[Tireman]

I have been offered 2 ways of getting paid and am just curious which way will be more benifiet to me at tax time. 1st is for the owner to pay for fuel and 1/2 of tolls and all truck expenses and and i get 35% if the truck pay and 2nd is that i pay fuel and tolls and get 60% of truck pay, and he still pays all truck expenses. I know with the price of fuel going up the 1st sounds the best but without buying fuel i dont know of any deductions except the 34.oo per day for being logged out that i can take. Please let me know which way would be to my best interest. Thanks

[Fkatz]

Tireman,

First of all I have to know what type of Unit you plan on driving
"A"- pick up with Cap
"B" Cargo Van
"C" Cargo Van or Pickup with 10-16ft Box
"D" Straight Truck/sleeper 16-24ft box or
"E" Tractor Trailer

As far as deductions there are many item that can be deducted,
1. logged days out is $38.00 a day in US and 42 in Canada. not $34 as you stated. but that is subject to 60% of the total as a deduction.
2 Pager,
3. satillite air time,
4. showers
5 laundry
6. all items that you spend for yourself on the truck including a Porta-Potti and the music rolls(toilet paper) that go with it,

Now as far as 35% he pays all, and 60% you pay except repairs and maintaince, it would probably work out better on the 35% basis. but it also depends on who he is leased to. because of the price of freight, remember there is a lot of Auto freight outthere and its el cheapo, See if he would be willing to give you $.35 per paid loaded mile instead of 35%loaded it works out about the same.
and depending on what he gets reimbursed for deadhead. and $.10 a mile deadhead, this is a big ????. at least it won't be for nothing. deadhead I mean, but remember the first 100miles are free

Just make sure you keep accurate records as to milage actually traveled, against loaded miles, because the mileage that you are not paid for you can deduct. and at $.34 1/2 per mile it could add up to a nice sum deduction.
Do not hesitate to call or e-mail me at the information below and I will answer any questions that you may have.
There is a list of deductable items that is available to you upon the asking, if you would like one either e-mail me at Fkatz1@aol.com with your name and addres, or Call me a (704)739-4039 thats in NC from 10 am to 5 pm Mon-FRI
Since I am also an Owner and leased on to CTX, which I have a driver on my "B" unit at the present time, so I am here in the office to answer any questions

thank you
Frank Katz
Frank's Tax & Business SVC