Filing My Own Taxes As A Company Driver

Topic 17939 | Page 3

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Tyler Durden's Comment
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What qualifies as a "full day"out?

I run line haul. I typically leave say Monday night and return home Wednesday morning. Some weeks I leave Sunday night and return home Saturday morning. Weeks truly vary

Line Haul:

Linehaul drivers will normally run loads from terminal to terminal for LTL (Less than Truckload) companies.

LTL (Less Than Truckload) carriers will have Linehaul drivers and P&D drivers. The P&D drivers will deliver loads locally from the terminal and pick up loads returning them to the terminal. Linehaul drivers will then run truckloads from terminal to terminal.
Tractor Man's Comment
member avatar
What qualifies as a "full day"out?

A full 24 hour period away from home. As Rick pointed out, 2 12 hour periods in different days do not equal a 24 hour period. This deduction usually benefits Drivers who are away from home for weeks at a time.

Tyler Durden's Comment
member avatar

Thank you. Just got this from an accountant in my area

Basically, if he’s away from home for an entire day (meaning midnight to midnight) he can either claim his actual costs for meals and lodging, or he can claim a $63 per day credit for every entire 24 hour day he’s away. On days he would leave/arrive home, he can claim 75% of the $63 (47.25) as a per diem credit. This is only available if you itemize deductions, and not if you take the standard deduction.

Per Diem:

Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.

Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.

Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.

We have a ton of information on our wiki page on per diem pay

Rick S.'s Comment
member avatar

Thank you. Just got this from an accountant in my area

Basically, if he’s away from home for an entire day (meaning midnight to midnight) he can either claim his actual costs for meals and lodging, or he can claim a $63 per day credit for every entire 24 hour day he’s away. On days he would leave/arrive home, he can claim 75% of the $63 (47.25) as a per diem credit. This is only available if you itemize deductions, and not if you take the standard deduction.

Better have your friends accountant verify that he's looking at the expense deductions for TRANSPORTATION WORKERS (aka: special rate for transportation workers).

They are different than say, an office worker who has to go out of town a few days for business.

He actually claims 80% of the $63 daily rate. Not sure if you can claim 100% of actual meal expense, if you are a transportation worker. And what you can claim varies depending on the region you are in.

Not saying your accountant doesn't know - but MY ACCOUNTANT is a lifelong friend, and he had to look up the particulars for truckers - as the "normal stuff" doesn't apply to us.

Rick

Per Diem:

Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.

Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.

Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.

We have a ton of information on our wiki page on per diem pay

Tyler Durden's Comment
member avatar

Before I do anything I will be going into the local IRS office. I always like to get my Pub 17 to read over before filing. Also looking to get the following

Publication. 463. Form 2106 Instructions for 2106

Hopefully they all help. Not sure what all I will need being first year in trucking and I'm not big on paying someone to do them

OWI:

Operating While Intoxicated

Rick S.'s Comment
member avatar

Before I do anything I will be going into the local IRS office. I always like to get my Pub 17 to read over before filing. Also looking to get the following

Publication. 463. Form 2106 Instructions for 2106

Hopefully they all help. Not sure what all I will need being first year in trucking and I'm not big on paying someone to do them

Hear ya. Keep receipts for everything that might be reimbursable. Things like cell phones - most advise to have one for biz and one for personal. Or calculate the usage percentage.

Is your company paying you on a per diem basis - or straight pay?

Have you done the whole year OTR - or just a portion?

I used to do my IRS stuff - found it a challenge to find all the loopholes I could. Easier to have my guy do it - now that I have a Sub-S and personal to get done.

Rick

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Per Diem:

Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.

Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.

Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.

We have a ton of information on our wiki page on per diem pay

OWI:

Operating While Intoxicated

Tyler Durden's Comment
member avatar

double-quotes-start.png

Before I do anything I will be going into the local IRS office. I always like to get my Pub 17 to read over before filing. Also looking to get the following

Publication. 463. Form 2106 Instructions for 2106

Hopefully they all help. Not sure what all I will need being first year in trucking and I'm not big on paying someone to do them

double-quotes-end.png

Hear ya. Keep receipts for everything that might be reimbursable. Things like cell phones - most advise to have one for biz and one for personal. Or calculate the usage percentage.

Is your company paying you on a per diem basis - or straight pay?

Have you done the whole year OTR - or just a portion?

I used to do my IRS stuff - found it a challenge to find all the loopholes I could. Easier to have my guy do it - now that I have a Sub-S and personal to get done.

Rick

I am paid straight pay. I have all my paper logs for the 7 months I was doing it. I already itemize each year so this is all just bonus on top. I will take the standard deduction allowed with per diem as it is more then keeping receipts I may consult with IRS just to see what they say. I did talk to a tax company and sadly I knew more about the subject then they did. A small time place in a strip mall.

OTR:

Over The Road

OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.

Per Diem:

Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.

Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.

Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.

We have a ton of information on our wiki page on per diem pay

OWI:

Operating While Intoxicated

Aaron M.'s Comment
member avatar

I think what I will do, since I just started trucking back in September, I might just go to an hr block and have them do it for last year and in 2018 have a csp do them. I worked a bunch of different jobs last year before I got into trucking and I don't want to miss anything.

Nacho B.'s Comment
member avatar

Rick S., you've been giving some great advice and insight here! Much appreciated. I, too, will not have to worry about this for a year but it's good to know these things ahead of time. I just want to be clear on one aspect. That $63/day standard deduction is for meals and would NOT require keeping receipts for any meals. It would just be all the other incidentals that involve the truck that need to have receipts to backup, correct?

Oh and for others following along with this great thread, I DID stumble upon a CPA's website specific for trucking and it has a great FAQ section. Lots of things listed as expenses you can deduct that wouldn't have occurred to me. Plus, things that CANNOT be deducted.

OWI:

Operating While Intoxicated

Rick S.'s Comment
member avatar

Rick S., you've been giving some great advice and insight here! Much appreciated. I, too, will not have to worry about this for a year but it's good to know these things ahead of time. I just want to be clear on one aspect. That $63/day standard deduction is for meals and would NOT require keeping receipts for any meals. It would just be all the other incidentals that involve the truck that need to have receipts to backup, correct?

Oh and for others following along with this great thread, I DID stumble upon a CPA's website specific for trucking and it has a great FAQ section. Lots of things listed as expenses you can deduct that wouldn't have occurred to me. Plus, things that CANNOT be deducted.

Correct - the $63 a day (actually - 80% of that $63) is what covers meals and lodging away from home. Which is kinda silly if you need to cover a motel while the truck is down AND EAT that day - but usually the company reimburses this (unless you are lease or O/O, then it's on you).

Rick

OWI:

Operating While Intoxicated

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