1st Year Filing Taxes As A Trucker

Good day! I have a question regarding tax season as a trucker.

I am a company driver. 1st year driver.

Are there tax consultants that specialize in trucker taxes and deductions that are well known to truckers?

Please advise, and thank you in advance for suggestions.

Good day! I have a question regarding tax season as a trucker.

I am a company driver. 1st year driver.

Are there tax consultants that specialize in trucker taxes and deductions that are well known to truckers?

Please advise, and thank you in advance for suggestions.

H & R Block has been doing ours for a few years; helps with the Per Diem , and being homeowners; husband being a company driver as well. They take the prep fee out of our return. I used to do our taxes 'in the day' .. even took a class with Jackson Hewitt via my bro in law, who IS an accountant. Between Obamacare (insurance) and new legislature for drivers, et al .. owning stuff, just had to hang up 'my hat' to the professionals.

Just my 2cents! Have had the same representative for the last 5 years since he's been with his company..and same agent. Made an online appointment this year, as they only do Tuesdays and Thursdays, here local. Same guy, our guy.

When we first went to them.... We CERTAINLY requested a representative/agent that was familiar with our profession, and ended up with Aaron B. (here in Ohio) that actually paid for his degree in college, driving a semi. We got lucky; doesn't hurt to ask..!

YMMV, but .. works well for us!

Best to you, W.D.

I'm sure the pro's and vets will chime in.. but this worked for us for a good bit.

~ Anne ~

Thank you kindly Anne! Sounds great! I really enjoy Trucking Truth. Learn something new everyday!

Have a great day Anne!

Good day! I have a question regarding tax season as a trucker.

I am a company driver. 1st year driver.

Are there tax consultants that specialize in trucker taxes and deductions that are well known to truckers?

Please advise, and thank you in advance for suggestions.

H & R Block has been doing ours for a few years; helps with the Per Diem , and being homeowners; husband being a company driver as well. They take the prep fee out of our return. I used to do our taxes 'in the day' .. even took a class with Jackson Hewitt via my bro in law, who IS an accountant. Between Obamacare (insurance) and new legislature for drivers, et al .. owning stuff, just had to hang up 'my hat' to the professionals.

Just my 2cents! Have had the same representative for the last 5 years since he's been with his company..and same agent. Made an online appointment this year, as they only do Tuesdays and Thursdays, here local. Same guy, our guy.

When we first went to them.... We CERTAINLY requested a representative/agent that was familiar with our profession, and ended up with Aaron B. (here in Ohio) that actually paid for his degree in college, driving a semi. We got lucky; doesn't hurt to ask..!

YMMV, but .. works well for us!

Best to you, W.D.

I'm sure the pro's and vets will chime in.. but this worked for us for a good bit.

~ Anne ~

Thank you kindly Anne! Sounds great! I really enjoy Trucking Truth. Learn something new everyday!

Have a great day Anne!

Good day! I have a question regarding tax season as a trucker.

I am a company driver. 1st year driver.

Are there tax consultants that specialize in trucker taxes and deductions that are well known to truckers?

Please advise, and thank you in advance for suggestions.

H & R Block has been doing ours for a few years; helps with the Per Diem , and being homeowners; husband being a company driver as well. They take the prep fee out of our return. I used to do our taxes 'in the day' .. even took a class with Jackson Hewitt via my bro in law, who IS an accountant. Between Obamacare (insurance) and new legislature for drivers, et al .. owning stuff, just had to hang up 'my hat' to the professionals.

Just my 2cents! Have had the same representative for the last 5 years since he's been with his company..and same agent. Made an online appointment this year, as they only do Tuesdays and Thursdays, here local. Same guy, our guy.

When we first went to them.... We CERTAINLY requested a representative/agent that was familiar with our profession, and ended up with Aaron B. (here in Ohio) that actually paid for his degree in college, driving a semi. We got lucky; doesn't hurt to ask..!

YMMV, but .. works well for us!

Best to you, W.D.

I'm sure the pro's and vets will chime in.. but this worked for us for a good bit.

~ Anne ~

Not a problem! I could e'mail you the form(s) because they were too large to insert as a photo here..figures! Email in my profile, if it helps! Put your name in the subject, LoL.. then I'll know~!!

Ttys (a night driver's wife, lol!)

~ Anne ~

Under the NEW TAX RULES - the "average company driver" no longer has to do itemized deductions. Per diem no longer is factored into a COMPANY DRIVER (Lease & O/O's can still itemize).

You could pretty much do a 1040EZ (actually - the NEW 1040 has been simplified, so there no longer is a 1040EZ).

A married trucker (for example) gets a $24,800 (up 400 this year) "standard deduction". Unless you have a buttload of other deductions that are allowable under the current tax code, that would exceed the $24K - than it's not worth itemizing. This is where the new tax code "simplified things". Single filers get $12,400 (up 200 this year).

The issue with Per Diem deductions under the old tax code is that - it was considered a "reimbursed expense". You had to do a calculation of "how many days you were out" X the standard rate (80% of $66 per day), then DEDUCT the amount you were paid by the company (advanced) and the remaining amount was what you could ACTUALLY DEDUCT from your taxes.

In MOST CASES - a company driver will NEVER HAVE ENOUGH DEDUCTIONS TO JUSTIFY ITEMIZING. It also "simplifies things", by not having to keep track of all your receipts for "unreimbursed expenses" - since you don't have to "prove them" in an audit down the road (if that happens, they are NOT FUN) by taking the standard deduction.

Maybe some other "company driver" folks can chime in on how their taxes changed under the latest code.

Lease and O/O's are a totally different story - but I'm not going to do the gory details here. Much depends on how their structured their business, and how they take their paychecks. There are a number of ways to "skin a cat" - that number got a little smaller under the new code - but the cat can still be skinned (apologies to cat lovers out there).

At any rate - it's going to be different for everyone - married/single, mortgage/none, state income taxes/none, etc. But for 90% or greater of COMPANY DRIVERS - you can just do a straight standard deduction, and call it a day.

For people with complicated finances - a tax consultant or accountant might be worth the $$.

I KNOW WE ALL HATE UNCLE SAM (or Auntie Kamala as the case might be) - and want to give them THE LEAST AMOUNT OF OUR $$ POSSIBLE.

Forbes Article On Deductions

IRS - 2020 Form 1040

IRS - 2020 Schedule A (Itemized Deductions) DRAFT

Run your numbers real quick to decide if you might benefit from itemizing. But as far as TRUCKER EXPENSES GO - they are not worth considering for the company driver - especially with Per Diem and other unreimbursed deductions eliminated from the equation.

Rick

One way I've begun to view things in the past few years concerning how much money the IRS wants from me is this:

If I owe more taxes than the year before, it means I made more money than the year before.

I don't mind paying my fair share, but I want others to do the same.

90% or greater of COMPANY DRIVERS - you can just do a straight standard deduction, and call it a day.

I completely agree with Rick. Your taxes should be easy to do. Unless you have some other complex investments going on, you won't have any special issues to deal with on your taxes.

As a company driver, taxes are simple. Even with my house, I don't have enough interest to do the deductions. The accountant just used the $12000 (widowed). Even selling property to my brother was easy.

Laura