Re:Tolls

[OntarioVanMan]

Frank..Re: tolls........My carrier Load 1 reimburses 100% of any tolls....

Is that taxable money? Is it income that is included on a 1099?

When at Express 1 they give say $65.00 for east coast tolls...and that on my statement showed as income

[greg334]

Do you keep the toll receipts?

[jmlaber]

Yes, I'm confused about tolls as well. Can I claim all toll expenses on my taxes, even if Panther reimburses them? When Panther reimburses them to my Owner, who then reimburses me, does that show as income on my 1099? Are tolls the same as FSC, where I claim all expenses, show all reimbursements as income, and the difference is a deduction?
Thanks,
Justin

[OntarioVanMan]

Do you keep the toll receipts?

Yes...I print off the monthly EZ pass statement....

[Fkatz]

Hi All in regard to tolls,

If you are reimbursed at any time for tolls and you turn them in then they are not deductilbe,
You only can take the tolls if you have the actual copies of the reciepts, but since there might be many you can copy them as many that can fit on 1 standard letter paper, Why should your owners or Company get the deduction, keep them and you use them as a complete deduction on your Sch C. Part V, where you list other expenses. showers, laundry, (dot physicals only, Drug screens) Bank Charges (ComData, ATM, TCH, and your busness bank charges per your business statements) Reefer Fuel, Deisel fuel, ETC

Tolls are not supposed to be included in income, check with your owners, and the company your with. If they are not giving you the reimbursement then you must have the reciepts for yourself.

you can Print off the E-Pass, but you cannot print off the reciepts you don't have

Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039 Fax: (704) 739-3934
e-mail: frankstaxservice@bellsouth.net
Web Site: File Your Return Online
Franklin Katz, ATP, PA, PB,

Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding related
penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax
related matters addressed herein.

[OntarioVanMan]

Frank...so one can not take the reimbursement and then use the same receipts and take them as a tax deduction as well?

[OldGuy]

^Correct, one or the other but not both.

[BobWolf]

Broken down in laymans terms No Reciept No Deduction.

[rotcaal]

Yes, I'm confused about tolls as well. Can I claim all toll expenses on my taxes, even if Panther reimburses them? When Panther reimburses them to my Owner, who then reimburses me, does that show as income on my 1099? Are tolls the same as FSC, where I claim all expenses, show all reimbursements as income, and the difference is a deduction?
Thanks,
Justin

if your paying, then you can claim.

[BigCat]

if your paying, then you can claim.

Not if they are being reimbursed.


Mayfield Express

Sent from my iPhone using Tapatalk

[zorry]

Be careful. If the money reimbursed shows as income on your 1099, you will pay tax on that money as income.

[usafk9]

Be careful. If the money reimbursed shows as income on your 1099, you will pay tax on that money as income.

If the carrier is giving you money for tolls, it IS income. If you take the tolled road, and incur the toll charge, that is an expense. If the carrier gives you $97.50 for tolls, and you pay $97.50 to drive on that tolled road, then there is no tax consequence. Last I checked, the income tax on $0.00 is still $0.00.

The only issue is whether or not the driver accepted the toll money, and then chose to drive on an unrolled road. THEN, the money paid by the carrier is just additional business income.

[zorry]

What I was saying was a driver spends $42.00 in tolls. He turns in the tickets. He made $40,000 payroll but his 1099 says he was paid $$40,042.00 . At this point,even though he turned in the tickets,shouldn't he write them off also?
O/O example:
In usakk9's example,if the carrier paid him $90.00 but showed that $90.00 as income the o/o would still write them off,in my opinion.
The key here is to know what all is included in your 1099 figure.

[Fkatz]

Frank..Re: tolls........My carrier Load 1 reimburses 100% of any tolls....

Is that taxable money? Is it income that is included on a 1099?

When at Express 1 they give say $65.00 for east coast tolls...and that on my statement showed as income

hi all,

The best thing to do is not to rutn them in and keep them for yourself, it then becomes a full deduction on your SCH> C.

Each Company is different, they definity can include it in your 1099 income, even though they are reimbursing you. My suggestion is keep them for yourself.

If hyou are coming through wilmington, OH tomorrow, at have atable set up at Booth 128 at the Roberts Center, I 71, Exit 50

Franklin Katz
Franks; tax & business service

[Fkatz]

That is correct, you cannot claim them as a deduction