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Never heard that one before. Is it an expense to do busines? Yes, so it is part of the business and a write off.

Do you keep the toll receipts?

Yes if you are filing yourself but keep records with hours run and fuel consumed. No if the company or carrier is doing it. As of my last filing records, I have a 8.54 mpg with the truck and this includes the reefer, which I have to install the reefer tank again to separate the fuel.

Ok here is the thing, you can use a estimate of your pay, but document you not getting a 1099. Do the taxes as if you got one. If there is a large number of people not getting their 1099, it will trigger an audit.

It does not matter if you use a trucking accountant or someone who knows business taxpreping at this point. Even Turbotax will help you straighten out the mess. You need to understand the difference between using the vehicle for business and pleasure, in any case, if the van is used for this...

Well that's good that you are thinking that way and thank you for the info but here is the problem that I see, it may not work for those in certain situations and it is why I don't post things like this. The info is good but lacks the judgement that people need to make informed decisions that...

Not to rain on your parade but I wonder if you are a professional tax preparer or an ea?

You're not being rude at all, I take that as someone who respects my point of view and appreciate it. My comments don't mean I'm 100% right but there is a lot of misconceptions about this issue and at my own expense I have asked legal advice by those who practice labor and tax law and passing it...

Actaully I also did some research when I sued over OT and paid a lot for it. I learned a lot about the labor laws, who actually makes the contractor/sub-contractor calls ( it isn't the IRS) and how the sub-contracting works. I have yet to have an issue with the IRS about this issue. The one...

How's that?

I agree to sell Hawaii. IF they write off our debt, they can have all of it.

There are two different issues, one is the loan agreement where in many cases says "not for commercial use" and insurance where a lot of policies will not pay out claims if they have a commercial rider policy as part of their offerings. On top of all of that, they don't have to pay out the full...

Before you all run off and get into this, I have a suggestion that will make life easier for you. First write down what you are want on paper then take actual numbers and plug them in. Do what you want on paper, get it right then get into the program. Some of what Excel can offer you can be...

Steve, Welcome. I wonder if you would like to fill us in on your qualifications and experience in more detail. AND how do you see the forum as? Meaning if you expect to see things beyond trucking financing like how to handle everyday expenses or how to deal with business planning?

No not at all, I think it is a great idea that you have and it is a great solution to a problem a few have but the problem that may be a pitfall is payroll taxes and the other federal taxes and how it all works, which a person like an EA or an Accountant who knows how to set this up quickly will...

You are stepping into the accountant's world, I would find one, have them explain to you what it takes and what the problems are in doing so. It isn't as cut and dry as many get away with and there are some steps that you have to take - so get real professional help with it.

See the other thread you started in the General Forum.

I noticed this forum popped up out of the blue and said “hey great place for a first post” So how do you track you finances? Here is what I am and have used in the past. I started to use the OOIDA Cost Per Mile spread sheet It was a great help when I got started. I modified it a...

Swift wouldn't have closed their doors, they have liability insurance for this.

I understand all that, the allure of making money while not working (for some) is just too much but the margin has to be greater than the overall cost and the revenue that you have to produce as a fleet owner has to be at least 20% of the biggest expense you will face as a general rule. If you...