Tax qustions
#1
Member
Thread Starter
Join Date: Jul 2006
Posts: 51
Tax qustions
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
#3
Board Regular
Join Date: Jul 2003
Posts: 305
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.
__________________
pain and heartaches aren't options in this life... misery is a choice.
#5
Member
Join Date: Sep 2006
Location: Chattanooga, TN
Posts: 56
Re: Tax qustions
Originally Posted by baileydale
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 Plus an accountant will write anything you can imagine off.
__________________
Truck drivers feed my family.
#6
Senior Board Member
Join Date: Jan 2006
Location: Central Maine
Posts: 1,192
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.
__________________
Nothing is foolproof to a talented fool. -------------------------------------------- The Road goes ever on and on Down from the door where it began. Now far ahead the Road has gone, And I must follow, if I can, Pursuing it with eager feet, Until it joins some larger way Where many paths and errands meet. And whither then? I cannot say. -- J R R Tolkien |
|