fuel expenses
- Thread starter denny2010
- Start date
fuel expenses
for say if you put in 20,000 of your own money in fuel in your truck minus fsc....what can i expect to get back? roughly..
__________________
Hi Denny,
Here is what is happening, first of all is is not based on the fuel only for expenses.it works this way if you are new to trucking
If you own your own truck then you are considered an Owner/Operator and you are a independent contractor,.
You will or shoukld receive at the end of January of the following year a 1099 MISC which by the way includes the FSC. which is reportable on SCH C, Profit /Loss from Business or Profession.
On that Schedule C the total Income from that 1099 is reportable on line 1, The on the following lines your expenses for upkeep,repairs, fuel tolls showers, insurance, satellite, workment comp or occ ins,l cell phone use. cannot be 100 % unless you have 2 , if you are in a straight truck it gets depreciated over 5 years with a 6 year life depending on what month of the years you first put it in service it is the same if you drive a tractor trailer, but hte depreciation is 3 years with a 4 year life. all of this is deducted from the total income, if you show a profit, you have to pay Self Employment tax, if a loss, no tax,.
Or if you run a cargo van you must keep all miles from the day you leave the house to the time you get home. the mileage rate replaces the actual expenses except for your per diem, but insurance except occ/workmens comp, repairs, up keep and everything else is not counted as a deduction,. Normally mileage workes out betterm
but if you decide to use the actual expense, the cargo9 van is depreciated for 5 years with a 6 year life, but if you take mileage, you must take actual expenses in the year it reaches if life
You also recieve a {Per /Diem for everyday that you are away from home, this is strickly for food reimbursement, but you can take motels if ou take time off while under load. like weekends as long as you do not go home unless your load allows you a drive through, meaning that you are within 25 miles of the house and not really out of route that you are paid for, yiou would have to not take the miles for that home time,.
If you have any additional questions, please do not hesitate to ask, were are hwere to help you save on your taxes,.
We also have availabe, if you own a cargo van, a Shipper/Receiver/mileage log for your Per Diem and mileage Proof.that must be filled out for every load, and if you do not recieve showers for fuel purchased, and or receitops for laundry we can supply a copy for you,
You can e-mailme at [email protected] when i return to the office on Monday, April 25th.
Frank
But here is what also has to be reported,
1 If you are married it is suggested to file Married Filing Joint due to the Maximun Persoanl deduction allowable,
Current rate is
$11,400
7,300 for the 2 of you with no childern
So 18,700 comes oiff the top of any income made,.
Plus if you have any childern under 18, and any student still in college up to age 24 they can be claimed as dependents and that is another $3650 each.
example:
sch c inciome net (- 1000.00)
w2 incomwe $ 5000.00 for being employed (wife) with a company
This give you ar net income of $4000.00 which using the standard deductions you have no taxable income and no tax is owed,.
but is could be the opposite,
All income reiceived is considered taxable unitl the expense items are calculated,.
also
#2 if you own a house, Mortgage interest, Real estate taxes, ,Medical Premimuns, medical co pays, Prescripton Drugs, mileage to and from doctors, drug stores, dentist, and hospital but is subject opt 7.5% of your gross income.
3. job hunting, orientation etc.
Frank
for say if you put in 20,000 of your own money in fuel in your truck minus fsc....what can i expect to get back? roughly..
__________________
Hi Denny,
Here is what is happening, first of all is is not based on the fuel only for expenses.it works this way if you are new to trucking
If you own your own truck then you are considered an Owner/Operator and you are a independent contractor,.
You will or shoukld receive at the end of January of the following year a 1099 MISC which by the way includes the FSC. which is reportable on SCH C, Profit /Loss from Business or Profession.
On that Schedule C the total Income from that 1099 is reportable on line 1, The on the following lines your expenses for upkeep,repairs, fuel tolls showers, insurance, satellite, workment comp or occ ins,l cell phone use. cannot be 100 % unless you have 2 , if you are in a straight truck it gets depreciated over 5 years with a 6 year life depending on what month of the years you first put it in service it is the same if you drive a tractor trailer, but hte depreciation is 3 years with a 4 year life. all of this is deducted from the total income, if you show a profit, you have to pay Self Employment tax, if a loss, no tax,.
Or if you run a cargo van you must keep all miles from the day you leave the house to the time you get home. the mileage rate replaces the actual expenses except for your per diem, but insurance except occ/workmens comp, repairs, up keep and everything else is not counted as a deduction,. Normally mileage workes out betterm
but if you decide to use the actual expense, the cargo9 van is depreciated for 5 years with a 6 year life, but if you take mileage, you must take actual expenses in the year it reaches if life
You also recieve a {Per /Diem for everyday that you are away from home, this is strickly for food reimbursement, but you can take motels if ou take time off while under load. like weekends as long as you do not go home unless your load allows you a drive through, meaning that you are within 25 miles of the house and not really out of route that you are paid for, yiou would have to not take the miles for that home time,.
If you have any additional questions, please do not hesitate to ask, were are hwere to help you save on your taxes,.
We also have availabe, if you own a cargo van, a Shipper/Receiver/mileage log for your Per Diem and mileage Proof.that must be filled out for every load, and if you do not recieve showers for fuel purchased, and or receitops for laundry we can supply a copy for you,
You can e-mailme at [email protected] when i return to the office on Monday, April 25th.
Frank
But here is what also has to be reported,
1 If you are married it is suggested to file Married Filing Joint due to the Maximun Persoanl deduction allowable,
Current rate is
$11,400
7,300 for the 2 of you with no childern
So 18,700 comes oiff the top of any income made,.
Plus if you have any childern under 18, and any student still in college up to age 24 they can be claimed as dependents and that is another $3650 each.
example:
sch c inciome net (- 1000.00)
w2 incomwe $ 5000.00 for being employed (wife) with a company
This give you ar net income of $4000.00 which using the standard deductions you have no taxable income and no tax is owed,.
but is could be the opposite,
All income reiceived is considered taxable unitl the expense items are calculated,.
also
#2 if you own a house, Mortgage interest, Real estate taxes, ,Medical Premimuns, medical co pays, Prescripton Drugs, mileage to and from doctors, drug stores, dentist, and hospital but is subject opt 7.5% of your gross income.
3. job hunting, orientation etc.
Frank
Last edited:
gospelriders
Seasoned Expediter
if you are a contracted team and paying the fuel is it still allowed as a deduction?
also do we as a non o/o get to write off the expenses you have mentioned? have been a business owner, but 1099's are new to me as far as deductions allowed.
also do we as a non o/o get to write off the expenses you have mentioned? have been a business owner, but 1099's are new to me as far as deductions allowed.
Fuel would be considered a deduction for a contractor if the purchaser as well as the per diem. Who owns the truck wouldn't effect that.
gospelriders
Seasoned Expediter
thanks dave for the responce