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    The Helpful Client

    My small-biz Schedule C trucker (one horse-operation/no employees) sends me his 1099s and a list of his expenses every year. This time he lists a "new" (older model) truck purchased for $15K -- nothing about selling the old one or hiring a driver for a second truck. Soooo....of course, this begs the question of: "What about ole Betsy?" He lives out of town and I hate to call 'cause his caller ID setup is a stupefying maze to negotiate plus...it's hard to get a word in edgewise. I figure surely he's still got it -- just parked and not driving it 'til he needs it again. But -- can't ignore it -- nothin' to do but bite the bullet.

    Do you still have your old truck?

    No, I sold it for $34,000.

    This year? In '06?

    No. Last year. In '05. Why? Is that a problem?

    Yes. Your basis is $10,000.

    Well, it's okay. My brother-in-law, Sonny, he drives truck too and he takes this really great tax magazine for truckers. He said that as long I bought another truck, then I'm okay, 'cause there's no tax on "look-alike EX--changes." That's right, ain't it?

    You're talking about the $15,000 truck purchase on your list?

    Naw; not that one. I bought another'n besides that. For $25,000.

    This year? In '06?

    No. Last year. In '05. Why? Is that a problem?

    Never mind. Listen, when were you planning on telling me all this stuff?

    Well, since sellin' the old truck was just an in-and-out deal, me and Sonny figured there wasn't any point in puttin' it down and botherin' you about it. Wouldn't you just have to fix up some extra forms for nothin' and then have to charge me more for doin' my taxes?

    And the $25,000 truck?

    No, just let that one alone. I'm don't want to take any expenses on it this year. You remember one time you told me about depreciation -- how you spread out the cost of a truck over a lot of years instead of taking it off all at once? Well, I had a pretty bad year and I don't think I'll owe anything, so I'm just gonna save that depreciation for next year, or maybe even later -- we'll just have to wait and see how it all comes out. Listen, what did you mean my whadda-you-call-it in the old truck is ten thousand dollars?

    It means you have a gain of $24,000.

    Sonny was wrong? Oh well; never mind anyway. We don't have to worry about it. Shoot, I still owed the bank $25,000 on it and had to pay them off, so we've got a thousand dollars to spare.

    ........

    #2
    Bart, Maybe you should invest in the Trucker Relief Toolkit and help your client save thousands of dollars in taxes..

    Tax Relief Toolkit
    E. Dennis Bridges, C.P.A., and Trucker Tax Relief have released the second edition of the Truckers Tax Relief Toolkit, designed to help truckers reduce their taxes.

    The Toolkit is a collection of the tax-cutting secrets and strategies that Bridges has shared with truck drivers throughout the country for more than 10 years. It also includes two bonus sections on wiping out IRS problems.

    The Truckers Tax Relief Toolkit includes easy-to-follow guidance for reducing income taxes by thousands, year after year, the company says. Bridges guarantees that purchasers of the Toolkit will save $3,000 or more on their income taxes each year by using the secrets and strategies that he uncovers.

    The Toolkit retails for $399 plus shipping and handling.
    Trucker Tax Relief
    (888) 234-3485

    Comment


      #3
      Hey!
      That guy's been in my office. His brother-in-law Sonny also told him about the "per diem" for lodging. So, he'd like to deduct that too.
      You have the right to remain silent. Anything you say will be misquoted, then used against you.

      Comment


        #4
        An oldie but goodie

        There was this truck driver who had to deliver 500 penguins to the state zoo. As he was driving his truck through the desert he broke down. After about 3 hours he waved another truck down and offered Sonny $500 to take the penguins to the state zoo for him. The next day the original truck driver arrived in town and saw Sonny crossing the road with 500 penguins walking in single file behind him.

        He jumped out of his truck and yelled, "What's going on? I gave you $500 to take these penguins to the zoo!"

        Sonny responded, "I did take them to the zoo. And I had some money left over so now we're going to see a movie..."
        Last edited by veritas; 08-05-2006, 10:06 PM.

        Comment


          #5
          Nothing personal, Jan

          Originally posted by Jan
          Maybe you should invest in the Trucker Relief Toolkit and help your client save thousands of dollars in taxes..

          E. Dennis Bridges, C.P.A.,

          a collection of...secrets and strategies

          guarantees...purchasers...will save $3,000...each year
          but I believe I've heard this one before. If it's all the same to you (and E. Dennis), I'd rather take my chances with Sonny.

          Comment


            #6
            Lol!!

            That was wonderful. I needed a good laugh this morning.

            Boy have I missed this board. I have been so busy I haven't even had time to check in and see what was going on.

            Sounds as good as the taxi driver that kept all his expense receipts but no record of his income.

            Linda F

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