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Discussion in 'General Expediter Forum' started by Limey_Lee, Sep 1, 2017.

  1. Limey_Lee

    Limey_Lee New Recruit Owner/Operator

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    Hi guys,

    So can anyone point me to a good descriptive page or web site that'll explain in detail what to do with receipts/BOL's etc??
    I saw a video on here of a lady doing hers and her husbands trackin, unfortunately I don't have the luxury of a lady travelling with me who can do that daily.

    I have a ton of receipts and no idea what I need to be doing with them to be as ready as I can for tax misery.
    I intend on using an accountant, but just handing him a bag of receipts won't fly I'm guessing?

    Many thanks in advance, stay safe on the road.
     
  2. Living the dream

    Living the dream Active Expediter Owner/Operator

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    My accountant does not want any receipts just numbers of what my yearly expenses are. I keep each type of receipts in envelopes. Fuel, food, showers, toll I pass receipts, repairs, insurance, cell bill, an separate them by month, an write the total on the envelope. I made a spreadsheet of all my expenses an give it to my accountant. That's all they want. You should make copies of your receipts, or use one credit card for all expenses, that works well too.
     
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    • John Clark 46

      John Clark 46 Active Expediter Retired Expediter

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      Your entire life inside a truck should be 100% paperless. From log books to receipts.

      On every app and software application you can hit daily,weekly and monthly reports that are over detailed. And then just send your reports to your accountant via email.

      I recommend for drivers to never carry cash if possible.
       
    • terryandrene
      Lurking

      terryandrene Veteran Expediter Safety & Compliance US Coast Guard

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      You could save yourself the grief of saving any food receipts while on the road by reading IRS publication 463. Here is an excerpt:

      Special rate for transportation workers. You can use a special standard meal allowance if you work in the transportation industry. You are in the transportation industry if your work:
      • Directly involves moving people or goods by airplane, barge, bus, ship, train, or truck, and

      • Regularly requires you to travel away from home and, during any single trip, usually involves travel to areas eligible for different standard meal allowance rates.
      If this applies, you can claim a standard meal allowance of $63 a day ($68 for travel outside the continental United States) for travel in 2016.


      Using the special rate for transportation workers eliminates the need for you to determine the standard meal allowance for every area where you stop for sleep or rest. If you choose to use the special rate for any trip, you must use the special rate (and not use the regular standard meal allowance rates) for all trips you take that year.


      Travel for days you depart and return. For both the day you depart for and the day you return from a business trip, you must prorate the standard meal allowance (figure a reduced amount for each day). You can do so by one of two methods.
      • Method 1: You can claim 3/4 of the standard meal allowance.

      • Method 2: You can prorate using any method that you consistently apply and that is in accordance with reasonable business practice.
       
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