truck driver expenses

[POCAHONTAS]

client is a truck driver and received 1099 misc from 3 different employers, he brought in a box full of papers, I saw it as a challenge and took on this truck driver as a client. So the question is does any one know where I can get information on truck driver deductions, and how does a self-employed truck driver operate. I don't want to make any mistakes. I know this is a very busy time for everyone so any help will be highly appreciated.

Thank you

[S T]

Truck Driver Info

I have posted a couple of links for you that might assist you in starting and gathering your questions. I haven't reviewed them in great detail, but might give you a place to start.

I also found several truck driver forums I think I only posted one.

http://www.layover.com/newbies/financial/taxes.html

http://www.newbiedriver.com/articles/Tax_Deduct_Items.htm

http://www.schoppe.com/downloads/2007-Truck-Driver-Expense-List.doc

http://www.thetruckersreport.com/truckingindustryforum/trucker-taxes/34887-so-much-for-my-deductions.html

Sandy

[cathyan103]

Is he leasing his truck, buying it privately, or own it outright? Lease payments are deductible as such, no depreciation. Buying it - interest and depreciate. Paid off - maybe depreciation left.
Next is fuel, oil, additives. Repairs and maintenance, tolls, washes, taxes, they have a lot of different insurance they have to pay, fees and permits for travel, scale fees, cell phone, and internet is used for weather watch, so maybe he has a laptop for travel, ATM and comcheck fees, disposable cameras to record any damages, his CDL, most anything he needs to travel on the road for weeks at a time.
His days out you get from his log books. His days out include expense for meals and incidentials. 3/4 day for days he leaves home and return days. Full days for all others, including layovers, figured at $52/day, with DOT limit of 75%. He might have motel expense at times.
I know I'm forgetting some, but if you have a question about something, just ask.

[ecb34691]

Many have added such things as refridgerators, microwaves, etc. to sleeper area, GPS systems, safety equipment (hard hats, gloves, steel toe shoes for loading/unloading). Some have to hire local/contract labors to load/unload, pay commisions/fees for loads.

[MAMalody]

Send me your e-mail address. I have an Excel spreadsheet that may be a benefit. You can contact me at ClergyTaxes@aol.com

Mike