Maintenance/repair deduction question. Please Help!

It should be some sort of Business Loss... maybe even could be part of your lease payment which is fully deductible....

 

should be any money paid out by you i think including maintance fee's with lease programs are dedcutale, this type of stuff is why i use H&R Block the one I go to is from a trucking family so they know a bit more about what you can claim. it does cost me more this way,but i dont miss anything.

 

not all h and r block people know truck taxes.you should make some calls to a certified public acct.they usually will answer your questions for free

 

Not all CPA's do either. My wife works for one and he isn't up on what I need to have done. A former boss of mine does taxes and he doesn't do enough trucker taxes to want to help out either.

You need to find a tax preparer that specializes in carriers tax prep.

 

All instructions are online at irs.gov deduct your maintance and any other truck expense you have receipts for anything you may have lost receipts, deduct daily per diem and any other expense you think you can claim. Just keep it within reason maybe you'll come out owing nothing.

 

I'm trying to figure out what your employer did here (please bear with me)...

I understand that you received a 1099-MISC showing your gross earnings via lease purchase operator and that you had paycheck deductions totaling $4001.20 for a maintenance account that was supposed to go towards the truck you were lease-purchasing, correct? Was this $4001.20 deduction the only expense on the form? (Example: 1099-MISC Form shows Total Gross: $20,000.00; Deductions/Other: $4001.20; Adjusted Gross: $15,998.80). Were these deductions spelled out in your lease-purchase agreement that you signed? What exactly were the terms of said "maintenance account"? Did it say that you would authorize the employer to make deductions from your paycheck that would go into an account that would cover maintenance/repairs of the truck you were leasing? What did it say if the lease-purchase agreement was terminated, how would the remaining funds that were deducted from your pay be handled? Would this money be forfeited for breaking said lease? Refunded back to you?

Now, as for the expenses that you incurred & paid for that you have receipts in hand, those WOULD fall under business expense (what category depends on what they are - fuel, parts, service, repair, etc.).

Finally, here's the link at IRS for Trucking Tax Center - it includes the forms you should file and the corresponding publications with instructions & examples:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Trucking-Tax-Center

I hope this helps you out some...

 

Okay, first, you need to find your lease-purchase agreement and locate the terms & conditions regarding how funds deducted from your pay are handled. There should be something in there stating what happens to account balances that you have paid into when an agreement is terminated. Reviewing your agreement should answer your question on whether or not you'll see that money again.

Second, you need to go through your driver settlement statements and make sure that the gross income on your statements matches what is listed on your 1099-MISC. Be sure to include the deductions the employer took as this is still considered part of your "gross income", however, you will only pay income tax on your ADJUSTED gross income (which is determined by taxes you paid, business deductions & credits, etc.).