Filing Taxes After Lease Purchase. HELP!!!

Google : OOIDA

They can answer all your questions accurately.
Your husband should consider becoming a member; it's mainly for Owner-Operators/Lease Operators.

 

Fuel surcharge is part of your gross revenue for that period, so its part of your income - don't subtract it from anything! Fuel cost paid at the pump is part of your ordinary business deductions, as are all of the lease payments. If you don't have any experience doing transportation taxes, you should think about engaging a CPA for this year... someone who understands transportation - not H&R Block, or the fools at the booth in Walmart.

You may question the cost... chances are having a professional do the taxes will save you enough to cover the expense, compared to guessing and not getting the proper deductions.

 

Pony is right, this is no time to be cheap. Get a trucking pro to work through this. Don't worry, you have plenty of time plus there are extensions. Just gather everything up and then separate....fuel, repairs, food, motels, boots and clothing , cells etc. The more you do in the front then the less the tax prep guy has to do and the cheaper the bill should be. ( In theory , there will be a min. chg. ) Throw it all in there. The tax guy will cut whatever is not allowed.

If he bought it for the truck, you get it. If he bought it to use on his job, you get it. Even the tax prep cost, comes off next year.

Good luck

 

If you did a Lease, IFTA is paid already. The authority holder pays thats. As for deducting fuel surcharge, huh? Its all gross revenue. You can deduct the truck payments as Rent. Insurance and other stuff is considered deductible. You CANNOT deduct appreciation or any of the good credits. Those are taken by the Carrier that owns the truck.

A Lease Operator holds a majority of the tax burden. Thats how these companies get people. As for OOIDA, well I have no comment on Political Organizations. Those fools as well as the ATA are responsible for most of this bull crap rules.

 

Revenue or expense? Does the money come into the business or is it paid out? Fuel is an expense, fuel surcharge is revenue. IFTA tax is an expense. Most carriers you are leased to file the IFTA tax for you then deduct any amounts owed from your settlements. Simply put, identify all transactions as either revenue or expense, deduct expenses from revenue to get gross profit. You'll get a 1099 for the total revenue from the carrier, its up to you to keep track of the expenses. If you worked as an employee you'll get a w-2 for those wages. You will file a schedule C along with the 1040 for federal taxes.

After you get all that together, call an accountant and let them sort it out.

I track revenue and expenses for every load, compile all the info and have a pretty good handle on it for tax time, then I give to my accountant to make sure its right.

 

You can also deduct things like subscriptions to Sirius radio too.

 

Hr block can do your taxes. Its the long form they fill out and its cheaper. If you only did it a short while don't worry about it. Do like im doing. If any money is owed to the irs, you can always pay them back with next years refund. They'll be happy to put that on hold for you. I did the same thing. Believe me its NOT a big deal. Hr block can handle it. Its like $300.

 

H&R Block generally does not do a good job preparing tax returns for truckers. Make sure you ask them how they handle per diem - how they calculate the days away from home, and then how much you can claim of that $59 per day. They usually quote the proceedure for office workers which is completely different (and far less) than for transportation workers.