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How do I prepare my receipts for taxs?

bolter82

Seasoned Expediter
Offline
I didn't see a thread for this yet.

I have my receipts from non-food purchases...such as things I bought for the vehicle, electronics for in the vehicle and random things I use.

Im trying to figure out how to separate everything.

I don't remember how I did this years before.

I don't say this very often but....I NEED HELP! That was hard to say.
 

fastman_1

Veteran Expediter
Owner/Operator
Offline
Just give them to your accountant. He'll figure it out..... You do have an accountant don't you?
 

fastman_1

Veteran Expediter
Owner/Operator
Offline
Cost me 170.00 a year, once a month I email him my spread sheet, with what I've spent and what I was paid. He then emails me a profit and loss statement, then in February my wife and I show up with her w2 and get the taxes done. By the way there is a difference in an accountant and a tax preparer.
 

Fkatz

Veteran Expediter
Charter Member
Offline
Hi Fastman1, you said $170 a year is that for the tax return or the accounting.

Or are you making up the items from your receipts and putting them on a spreadsheet in the proper catergories. and he is transcripting them into the return,

Franklln Katz, ATP, PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: frankstaxservice@bellsouth.net
Web Site: Http://www.frankstaxbusiness.com

Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services

*Circular 230 Disclaimer: To ensure compliance with Treasury Regulations governing written tax advice, please be advised that any tax advice included in this communication, including attachments, is not intended, and cannot be used, for the purpose of (i) avoiding any federal tax penalty or (ii) promoting, marketing, or recommending any transaction or matter to another person.

Confidentially Notice: This email message is If you have
received this message in error and are not the intended addressee, please advise the sender by reply email and delete this message immediately.

*The IRS does not endorse any particular individual tax preparer. For more information on tax return preparers go to IRS.gov
 

Fkatz

Veteran Expediter
Charter Member
Offline
hi Bolter82,

If your going to use an accountant (CPA) most of them charge by the hour. others charge by the Month, or by the week,

But the average is around a little over $1000.00 a year for bookkeeping of all your receipts, sorting, and entering the information into a professional accounting software, Not Quicken or Quickbooks. I myself use a CWU, Client Write Up Accounting, Payroll, and all 1099's and w-2's can be issued and e-filed with the proper authorities.

According to the NSA, National Society of Accountants for Certified Pubic Accountants, the average price of tax returns vary by location.

Nationwide 1040, no itemized deductions and resident state, $159.00
Nationwide 1040 with Itemized deduction and resident state 273.00
Additonal fees for the following Forms:
SCH C $205.00 Business
Form 1065 $558 Partnership
form 1120 $759 Full Corporation
Form 1102S $717 Small Corporation
Form 1041 Fiduary (Last Return for Deceased person) $468
Form 990 Exempt $628.
Form 940 Payroll tax return $59.00
Sch D Capital Gains and Losses $134 and $2-$5.00 per item
Sch E Rental Property $155.00 per Rental
Sch F Farming P & L !85.00

Remember these are Average Prices that the CPA Charge according to a Survey.

H & R Block $147, plus State, and other Fees, computer time, bank application, audit protection, electronic filing??? and other misc fees.
Liberty Tax $191. plus state and other fees
Jackson Hewitt, will not release there fees. but are slightly less than Block and in between liberty.

My fees for O/O starts at $225, 1040, 1 Sch C, SE, and up, and for Company Drivers, at $175.00 and up it includes, 1040, Sch A, Form 2016, and includes resident state, electronic filing, and direct deposit of your refunds, your preparation fee is payable by Credit Card, T-Chek, Com-Data

Franklln Katz, ATP, PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail: frankstaxservice@bellsouth.net
Web Site: Http://www.frankstaxbusiness.com

Providing Professional Accounting, Bookkeeping, Payroll and Income Tax Preparation Services

*Circular 230 Disclaimer: To ensure compliance with Treasury Regulations governing written tax advice, please be advised that any tax advice included in this communication, including attachments, is not intended, and cannot be used, for the purpose of (i) avoiding any federal tax penalty or (ii) promoting, marketing, or recommending any transaction or matter to another person.

Confidentially Notice: This email message is If you have
received this message in error and are not the intended addressee, please advise the sender by reply email and delete this message immediately.

