owner operators
2006-12-06 00:54:39 · 5 answers · asked by Ron P 1 in Business & Finance ➔ Taxes ➔ United States
Owner/operator truckers may be eligible for tax deductions for their expenses based on the fact that they are in effect sole proprietorships. If they are taxed as a corporation they may be able to use a lower tax rate and would be taxed on the net income after expenses from the business. You need to talk to a good tax accountant (ie not HR Block, Jackson Hewitt) to work out the specifics. Don't forget that whatever you pay that accountant for tax preparation expenses is deductible.
2006-12-06 01:03:45 · answer #1 · answered by Matt M 5 · 0⤊ 0⤋
Long distance truckers MAY BE eligible for a tax deduction. Call your accountant or the IRS for specifics.
2006-12-06 08:57:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are able to itemize your deductions you could be eligible for a meals and hotels (or part of them) and tolls. You *may* even be able to deduct your truck, or a portion of it - - depending upon how you are paid.
I highly recommend you keep an envelope in your rig and put all receipts into it, that way you've got records!
I also recommend you see a tax professional for assistance in filing your taxes. Exactly how you file will be determined by wether you are issued a W2 form or 1099 form and a tax pro would assist you in doing it properly.
2006-12-06 12:58:12 · answer #3 · answered by nova_queen_28 7 · 0⤊ 0⤋
H&R Block??? or please. thay only can offer tax anticipation loan with interest 500% annually. It's really complex question. But if you have receipts to support, it could be pretty much everything excluding of course your personal expenses(or expenses of your household)
2006-12-06 09:50:28 · answer #4 · answered by alikmal 2 · 0⤊ 0⤋
I would have to say try and accoutant for compatant information. Trukers rule!!!
2006-12-06 09:08:45 · answer #5 · answered by ? 6 · 0⤊ 0⤋