Accounting/ Tax services

[dletheridge]

hello, multiple questions here along the line of accounting/tax services for drivers that drive for a fleet owner.

We are a husband/wife team driving for a fleet owner that just got into expediting after driving for a 'regular' company earlier this and last year.

How much do accounting/tax services charge for their services? Who are some of the services that you yourself use (or you provide)?

 

[LDB]

One good resource is John Turner who you may have heard on XM radio and can access at The Trucker's Accountant

 

[Dakota]

Another good resource is right here on EO
Tax topics for expeditors forum hosted by Frank Katz

 

[moose]

If you drive a CmV ,
regardless of ownership ,
you need to do your own accounting .
one way to learn it ,is to work closely with one of the trucking accounting firms , but only take that service as a payed tuition .

you can shop around here :

ATBS Standard Business Services

give them a call (and get ready to open your wallet ), ask to buy only the services you need .

do your taxes with a firm that do ONLY trucking .

when i started driving , as a Co. driver , the first year i did my taxes with the Block ... , only to amend that returns the next year .(live & learn)...

when you call a respective TaxMan , asking this questions will help you know how good he is:
~*: what is the current per dim rate , & the %tage i get to deduct ? (52$x80%)
~* if i leave home @ 4 in the morning , & come back @ 6 in the evening , can i claim that day for per dim ? (yes,50%...IF...)
~* can i deduct the millage getting from the delivery to my home ? (no)
~* if i payed 5,000$ to the IRS this year , can i deduct it for the next year returns as a business expenses ?

 

[Fkatz]

Moose,

Your questions to ask are basically correct except 1!

If you leave at 4 AM in the morning and return at 6 PM you stated that it was able to be deducted as a per diem day.

This is not considered a Per diem Day due to the fact that inorder to receive it you must be out 24 hours and in either a Motel, or in the Sleeper combination of 10 hours. His total time away is only 12 hours. and it is not a legal deduction the way you described it. If he was a paid employee and went to the office, factory, etc, he is not reimbursed for meals. The per diem is for Meal reimbursement only nothing else.

The other one is about the $5000 you paid to the IRS, If it is income taxes owed, (NO) it cannot be deducted (IRS Publication 334, chapter 8, Page 36 lower Right corner. ) If it is paid estimated tax, that is deducted on line 63, form 1040, Not on Sch C. as a business expense.

Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934


Providing Professional Accounting Services and Income Tax Preparation

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 (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.