*The IRS does not endorse any particular individual tax preparer. For more information on tax return preparers go to IRS.gov
 

fastman_1

Veteran Expediter
Owner/Operator
Offline
That's for both accounting and tax return, I just do a spread sheet with my costs and what they are for and my mileage for the month, and also my settlement sheets. He also takes care of my other businesses.
 

TeamCaffee

Administrator
Staff member
Owner/Operator
Online
I didn't see a thread for this yet.

I have my receipts from non-food purchases...such as things I bought for the vehicle, electronics for in the vehicle and random things I use.

Im trying to figure out how to separate everything.

I don't remember how I did this years before.

I don't say this very often but....I NEED HELP! That was hard to say.

Bolter82

Spreadsheet works or use Quicken

It is easier then you think to keep track of expenses and while I have an accountant do our taxes I keep track of our daily expenses and I also run our profit and loss statements.

My Quicken is like a check book ledger and in this program I have categories to itemize our expenses.

Years ago I used a spreadsheet I created columns for my expenses for each month. I had columns for maintenance, fuel, office supplies, phones....
 

Fkatz

Veteran Expediter
Charter Member
Offline
aS THEY SAY

"you get what you pay for, if you want them completed correctly, remember i myself was a former company driver and O/O so i know exactly what can what cannot be deducted

TurboTax TemporarilyHaltsAllStateE-Filings Amid Fraud Concerns

Comment Now
Follow Comments
(Author’s notes: Updated to include a statement fromH&R Block HRB-0.73%and from Liberty Tax. Also updated to include additionalstate-specific information and a statement from IRS.)
Up to 18 states are reporting significant upticks infraudulent activity and there may be a common thread: tax preparation software.
Individual State Departments of Revenue are loathe toname names but have been quick to point the finger away from their own systems.
The State of Alabama Department of Revenue released astatement yesterday about fraud concerns, saying only, “The fraudulent filingsoriginate from data compromised through a third-party commercial taxpreparation software process and were detected through ADOR’s fraud detectionsystems.” They were quick to assure taxpayers, however, that “our systems havenot been compromised.” Just two weeks into tax season, however, the number ofsuspicious returns in the state has already hit 16,000, all of which were“filed suspected of fraud from the third-party commercial tax preparationsoftware.”
Similarly, the State of Utah has issued a warning (downloads as a pdf) about fraudulentreturns, saying, “The fraudulent filings originate from data compromisedthrough a third-party commercial tax preparation software process and weredetected through the Tax Commission’s fraud detection systems.” Utah also attemptedto quiet taxpayers fears, saying, “All information in the State’s tax computersystem remains secure and has not been compromised.” Utah did not callany particular provider out as solely responsible but did offer that the TaxCommission “was also notified by some taxpayers as they tried to file theirreturns through Intuit INTU-4.28%/TurboTax, that they received a message that their return hadalready been filed.” Utah has pegged the number of potentially affected returns at 8,000.

That’s the same error reported in a number of states. So far, only theMinnesota Department of Revenue has stoppedaccepting tax returns submittedusing Intuit’s TurboTax software. Minnesota has notindicated how many taxpayers might be affected.
Following up on taxpayer concerns, Intuit announced that it is working withstate agencies to address the problem. Intuit reached out to Palantir, a thirdparty security expert, to make a preliminary investigation of the most recentfraud activities. The initial findings have led Intuit to believe that theseinstances of fraud did not result from a security breach of its systems.Instead, the company believes that the information used to file fraudulentreturns was obtained from other sources outside the tax preparation process.Intuit stressed that they are continuing to investigate.“We understand the role we play in this important industry issue andcontinuously monitor our systems in search of suspicious activity,” said BradSmith, Intuit president and chief executive officer. “We’ve identified specificpatterns of behavior where fraud is more likely to occur. We’re working withthe states to share that information and remedy the situation quickly. We willcontinue to engage them on an ongoing basis in an effort to stop fraud beforeit gets started.”
So what’s next? As ofyesterday, Thursday, February 5, Intuit is temporarily pausing transmission ofstate e-filing tax returns. This is effective for all states. Intuit will be working with the statestoday to begin turning transmissions back on.

If you have already filed your state tax return using Intuit software duringthis temporary pause, you’ll just have to wait it out: taxpayers will havetheir returns transmitted as soon as possible. There’s nothing that you can dojust yet. Trying to file again will just cause you more delays down the road.

Intuit stressed that this action does not affect thefiling of federal income tax returns. It also clearly does not affect taxpayerswho are not e-filing state tax returns.

