Quote:
Originally Posted by BanditsCousin
You're still losing me with "subtracting the gross". Remember, gross is the big number. Expenses come out of the gross. Net is whats left.
If you missed parking, tolls, etc, I'd redo the tax form. There is a fee, but see if your expenses meet or exceed the fee. Also, your accountant is tax deductible.
Also, note or not, you can depreciate the truck. How long ago did you buy it? You don't have to write it off the first year you buy it. But there are time limitations, I believe.
And to refute the above comment- Some guys that zero out are making money. Like I said, I netted 24K in '07 :wink:
Guys who are zeroing out are doing something to trigger an audit.Before I went to see him I knew nothing about
Tolls,parking,depreciation,faxes and some few others.bear in mind that I have gone through tolls,faxes,towing and parking etc... but have no receipts for them.The only receipts I have are the fuel,IRP,registration,2290,advalorean tax,maintenance and repairs,supply,fuel,insurance and trailer lease.With all these expenses from the gross, I took home about 23k.I did mention 8k as net because I had the Accountant throw in some figures for parking,toll,faxes,showers, and few others to bring my net down to 8k.I know that was illegal and they will come after me during an audit because I don't have receipts for these few expenses.Fuck it, most O/O leased on with a company don't even do their taxes.Let them come after me.This should answer your statement "heavy duty".Sorry I didn't mention it but he and I talked about depreciation.He did ask how much I purchased the truck.
Yes 23k is still no money but trust me my net is going higher this year.He also explained the Per diem which fluctuates according the the states you run.If I was left with 8k as my net I wouldn't still be doing what I am doing.