What should I be doing

[PJay59]

Ok, Im going to be starting in this Biz in a matter of a few weeks from now, Im going to be a Cargo Van operater. I have things getting ready to head out BUT:::,Im am not sure about the whole tax portion of this ,. starting this week Im meeting with somebody from a local H & R block, they claim they are up to date with this biz and they will give me advice on book keeping part of this and they will do my taxes from what I give to them, I feel good about that ,for Im comfortable in the book keeping part of this, well any advice on this, is a good plan or not????
Thanks

 

[moose]

in racing - tires win the race.
in trucking ,its accounting and tax preparation ,
i hardly think they are up to date, get a trucking accountant ,
or ask them if you need to itemize , and what is the current per Dime rate for every night out ,
see if they say 75% of 52$ (us),(Hmmm,actually Am dont Know if its the same for CV...)
then ask if you get to deduct the interest on your van loan ...
let us know.
and welcome aboard...


Moose.

 

[highway star]

I'd stay away from H&R. You may just get someone who's been shown how to put figures on a form, not an actual accountant. Get an actual accountant. It may cost more, but it'll be worth it. My friend's son went to H&R and he was just a driver, not an O/O. The H&R flunky thought that he didn't qualify for per diem. Pretty basic stuff to be getting wrong.

On another note, I see you've been a forum member since Feb. of this year. Have you been reading regularly? This is the worst business climate I've seen in my 10 years in this business. Clearly, a HORRIBLE time to start, especially with a cargo van. I hope you have bucks in the bank you're willing to use for a while!

 

[PJay59]

Ok thanks for the reply on that, I shall stay away from going that route, and few folks have PM me about whats realy going on in the biz, so I think I will put this on ice for now and see if things will turn around. I agree with you on the freight part of it, I currantly drive TT and Im only working about 4 days a week now myself. So I think I will hang tight on this idea and see what going to happen with this economy. thanks for info

 

[moose]

? This is the worst business climate I've seen in my 10 years in this business. Clearly, a HORRIBLE time to start, !

O.K , highway star , i have only being here for about a week ....
so please tell me more , how bad it really is in you own way ???
is there any hope ?
is it slower then ever ? or just in compeer to a last quarter ?

i am seeing Americans shopping like there is no slow down,
yesterday you could not take an off ramp in central T.X , and new shopping centers coming up on the Horizons...

and dont worry about PJay... looks like we are getting good in scaring Drivers away from Expedite...
it's your Posts now...




Moose.

 

[Jack_Berry]

moose,

how is 800 miles a week in a cv?

sure folks are still shopping they just layaway or monthly card the purchases. fuel went down so they have more money they think.

 

[highway star]

Well Moose, judging from the sarcastic tone I'm going to go out on a limb and guess that you're doing well right now. That's great! I have no doubt that some people are. But, if you've been reading the Forum you know that there are some that aren't. If you've kept up with the news, even a little bit, you know that the economy is less than healthy. I think my advice was prudent.

 

[MCBuggyCo]

The advice to seek out someone experienced in the transportation industry for tax advice/preparation is sound.

The quality of the economy, volume of freight available, etc. all belongs in another post/forum. This is the Tax Topics for Expediters area!!!

 

[PJay59]

Oo Please, I have been in trucking for about 10 years now, and I can see whats going on with my own eyes, also maybe I guess I listen to way to much news. I only decided not to jump in the pool when the pool is full, and when theyer is spot open ya boy high dive I come.

 

[Tempest]

H&R dont know squat about trucking so I agree stay away from them, find someone who does nothing but trucking. You dont go to KFC for a cheese burger. As for the freight. It is slow right now and not the time to jump in. Doesnt matter what part of the forum it is in the question was "Is it a good plan" in this part of the forum. Should only half an answer be given because it the other half doesn't fit this topic? Just my opinion and perhaps I am wrong?