So far, there has been no indication that federal returns have been affected.That information was confirmed by Julie Miller, spokesperson for Intuit earliertoday. IRS later released the following statement addressing fraud-relatedconcerns:The IRS has a long tradition of working closely with the softwareindustry and state tax administrators to combat refund fraud. We remain inclose contact with these groups.
Preventing and detecting identity theft and refundfraud remains a top priority for the IRS. We haveadded and strengthened protections in our systems this filing season, and wecontinue to make important progress in stopping identity theft and otherfraudulent refunds.
The IRS continues to accept and process tax returns and refunds, and thefiling season has started successfully. Through Jan. 31, the IRS had acceptedmore than 14 million returns and issued 7.6 million refunds.
Taxpayers should continue to file their tax returns asthey normally would.
In the meantime, to assistany customers who believe they are victims of tax fraud, Intuit has a dedicatedtoll-free number, 1.800.944.8596, with direct access to specially trainedidentity protection agents who will provide comprehensive support and filingassistance. You might note that’s the same number that Minnesota hasprovided to taxpayers. It is not a state-specific number. It isavailable to all potentially affected taxpayers.
In addition, Intuit will provide identity protectionservices and free credit monitoring, as well as provide access to all versionsof its software or to the assistance of one of Intuit’s credentialed taxexperts who will prepare taxes for affected customers at no expense.
It’s important to note that as of now, this issue isonly being reported by taxpayers using TurboTax. For everybody else, it’sbusiness as usual. I reached out to H&R Block, the nation’s #2 tax softwarecompany, and they offered this statement:
H&R Block is aware of the situation concerningpotentially fraudulent state tax returns e-filed through software programsprovided by at least one other company. We have no indication this issueexists with H&R Block online state returns. H&R Block continuesto file state and federal returns as usual.
H&R Block has sophisticated monitoring and qualityassurance methods in place. Importantly, our procedures require anaccepted e-filed federal return prior to transmitting a state e-filedreturn. This is one of our many controls to help prevent fraud.
Again, we are open for business and our customers cancontinue to file both their federal and state tax returns.
Liberty Tax has also issueda statement, announcing that it will offer free state taxreturn preparation in participating offices throughout the United States to any TurboTax customer unable to file his or her state returnusing TurboTax online software. Taxpayers can go to www.LibertyTax.com tofind the office nearest them.
As of this afternoon (Friday, 2/6), states confirming anuptick in fraudulent activity include Minnesota, Alabama and Utah, as notedabove. Also confirming increased levels of fraud are South Carolina and New York; the latter reported a “small number of returns” which appear tobe part of this scheme.
States that have confirmed that there are no changes orproblems with fraudulent activity include California, Florida, Indiana, Iowa, North Carolina, and Tennessee.
Additional updates will follow.
How can taxpayers protect themselves? Be diligent. Someexperts suggest changing online passwords for any accounts linked to software(including but not limited to bank accounts and email). If you have questionsor suspect that you might be a victim of fraud, contact your provider andnotify your state’s tax department.
Franklln Katz, ATP, PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail:
frankstaxservice@bellsouth.net
Web Site: Http://www.frankstaxbusiness.com


Providing Professional Accounting, Bookkeeping,Payroll and Income Tax Preparation Services

*Circular 230 Disclaimer: To ensure compliance with Treasury Regulationsgoverning written tax advice, please be advised that any tax advice included inthis communication, including attachments, is not intended, and cannot be used,for the purpose of (i) avoiding any federal tax penalty or (ii) promoting,marketing, or recommending any transaction or matter to another person.

Confidentially Notice: This email message is Ifyou have
receivedthis message in error and are not the intended addressee, please advise thesender by reply email and delete this message immediately.

*The IRS doesnot endorse any particular individual tax preparer. For more information on taxreturn preparers go to IRS.gov
 

fastman_1

Veteran Expediter
Owner/Operator
Offline
aS THEY SAY

"you get what you pay for, if you want them completed correctly, remember i myself was a former company driver and O/O so i know exactly what can what cannot be deducted

