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Re:Tolls

Discussion in 'Tax Topics For Expediters' started by OntarioVanMan, Mar 8, 2012.

  1. OntarioVanMan

    OntarioVanMan Expert Expediter

    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
     
  2. greg334

    greg334 New Recruit

    Do you keep the toll receipts?
     
  3. jmlaber

    jmlaber New Recruit

    Re: Tolls

    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
     
  4. OntarioVanMan

    OntarioVanMan Expert Expediter

    Re: Tolls

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

    Fkatz Moderator

    Re: Tolls

    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.
     
  6. OntarioVanMan

    OntarioVanMan Expert Expediter

    Re: Tolls

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

    OldGuy New Recruit

    Re: Tolls

    ^Correct, one or the other but not both.
     
  8. BobWolf

    BobWolf Active Expediter

    Re: Tolls

    Broken down in laymans terms No Reciept No Deduction.
     
  9. rotcaal

    rotcaal New Recruit

    Re: Tolls

    if your paying, then you can claim.
     
  10. BigCat

    BigCat New Recruit

    Not if they are being reimbursed.


    Mayfield Express

    Sent from my iPhone using Tapatalk
     
  11. zorry

    zorry New Recruit

    Be careful. If the money reimbursed shows as income on your 1099, you will pay tax on that money as income.
     
  12. usafk9

    usafk9 Active Expediter

    Re: Tolls


    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.
     
  13. zorry

    zorry New Recruit

    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.
     
  14. Fkatz

    Fkatz Moderator

    Re: Tolls

    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
     
  15. Fkatz

    Fkatz Moderator

    Re: Tolls

    That is correct, you cannot claim them as a deduction
     
  16. Fkatz

    Fkatz Moderator

    Re: Tolls

    zorry, it doesnt not work thet way, sorry , but the dedeuctiuon is not allowed
     
  17. zorry

    zorry New Recruit

    So if over the course of a year a carrier re-imburses me for $2500 in tolls and counts that as income to me on the 1099,isn't that an incorrect 1099 ?
    I guess I can see it as part pf my income package, the same as being taxed on the value of a two stay at a company retreat.
    Would Fedex's Four Star Award Winner's pay tax on the value of the trip they've won ?
     
  18. Turtle

    Turtle Modzilla

    Re: Tolls

    It's my understanding that pass-through income, like tolls, apply to employees and not to independent contractors. So if toll reimbursements show up on your 1099 as ordinary income, which 1099 payments are, you can cancel it out by taking the toll expense deduction.
     
  19. zorry

    zorry New Recruit

    That would make sense.As a union owner/driver we were real employees.
    We rented our trucks to the company.
    We got both a W-2 and a 1099.
    Which could lend to my confusion and skewed thinking.
    ABF could apply it to Panther. No reason to from ABF's standpoint. It would give them a more stable workforce, but is costly.
     
  20. usafk9

    usafk9 Active Expediter

    Re: Tolls

    Let me get this straight: You're telling him to NOT get reimbursement from his carrier, so that he can claim a full deduction? If I do understand this correctly, are you also one of those, um, 'professionals' that advocates buying a new truck every few years for more deductions via depreciation?

    While I do concede that I was stoned through most of high school English classes, I'm pretty certain I'm reading you right. Would you care for me to demonstrate how flawed that advice is? Before you answer, here's a hint: You can't buy groceries with tax deductions.


    Here's another nickel's worth of free advice: There's no such thing as a Limited Liability Corporation.
     

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