Tax question

JENNANDDUSTY

Seasoned Expediter
Driver
HI! My husband and I drove team straight all last year where we do the 60/40 split with us paying for fuel. We received our 1099's and the way they were done is it shows the total deposits to us for the year, not the actual amount we grossed each week. Anyway, we have all these fuel receipts that I thought I could claim, but I'm not sure I can with the way the 1099 was done. We did not own the truck at the time or pay for maintenance, only fuel. Any suggestions?
 

jjtdrv4u

Expert Expediter
HI! My husband and I drove team straight all last year where we do the 60/40 split with us paying for fuel. We received our 1099's and the way they were done is it shows the total deposits to us for the year, not the actual amount we grossed each week. Anyway, we have all these fuel receipts that I thought I could claim, but I'm not sure I can with the way the 1099 was done. We did not own the truck at the time or pay for maintenance, only fuel. Any suggestions?

1099 has nothing to do with claiming fuel expense. You can claim fuel expense on Schedule C of the 1040 form. Your tax person can show you how. Its similar to claiming expenses on any equipment rental such as car gas or truck diesel. You do not have to own the truck, since you were essentially renting or leasing it from the owner, and paying for the fuel, which is deductible.
 

TeamCaffee

Administrator
Staff member
Owner/Operator
Use a truck accountant not the one at Walmart or in a strip mall.... They are worth the money
 
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usafk9

Veteran Expediter
1099 has nothing to do with claiming fuel expense. You can claim fuel expense on Schedule C of the 1040 form. Your tax person can show you how. Its similar to claiming expenses on any equipment rental such as car gas or truck diesel. You do not have to own the truck, since you were essentially renting or leasing it from the owner, and paying for the fuel, which is deductible.

They have to show the income to offset the expense. 1099 needs corrected.
 

BobWolf

Veteran Expediter
Owner/Operator
I spend the 120 bucks or so for an accountant to do all my taxes they know how the tax codes work, and how to do the deductions so I don't have red flags for the IRS. You will probably need a spread sheet showing your total income, and a breakdown on what you spent money on. Your PCA will tell you how he or she wants it done. Oh yeah, paying the tax preparer is another deduction.

Like team Bob and Linda hire a real tax preparer, one who understands trucking not ones you see advertised on T.V. They are for civilians not business owners.

You did remember to set aside your 30% on your profit margin, right?
If you made any money you pay taxes on what you made after expenses.

I run a trucking company I don't do taxes. I leave that to a pro.

Bob Wolf.
 

Daffyduck528

Expert Expediter
I spend the 120 bucks or so for an accountant to do all my taxes they know how the tax codes work, and how to do the deductions so I don't have red flags for the IRS. You will probably need a spread sheet showing your total income, and a breakdown on what you spent money on. Your PCA will tell you how he or she wants it done. Oh yeah, paying the tax preparer is another deduction.

Like team Bob and Linda hire a real tax preparer, one who understands trucking not ones you see advertised on T.V. They are for civilians not business owners.

You did remember to set aside your 30% on your profit margin, right?
If you made any money you pay taxes on what you made after expenses.

I run a trucking company I don't do taxes. I leave that to a pro.

Bob Wolf.

$120? Wow! I spend a lot more. How'd u get that hookup?
 

Dynamite 1

Moderator
Staff member
Fleet Owner
I agree also, should be corrected. In the long run with only showing what you made after the fuel was out will equate the same way on your taxes but i would wonder if he is trying to take the deduction. Which i have heard of some doing. Really though, everything you made plus your fsc should be on your 1099.
 

Fkatz

Veteran Expediter
Charter Member
If the 1099 does not match your settlement sheets, Something is definitely wrong with this picture,
have him correct it immediately, soyou can file your tax, If I were you I would gotohis office and insist that he give you one immediately, so if he is thinking of taking your fuel, he will not be able to do so.

I would chek him out a lot closer, in reference to see if he is a crooked owner, there are quitea few of them out there.
Franklln Katz, ATP,PA, PB
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Kings Mountain, NC 28086-3151
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e-mail:
[email protected]
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