your work:
Directly involves moving people or goods by airplane, barge, bus, ship, train, or truck, and

Regularly requires you to travel away from home and, during any single trip, usually involves travel to areas eligible for different standard meal allowance rates.

If this applies to you, you can claim a standard meal allowance of $52 a day ($58 for travel outside the continental United States) from January 1, 2006, through December 31, 2006.

Using the special rate for transportation workers eliminates the need for you to determine the standard meal allowance for every area where you stop for sleep or rest. If you choose to use the special rate for any trip, you must use the special rate (and not use the regular standard meal allowance rates) for all trips you take that year.
Those are, of course, 2006 numbers, but the procedure still holds true.

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