 

[moose]

Well Moose, judging from the sarcastic tone I'm going to go out on a limb and guess that you're doing well right now. That's great! I have no doubt that some people are. But, if you've been reading the Forum you know that there are some that aren't. If you've kept up with the news, even a little bit, you know that the economy is less than healthy. I think my advice was prudent.

hwy * you R wrong , (my bad...)
there was nothing sarcastic about my post ,
seeing that you being on here since 2001 , i was looking for your input,
if i was "doing well right now" as you say , i wouldn't have ask all those questions ...




Moose.

 

[highway star]

Sorry about that Moose, I misunderstood. Generally, I'm not one to scare people away from this business unless they seem like someone that wouldn't adapt and do well. I don't get into selling it much either. Right now, I just think it's better to sit back and wait for things to pick up again. For those of us already here, we just have to work when we can, be frugal with our money and hope we can pull through.

McBuggy, I'm sorry you got your knickers in a wad about me straying from the subject of tax preparation. It seemed like a reasonable tangent to address to me.

 

[MCBuggyCo]

Its not that I would deny you the opportunity to express yourself. If anything, your message is too important to be buried in an unrelated post.

 

[Fkatz]

Ok, Im going to be starting in this Biz in a matter of a few weeks from now, Im going to be a Cargo Van operater. I have things getting ready to head out BUT:::,Im am not sure about the whole tax portion of this ,. starting this week Im meeting with somebody from a local H & R block, they claim they are up to date with this biz and they will give me advice on book keeping part of this and they will do my taxes from what I give to them, I feel good about that ,for Im comfortable in the book keeping part of this, well any advice on this, is a good plan or not????
Thanks

Sorry for not getting back to you sooner, but on the Nov. 14th after I signed off and closed my office for the weekend, I didnt know anything about an outage. When I came in on Mondayy the 17th I had computer problems. Just got them corrected

Fist of all, Block says they know all about Truckers Taxes, they started that for 2007, advertising on TV, But Some of the drivers I spoke to were not to happy with them, due to they did not take all the deductions that you are allowed, even as a company driver.
So they do not know the transporation industry.

Some of the advise that you got from MOOSE, and the others about starting Now are Correct, This is not the time of year to start out, a As I was in the same boat you were when I started back in 1997 driving a cargo van for CTX, In 2000, I hired a driver and finally got out in 2005 when I sold my van. So I know what and what not can be deducted.

i hired a driver so I could concentrate on the Tax Preparation of Truckers Tax returns, which is what I specialized in.

Check around and see what other tax firms will do with these 3 questions

What is the Per Diem for each day that a Over the Road Truck driver is entitled tol

Answer: $52.00 Per day US, and 58.00 per day while in Canada. it is subject for tax year 2008 at 80% of the total. If they say you get the amount subject to 50% according toPublication 1542 of where, and when you stop. With the transportation industry you get the $52.00 less the percentage for each day you are away from home.

What is the Depreciation for a Tractor, Straight Truck, over 10, 000 llbs, and a Cargo Van under 10,000 lbs?

Answer: Tractor and Straight Truck 3 years Straight line depreciation, and a cargo van can take mileage for 5 years. unless the preparer took depreciation in the 1st year, then actual expenses must be taken for 3 years, same as a TT or Straight Truck

What other items can be deducted.

Answer: Anything, that is purchased for the truck, but not for self.
Cell phone, showers, laundry, laundry detergent, softner, hand tools,
(I have a complete listing available if you e-mail me directly at [email protected]

Whats a Lumper??

Can I take my cell cell phone?

If you only have 1 with a family plan, wifes kids, you may only use yours and not the monthly fee for them. and then a percentage for business use.
calling home is not business use according to the IRS

If you have any other question, do not hesitate to as if you are planing on going out , or even now as a TT Driver.

Franklin Katz, ATP, PA, PB
Frank's Tax And Business Service
120 York Rd
Kings Mountain, NC 28086
(704) 739-4039
File Your Return Online

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