Got a new job that does the 1099 thing rather than taking out taxes. First time with this and have no idea what I can claim as deductions. Things like:
Meals ( if out overnite or not )
Computer and home office
CB radio
I really have no idea and all help would be greatly appresiated and the more detailed the better.
Thanks,
David

 

1099 means you're self employed (business owner). What's you accountant/tax man say? You do have one, right? BOL

 

The mere meaning of your question indicates you need a good accountant who is knowledgeable in the ins and outs of the trucking environment. Most expenses on the road are tax deductible, as are some portions of your home if dedicated to the business enterprise.

Remember a 1099 means your employer is reporting all your income. The Tax Man will get his due........pay quarterly, avoid the penalties and interest on past due. Until you get an accountant on board, I'd set back at least 25% of my income for quarterly taxes starting now.

 

Thanks, I have an appointment set up with an accountant and am currently setting back 30% till I see her. Just trying to get some up front info :-)
David

 

Get an accountant before you get in too deep. 1099's are too dangerous without a well knowledged accountant.

Plus an accountant will write anything you can imagine off.

 

basically you can deduct anything that is an expense to do your job. If you have two vehicles perhaps one can be a business vehicle depending on your situation.

If you pay tolls, parking, idleair, lumpers, etc that could be a deduction.

It was mentioned above, and it bears repeating: File QUARTERLY or you will owe penalties.

Also note that you are in business now and self employed. You will need to keep track of receipts and keep a paper trail of everything that is possibly a business expense.