be very careful with taxes. I just got done with a two year nightmare. My First tax man died a few years back. I hired a new lady and she did 2014 and 2015 for me and they sent my to irs hell. I had to hire a new company and pay for a full 2 year audit of my bank statements for business and personal and then to re do and re summit my taxes.
It cost me over 5k in fees to them and the irs fed and state.
Just hire some big company and pay now and have them done right to start with.
Most CPA's that focus more on small business', agriculture, etc are usually also knowledgable about trucking stuff. You definitely do not want to use the service of a tax preparer that only does average worker type returns.
I agree, ask them about depreciation and 179 expensing. I would throw in, ask them what the current rate of transportation daily meal deduction is ($63 per day) and what percentage is allowed to be deducted (80%). If they can't answer that one right when you ask it without looking it up, move on to someone else.
Whom ever you go with for taxes. Make sure they do them right, and if you are having them send them in for you. Keep close track and be sure they can be trusted. I trusted my stepdad's girlfriend who was a CPA. 10 years later, i get a lien notice from the IRS stating i owed $250,000 in back taxes. I was and still am an O/O. That was an expensive adventure. Be sure who you use, research it first for trustworthiness, and so on.
as an ordinary worker that i was turning wrenches and no property, HR Block was "JUST ADEQUATE" for tax services. every stinking form they wanted me to fill out for this refund, or that refund, or whatever, cost (back then) $5.00 to $10.00..they end up making more money than i took back that was owed me, sorta like a lawyer, taking a percentage of the settlements.
to the o/p, Rroadhogtrucker
if you are NOT a member of the OOIDA, i suggest you join, for the mere $50.00 (??) per year dues. they will be able to provide you with that information. you DO NOT WANT fools doing your taxes as a trucking owner, nor driver.....
I use Anderson Accouting,PA in Pageland,SC.Have been for years.
They do a lot of truckers and help me keep my money
they know their stuff.As a trucker we need someone better than h and r block
these guys have direct nuNbers with the gov agencys so in case of a call,they go straight thru
I know this is a old thread but anyway here is Andy Anderson `s number and his son Dennis
Turbo Tax is a great system for the small business person, as long as he/she is aware of the tax codes, and deductions of taxes. I used this when i owned 1 truck, but changed over to a trucking tax expert whom is much more wiser in tax codes, deductions, and so forth. I do not have to find time to do my taxes.
Had a CPA do my taxes for 5 years while I was starting put. Namely because it was my wife's employer.
When she got a new job in 2017, that "benefit" was gone. But he'd taught me a lot of little things. I kept my own records and did my own taxes as well at the same time but he was the "insurance" for an audit.
Now I'm back to using Intuit turbo tax. They split from quicken last year but are still connected somehow. Legalese somewhere can explain it. I don't care because the software still imports for me from home and business.
We'll this is true to a certain point. That is why one must be vigilant in researching out a quality CPA with the proper knowledge of the trucking industry. One cannot just open up a phone book, or see one ad and jump in with both feet at the first option This is where one's trouble begins.