TurboTax TemporarilyHaltsAllStateE-Filings Amid Fraud Concerns

Comment Now
Follow Comments
(Author’s notes: Updated to include a statement fromH&R Block HRB-0.73%and from Liberty Tax. Also updated to include additionalstate-specific information and a statement from IRS.)
Up to 18 states are reporting significant upticks infraudulent activity and there may be a common thread: tax preparation software.
Individual State Departments of Revenue are loathe toname names but have been quick to point the finger away from their own systems.
The State of Alabama Department of Revenue released astatement yesterday about fraud concerns, saying only, “The fraudulent filingsoriginate from data compromised through a third-party commercial taxpreparation software process and were detected through ADOR’s fraud detectionsystems.” They were quick to assure taxpayers, however, that “our systems havenot been compromised.” Just two weeks into tax season, however, the number ofsuspicious returns in the state has already hit 16,000, all of which were“filed suspected of fraud from the third-party commercial tax preparationsoftware.”
Similarly, the State of Utah has issued a warning (downloads as a pdf) about fraudulentreturns, saying, “The fraudulent filings originate from data compromisedthrough a third-party commercial tax preparation software process and weredetected through the Tax Commission’s fraud detection systems.” Utah also attemptedto quiet taxpayers fears, saying, “All information in the State’s tax computersystem remains secure and has not been compromised.” Utah did not callany particular provider out as solely responsible but did offer that the TaxCommission “was also notified by some taxpayers as they tried to file theirreturns through Intuit INTU-4.28%/TurboTax, that they received a message that their return hadalready been filed.” Utah has pegged the number of potentially affected returns at 8,000.

That’s the same error reported in a number of states. So far, only theMinnesota Department of Revenue has stoppedaccepting tax returns submittedusing Intuit’s TurboTax software. Minnesota has notindicated how many taxpayers might be affected.
Following up on taxpayer concerns, Intuit announced that it is working withstate agencies to address the problem. Intuit reached out to Palantir, a thirdparty security expert, to make a preliminary investigation of the most recentfraud activities. The initial findings have led Intuit to believe that theseinstances of fraud did not result from a security breach of its systems.Instead, the company believes that the information used to file fraudulentreturns was obtained from other sources outside the tax preparation process.Intuit stressed that they are continuing to investigate.“We understand the role we play in this important industry issue andcontinuously monitor our systems in search of suspicious activity,” said BradSmith, Intuit president and chief executive officer. “We’ve identified specificpatterns of behavior where fraud is more likely to occur. We’re working withthe states to share that information and remedy the situation quickly. We willcontinue to engage them on an ongoing basis in an effort to stop fraud beforeit gets started.”
So what’s next? As ofyesterday, Thursday, February 5, Intuit is temporarily pausing transmission ofstate e-filing tax returns. This is effective for all states. Intuit will be working with the statestoday to begin turning transmissions back on.

If you have already filed your state tax return using Intuit software duringthis temporary pause, you’ll just have to wait it out: taxpayers will havetheir returns transmitted as soon as possible. There’s nothing that you can dojust yet. Trying to file again will just cause you more delays down the road.

Intuit stressed that this action does not affect thefiling of federal income tax returns. It also clearly does not affect taxpayerswho are not e-filing state tax returns.

