LPT_02-18_OnlinEdition
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GENERAL MANAGER<br />
Megan Hicks<br />
GENERAL SALES MANAGER<br />
Jerry Critser 1.256.676.3094<br />
jerryc@targetmediapartners.com<br />
ADMINISTRATION STAFF<br />
Tammy Borrelli<br />
Charlene Abernathy<br />
CREATIVE DIRECTOR<br />
Chad Singleton<br />
NATIONAL ADVERTISING SALES<br />
Sean Hayes 1.256.405.4017<br />
seanh@htwoservices.com<br />
John Hicks 1.770.4<strong>18</strong>.9789<br />
johnh@targetmediapartners.com<br />
Meg Larcinese 1.678.325.1<strong>02</strong>5<br />
megl@targetmediapartners.com<br />
Greg McClendon 1.678.325.1<strong>02</strong>3<br />
gregmc@targetmediapartners.com<br />
Carol Trujillo 1.213.221.9993<br />
carolt@targetmediapartners.com<br />
DISTRIBUTION:<br />
Target Distribution Partners<br />
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Lease Purchase Trucking<br />
1.800.786.4723<br />
P.O. Box 2685 • Anniston, AL 362<strong>02</strong><br />
Advertiser’s Index<br />
Anderson Trucking Services...................3, 11<br />
Logix Transportation......................................4<br />
RTI..................................................................5<br />
Stageline........................................................9<br />
Star Freight LLC.............................................7<br />
The Trucker....................................................6<br />
Truck Job Seekers.......................................12<br />
hundreds of jobs at www.TruckJobSeekers.com
BusinessSolutions<br />
By Shasta D. May<br />
INTERESTING<br />
THINGS TO KNOW<br />
Happy New Year! It’s that time again to<br />
start compiling the information you will need<br />
to have your 2017 income tax return prepared.<br />
Here are some common questions asked at tax<br />
time about what tax information you will need<br />
to get together.<br />
What is the best way to get my expenses<br />
ready to do my taxes?<br />
Separate all your business expenses by category<br />
such as fuel, maintenance, repairs, tires,<br />
insurance, telephone, tools, supplies, etc. Your<br />
vehicle for the year and of the total miles how<br />
many miles were for business.<br />
I bought a new truck last year. What do you<br />
need for my taxes?<br />
You will need a copy of the purchase agreement<br />
on the new equipment and information on<br />
the sale of any equipment sold, if applicable.<br />
What other documentation might I need to<br />
gather?<br />
• Escrow statements for the purchase, sale or<br />
refinance of property.<br />
• Confirmations from charities for donations.<br />
• Indicate the amount and date of any estimated<br />
taxes paid.<br />
• If taking home office deduction, square footage<br />
of home and square footage of office space,<br />
in addition to breakdown of annual utility bills.<br />
expenses will come from your settlements, bank<br />
statements, cash payments, credit card charges<br />
and equipment contracts. Since most of you use<br />
the per diem meal allowance, you will need to<br />
count your days away from home working from<br />
your logs to get a total for the year. This total<br />
will be used to calculate your meal deduction.<br />
If you use your personal vehicle for business<br />
(picking up truck parts, business banking,<br />
picking up supplies) you can write-off business<br />
miles but you must know total miles put on<br />
What other deductions should I look for?<br />
You should be aware of the following items;<br />
mortgage interest, property taxes, interest and<br />
dividend income, income from sales of stock<br />
and rental property information. Remember, if<br />
you sold stock, you will need to know when it<br />
was originally purchased, how much you paid<br />
for it, and the date and amount of sale. If you<br />
sold a property, you will need to know date<br />
acquired, its cost, and the cost of any improvements<br />
over the years.<br />
You want to make sure you compile and save<br />
all documentation (statements, settlements,<br />
receipts, contracts) for everything that appears<br />
8 <strong>LPT</strong> www.TruckDriverMagazines.com
on your tax return in the event of an audit.<br />
Usually tax preparers send out an income tax<br />
organizer or worksheet<br />
to their clients to make<br />
the information gathering<br />
process easier. If<br />
you did not receive a<br />
tax organizer from your<br />
tax preparer you are<br />
welcome to call us and<br />
get one free of charge.<br />
We recommend using a tax organizer from a tax<br />
preparer who specializes in the trucking industry.<br />
What are some of the most common<br />
forgotten deductions?<br />
Remember that all expenses in connection<br />
with creating your income and operating your<br />
truck are usually deductible. Remember small<br />
items add up and are always worth tracking.<br />
1. Access Fees: Internet Service, Qual<br />
comm, Satellite<br />
2. Administrative Fees: Bank Account<br />
Charges, ATM fees, Check Reorder Fees<br />
3. Annual Credit Card Fees<br />
4. Association Dues<br />
5. Bedding for sleeper<br />
6. ComData/ComCheck Fees<br />
7. Computer Software/Software Support<br />
8. Cleaning Supplies: Windex, Paper<br />
Towels<br />
9. Fax Fees<br />
10. Interest (equipment loans/business loans/<br />
business credit cards)<br />
11. Office Supplies (paperclips, envelopes,<br />
folders, etc.)<br />
12. Postage and Delivery Fees<br />
13. Safety Gear (gloves, work boots)<br />
14. Security Costs<br />
15. Trucking/Business Related Subscriptions<br />
16. Weather Gear<br />
17. XM Radio <strong>LPT</strong><br />
This article has been presented<br />
by MBA Tax & Bookkeeping<br />
Service, a company proud to provide<br />
Corporate/LLC filings, income<br />
tax, bookkeeping and IRS problem<br />
resolution services to truckers in all<br />
states. If you would like additional<br />
information or have questions, calls<br />
are always welcome. Contact us at<br />
888-407-1669 or visit our website at<br />
www.mbataxhelp.com.<br />
This article is provided for informational<br />
purposes only and is not<br />
intended as legal or tax advice. Each<br />
individual business situation is different<br />
and the information contained<br />
herein is meant for general information<br />
purposes only. Specific tax and<br />
legal recommendations can only be<br />
made after an individual has consulted<br />
his or her qualified tax or legal<br />
professional.<br />
10 <strong>LPT</strong> www.TruckDriverMagazines.com
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