Attn: Truckers………. Unload Your Taxes the right way

Deduction for Truckers can become very confusing.  Most Drivers don’t understand the basics of what they can or can’t claim as legitimate tax deductions.  There are usually two types of Categories a trucker usually falls into which is OWNER/OPERATOR(self-employed) or Company Worker (employee).  Knowing the difference between the key is to maximize your deductions for the Tax Year.

In Order to claim a deduction the Driver must have a”Tax Home”.  This means a driver must have a permanent location to which receive mail and use to pay their taxes.

Truckers Should keep accurate log books and keep track of all receipts they occur OTR.  This is imperative to have organized when you visit your Tax Preparer. When You are  organized it  minimizes the risk of your tax preparer of overlooking a deduction.  It is your responsibility to provide all info required for the preparation of complete and accurate returns.  You should retain all documents , cancelled checks & other data that form the basis of income and deductions.  These may be necessary to prove the accuracy and completeness of the returns to a taxing authority.

List of Deductions

  • you can’t deduct anything the company or customer pays for
  • insurance, bonds, etc
  • meals ( IRS per diem of between 37.00-59.00 daily)
  • accounting ( tax prep, bookkeeping, software)
  • advertising and materials
  • broker fees
  • factor fees
  • children (money paid to help deliver flyers)
  • office expense
  • rent
  • half of your cell phone
  • Home office
  • licensing and taxes
  • supplies (cleaning, hygiene,paper towels, etc)
  • Shipping & delivery Costs
Learn how to Make your Job Less Taxing
Learn how to Make your Job Less Taxing
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WHERE IS YOUR REFUND……….

Where is my Refund?.....
DO YOU KNOW YOUR STATUS?

Have you ever went on Where’s My Refund or called and they don’t know they seem as clueless as you do about the whereabouts of your REFUND?

Here’s Some interesting Facts about Where’s My Refund……….

Where’s My Refund is actually a call center located in a WAREHOUSE in Virginia. The workers are paid min. wage and all they have access to is a computer and the website Where’s My Refund. That is why when you call they give you the same details that is on the website and they tell you mam/sir it is being processed but we have received it. They don’t Know anymore about where your refund is than you do..

But here is how you actually find out your status if you are having trouble with the website. You should look on you Tax Documents or call you Tax Preparer and ask them for you SUbmission/transaction ID # of your return and then call the IRS personally and give them the #. They will then be able to provide you with an accurate status of your Return…..

Single Fathers Beware…..

Head of Household
   Earned Income Credit

HEADS UP TO SINGLE FATHERS……

Being that it is uncommon for single fathers to claim dependents the IRS usually flags single fathers who take the EIC credit. If you have everything in order and have been take care of business don’t be worried when you see the notice in the mail.

Make sure that you have proof that your dependent is a qualifying dependent and that you qualify to claim Head of Household.

Red Flags occur when this is your first year claiming the child. It also occurs when you fail to present authorization from the mother that you can claim the child. Experienced tax preparer will usually ask for documents stating you can claim the child or inquire the mother’s permission.

TAX TIPS