So far, there has been no indication that federal returns have been affected.That information was confirmed by Julie Miller, spokesperson for Intuit earliertoday. IRS later released the following statement addressing fraud-relatedconcerns:The IRS has a long tradition of working closely with the softwareindustry and state tax administrators to combat refund fraud. We remain inclose contact with these groups.
Preventing and detecting identity theft and refundfraud remains a top priority for the IRS. We haveadded and strengthened protections in our systems this filing season, and wecontinue to make important progress in stopping identity theft and otherfraudulent refunds.
The IRS continues to accept and process tax returns and refunds, and thefiling season has started successfully. Through Jan. 31, the IRS had acceptedmore than 14 million returns and issued 7.6 million refunds.
Taxpayers should continue to file their tax returns asthey normally would.
In the meantime, to assistany customers who believe they are victims of tax fraud, Intuit has a dedicatedtoll-free number, 1.800.944.8596, with direct access to specially trainedidentity protection agents who will provide comprehensive support and filingassistance. You might note that’s the same number that Minnesota hasprovided to taxpayers. It is not a state-specific number. It isavailable to all potentially affected taxpayers.
In addition, Intuit will provide identity protectionservices and free credit monitoring, as well as provide access to all versionsof its software or to the assistance of one of Intuit’s credentialed taxexperts who will prepare taxes for affected customers at no expense.
It’s important to note that as of now, this issue isonly being reported by taxpayers using TurboTax. For everybody else, it’sbusiness as usual. I reached out to H&R Block, the nation’s #2 tax softwarecompany, and they offered this statement:
H&R Block is aware of the situation concerningpotentially fraudulent state tax returns e-filed through software programsprovided by at least one other company. We have no indication this issueexists with H&R Block online state returns. H&R Block continuesto file state and federal returns as usual.
H&R Block has sophisticated monitoring and qualityassurance methods in place. Importantly, our procedures require anaccepted e-filed federal return prior to transmitting a state e-filedreturn. This is one of our many controls to help prevent fraud.
Again, we are open for business and our customers cancontinue to file both their federal and state tax returns.
Liberty Tax has also issueda statement, announcing that it will offer free state taxreturn preparation in participating offices throughout the United States to any TurboTax customer unable to file his or her state returnusing TurboTax online software. Taxpayers can go to www.LibertyTax.com tofind the office nearest them.
As of this afternoon (Friday, 2/6), states confirming anuptick in fraudulent activity include Minnesota, Alabama and Utah, as notedabove. Also confirming increased levels of fraud are South Carolina and New York; the latter reported a “small number of returns” which appear tobe part of this scheme.
States that have confirmed that there are no changes orproblems with fraudulent activity include California, Florida, Indiana, Iowa, North Carolina, and Tennessee.
Additional updates will follow.
How can taxpayers protect themselves? Be diligent. Someexperts suggest changing online passwords for any accounts linked to software(including but not limited to bank accounts and email). If you have questionsor suspect that you might be a victim of fraud, contact your provider andnotify your state’s tax department.
Franklln Katz, ATP, PA, PB
Frank’s Tax and Business Service
315 E. King St.
Kings Mountain, NC28086-3151
(704) 739-4039
Fax: (704) 739-3934
e-mail:
frankstaxservice@bellsouth.net
Web Site: Http://www.frankstaxbusiness.com


Providing Professional Accounting, Bookkeeping,Payroll and Income Tax Preparation Services

*Circular 230 Disclaimer: To ensure compliance with Treasury Regulationsgoverning written tax advice, please be advised that any tax advice included inthis communication, including attachments, is not intended, and cannot be used,for the purpose of (i) avoiding any federal tax penalty or (ii) promoting,marketing, or recommending any transaction or matter to another person.

Confidentially Notice: This email message is Ifyou have
receivedthis message in error and are not the intended addressee, please advise thesender by reply email and delete this message immediately.

*The IRS doesnot endorse any particular individual tax preparer. For more information on taxreturn preparers go to IRS.gov
The bottom line is you can buy a Cadillac or a Chevy,both do the same job only one is a bunch cheaper!
 

bolter82

Seasoned Expediter
Offline
The bottom line is you can buy a Cadillac or a Chevy,both do the same job only one is a bunch cheaper!
Yea, don't think I'm spending $1k on tax prep. I'll just go with the Chevrolet. I'll figure out my receipts with spread sheet...I hope.
 

TeamCaffee

Administrator
Staff member
Owner/Operator
Online
Bolter82 I probably missed this so not sure what you are driving or how long you stay away from home. Many have found the hard way that not using a accountant that knows trucking inside and out not only cost them a fortune but many times they were in deep trouble as the taxes were not done right.

We get many deductions that are different then what non trucking accountants are used to and this can really cause you heart ache. You can spend the money now or you can spend it later and try to correct mistakes.

Since you do not have the receipts like you need them this is the year you really need someone that is good.
 

jjtdrv4u

Expert Expediter
Offline
basically the best and cheapest way to keep all your tax records is to keep and store all your hard copy receipts in the same order as 1040 Schedule C.

if that is done, then all you have to do is to total them up in this order, and then you will be ready to transfer them over to Schedule C; this works whether you keep them in either a software spreadsheet or database, or manual entry ledgers or spreadsheets, (the old fashion way), or even a shoe box.

since not everyone is record keeping savvy, then find a good professional trucking cpa if you can not do it yourself.

good luck
 

bolter82

Seasoned Expediter
Offline
I never said I didn't have receipts.

Bolter82 I probably missed this so not sure what you are driving or how long you stay away from home. Many have found the hard way that not using a accountant that knows trucking inside and out not only cost them a fortune but many times they were in deep trouble as the taxes were not done right.

We get many deductions that are different then what non trucking accountants are used to and this can really cause you heart ache. You can spend the money now or you can spend it later and try to correct mistakes.

Since you do not have the receipts like you need them this is the year you really need someone that is good.
 
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