In fact the PO Box is not a valid tax home and you should also provide proof of expenses paid at your tax home.
(prHWY.com) January 11, 2012 - Saratoga Springs, UT -- Almost anything and everything moves by truck in America hence the trucking industry has gradually become one of the single most important trades holding the significant key to the stability of US national economy! Owing to this fact - the tax code has a number of deductions and credits specific to trucking and it needs professional support when it boils down to the point of hassle free trucker tax services, trucker taxes filing, trucker tax preparation, Tax preparation for truck drivers and tax preparation for truckers.
So, what's the best way to ensure that you receive all the deductions, which you are eligible for? The answer is however simple - to have a tax preparer that specializes in trucker tax services. Yes, it goes without saying that having someone beside you who knows the basic deductions and is used to filing trucker taxes will certainly makes the process lot easier.
Another incredible way in making the tax season rather easy is by keeping neat records and certainly by being organized. Honestly, more organized you are throughout the year the easier it is when tax season comes. In fact keeping the supporting records are very important in the trucking industry so keep receipts for anything you purchase to use in, on, or around your truck. Try and keep accurate log books while preparing for the trucker taxes. As a matter of fact - in case of an audit these are proof of your actual days spent on the road! Even if you hire the professional trucker tax service, you yourself need to be equally organized to let things run smoothly.
Also, having all the paperwork for your expenses will insure you in getting all the deductions available to you. In fact - the professional Tax filing for truck drivers allows travel expenses for OTR truckers to help cover time spent away from home. Some examples of deductions are - Antennas, batteries, binders, blankets, briefcase, calculator, CB repairs, CBs, chains, chrome things etc. However, this is not a complete list by far and these are simply few examples. Ask your Tax services for truck drivers expert for preparing the complete list for you.
Well, one important thing to note as a trucker is, where your tax home is. This is typically because without a physical address to use as your tax home you won't be entitled to travel expenses. In fact the PO Box is not a valid tax home and you should also provide proof of expenses paid at your tax home. Remember, using a relative's street address as your tax home is only valid if you pay your relative an equal amount as a room or stay at that residence when you are not on the road. Yes, you have heard that right; truckers who live in their truck with no valid tax home are certainly not eligible for travel expenses!
Bank on the professional trucker tax services for -
* Licensing
* Road tax reporting
* Payroll and payroll taxes
* DOT safety audits
* Quarterly road taxes
* Monthly reminders and many more...
This content has been taken from:
http://cornerstonesaccounting.blogspot.com/2012/01/tax-preparation-for-truck-drivers-lets.html
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