Hi Guys, and Gals,
I hate to bring this up but as you all know the filing deadline for your income tax return is slowly drawing to a close. Only 30 Days left before you have to apply for an extension. But, Remember when and if you file for an extension (New deadline then is August 15th) and you owe federal or state and havent paid any estimated payemnt. you are suppose to send with that extension Approx 90% of what you think you owe.
Your all complaining about sitting and waiting for loads, then this will give you a real chance to get thru all those receipts that you have been throwing into a box, Get it separated into the different items. fuel, tolls, repairs, oil, maintinance, tires, and misc expenses for the truck. and total them each for the month. This will save you $$ from being charged extra to put all the receipts together for your Accountant/Preparer from charging you to do it. anywhere from $25.00 to as much as $170.00 per hour based on the new CPA fees that were posted on the Accountants web site last month.
There are a couple of items that you might forget about when giving the information to them and that is,
1> YOU are allowed to take the deadhead that is not paid as a legal deduction off your return. That is all BUSINESS miles at the standard milage rate for last year. In addition to the actual expenses on the truck. UNLESS YOU USE THE STANDARD MILEAGE RATE UNDER 26,000 LBS
2> Make sure your getting $38.00 per day logged (US) $42.00(Canada) For "A" and "B" Units. all trip settlements or pick-up sheets are proof. Normal logged days out for truck drivers is roughly 300. The actual deduction is 60% this year of that figure. Next year its 65%.
3> IF you bought a truck take the depreciation "D" or "E" unit. 3 year depreciation with a 4 year life. use 200 db macros. for all trucks over 26,000 gvw. All vehicles under 26,000 lbs can use the standard mileage deduction. YOU CANNOT USE BOTH DEPRECIATION AND MILEAGE.
4> If you have to use actual expenses, do not forget the the truck payment, must be broken down between principal and interest.
and your truck insurance payments.
5> iF YOU LEASE YOUR TRUCK, You can take the lease payment and it does not make any differnce if you use the actual expence or the standard mileage rate deductions.
If an of you have any additional question please do no hesitate to ask us on our moderated form
Thanks
Franklin Katz
Frank's Tax & Business Service.
Trucking is our speciality
I hate to bring this up but as you all know the filing deadline for your income tax return is slowly drawing to a close. Only 30 Days left before you have to apply for an extension. But, Remember when and if you file for an extension (New deadline then is August 15th) and you owe federal or state and havent paid any estimated payemnt. you are suppose to send with that extension Approx 90% of what you think you owe.
Your all complaining about sitting and waiting for loads, then this will give you a real chance to get thru all those receipts that you have been throwing into a box, Get it separated into the different items. fuel, tolls, repairs, oil, maintinance, tires, and misc expenses for the truck. and total them each for the month. This will save you $$ from being charged extra to put all the receipts together for your Accountant/Preparer from charging you to do it. anywhere from $25.00 to as much as $170.00 per hour based on the new CPA fees that were posted on the Accountants web site last month.
There are a couple of items that you might forget about when giving the information to them and that is,
1> YOU are allowed to take the deadhead that is not paid as a legal deduction off your return. That is all BUSINESS miles at the standard milage rate for last year. In addition to the actual expenses on the truck. UNLESS YOU USE THE STANDARD MILEAGE RATE UNDER 26,000 LBS
2> Make sure your getting $38.00 per day logged (US) $42.00(Canada) For "A" and "B" Units. all trip settlements or pick-up sheets are proof. Normal logged days out for truck drivers is roughly 300. The actual deduction is 60% this year of that figure. Next year its 65%.
3> IF you bought a truck take the depreciation "D" or "E" unit. 3 year depreciation with a 4 year life. use 200 db macros. for all trucks over 26,000 gvw. All vehicles under 26,000 lbs can use the standard mileage deduction. YOU CANNOT USE BOTH DEPRECIATION AND MILEAGE.
4> If you have to use actual expenses, do not forget the the truck payment, must be broken down between principal and interest.
and your truck insurance payments.
5> iF YOU LEASE YOUR TRUCK, You can take the lease payment and it does not make any differnce if you use the actual expence or the standard mileage rate deductions.
If an of you have any additional question please do no hesitate to ask us on our moderated form
Thanks
Franklin Katz
Frank's Tax & Business Service.
Trucking is our speciality