Tax Organizer for Truckers

 

KEY EXPENSES FOR OVERNIGHT DRIVERS

A)   TRAVEL – OUT OF TOWN:

Expenses of traveling away fro “home” overnight for job-related reasons are deductible. Your “home” is generally considered to be the entire city or general area where your principal place of employment is located. Out-of-town expenses include transportation, meals, lodging, tips, and miscellaneous items like laundry, valet, etc.

Document your away-from-home expenses by nothing the date, destination, and business purpose of your trip. In addition, keep a detailed record of your expenses-lodging, public transportation, meals, etc. Always list meals and lodging separately in your record. Receipts must be retained for each lodging expense. However if any other business expense is less than $75, a receipt is not necessary if you record all the information in a timely diary. Keep track of the full amount of meal and entertainment expenses even though only a portion of the amount may be deductible.

B)   OFFICE EXPENSES:

Use this section to record miscellaneous expenses of supplies and services you are responsible for when you are on the road. For example, you may be required to fax or mail an important document back to your home office; such expensive is deductible if it is not reimbursed by your employer.

C)   SUPPLIES:

Generally to be deductible, items must be ordinary and necessary to your job. If you are an employee, only amounts not reimbursable by your employer are deductible. Record separately from other supplies, items costing over $100 and having a useful life of more than one year. These items must be recovered differently on you tax return than recurring everyday business expenses like maps, etc.

If you are required to wear a uniform, the cost and upkeep may be deductible. IRS rules specify that expense for work clothing and its maintenance is deductible if: (1) the uniforms are required by your employer (if you are an employee); and (2) the clothes are not adaptable to ordinary street wear.

D)   COMMUNICATION EQUIPMENT:

Since special rules apply to deductions for cellular and similar items (called “listed property” in the tax rules), it is important to track their business and personal use carefully. Such property potentially qualifies for larger current deductions when it’s used more than 50% for business. Keep your bills for cellular phone use and mark all business calls.

E)   FEES & DUES:

Union or other professional dues are deductible. Amounts paid to a union which are mean to go toward defraying your personal expenses are not deductible. However, any part of union payments which go into a strike fund is deductible.

G)   MISCELLANEOUS EXPENSES:

Use this section to record expenses that don’t easily fit to other categories. For example, if you look for a job in the same line of work, you may deduct the expenses. Such expenses could include mileage to interviews, resume preparation, etc.        

TRAVEL – AWAY FROM HOME Airfare   Bath & Shower   Bus & Subway   Car Rental   Laundry   Laundry Supplies   Locker Fees   Lodging (do not combine with meals)   Meals – Actual Cost (do not combine with lodging)   Number of Days Away From Home   Parking   Taxi   Telephone   Tips, Porter, Bagging Handling, etc.   Tolls   Toiletries   Train   Other:   Other:     SUPPLIES Compass   Ice Cheat   Maps   Map Book   Thermos   Tools   Trade Publications   Uniforms   Uniform Cleaning   Uniform Repairs   Other   Other   Other     MISCELLANEOUS EXPENSES Business Cards   Insurance – Business   Legal & Professional Services   Publications - Trade   Subscriptions   Testing – Job Related   Other:

SAFETY EQUIPMENT
Apron
Back Supporter (Belt)
Batteries
Fire Extinguisher
First Aid Kit
Flares
Flashlight
Glasses – Safety
Glasses - Sun
Gloves – Driving
Gloves – Work
Seat Cushion
Shoes/Boots – Safety
Other:
Other:

COMMUNICATION EQUIPMENT
Beeper
Cellular Phone
Citizens Band Radio
Long Range Communications
Radio
Weather Receiver
Other

OFFICE EXPENSES
FAX Expenses
Fed-X, UPS, etc.
Office Supplies
Postage
Secretarial
Stationary
Other:
Other:

FEES & DUES
Association Dues
License
Security Bond
Travel Card Fees
Union Dues
Other:
Other:

 

IRS Provides Penalty Relief to Farmers and Fishermen

Here is a word from the Goodfellas at the IRS:

IR-2013-7: IRS Provides Penalty Relief to Farmers and Fishermen‏

The Internal Revenue Service announced today that it will issue guidance in the near future to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.

The delay stems from this month’s enactment of the American Taxpayer Relief Act (ATRA). The ATRA affected several tax forms that are often filed by farmers and fishermen, including the Form 4562, Depreciation and Amortization (Including Information on Listed Property). These forms will require extensive programming and testing of IRS systems, which will delay the IRS’s ability to accept and process these forms. The IRS is providing this relief because delays in the agency’s ability to accept and process these forms may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline. The relief applies to all farmers and fishermen, not only those who must file late released forms.

Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. Under the guidance to be issued, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. A taxpayer qualifies as a farmer or fisherman for tax-year 2012 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2011 or 2012.

Farmers and fishermen requesting this penalty waiver must attach Form 2210-F to their tax return. The form can be submitted electronically or on paper. The taxpayer’s name and identifying number should be entered at the top of the form, the waiver box (Part I, Box A) should be checked, and the rest of the form should be left blank. Forms, instructions, and other tax assistance are available on IRS.gov.

Tax Organizer for Entertainers

KEY EXPENSES FOR ENTERTAINERS

A   CONTINUING EDUCATION:

Educational expenses are deductible under either of two conditions: (1) Your employer requires the education in order for you to keep your job or rate of pay; or (2) The education maintains or improves your skills in the entertainment profession. The costs of courses that are taken to meet the minimum requirements of a job, or that quality you for a new trade or business are NOT deductible.

B & C   PROMOTIONAL EXPENSES & SUPPLIES:

Generally, to be deductible, items must be ordinary and necessary to your profession as an entertainer. Record separately from other supplies, items costing over $100 and having a useful life of more than one year. These items must be recovered differently on your tax return than other recurring, everyday business expenses.

If you incur expenses while looking for a job in your entertainment field, they may be deductible. You do not actually have to obtain a new job in order to deduct the expenses. Out-of-town job seeking expenses are deductible only if the main purpose of the trip is job search, not pursuing personal activities.

D   AUTO TRAVEL:

Your auto expense is based on the number of qualified business miles you drive. Expense for travel between business locations are deductible; include them as business miles. Your trips between home and a permanent work location or between one or more regular places of work are COMMUTING and are NOT deductible.

Document business miles in a record book by the following: (1) Give the date and business purpose of each trip; (2) Note the place to which you traveled; (3) Record the number of business miles; (4) Record your car’s odometer reading at both the beginning and the end of the year. Keep receipts for all car operating expenses (i.e. gas, oil, repairs, insurance, etc.) and of reimbursement, if any, you received for your expenses.

E   TRAVEL – OUT-OF-TOWN:

Unreimbursed expenses of traveling away from “home” overnight on job related trips are deductible. Your “home” is generally considered to be the entire city or general area where your principal place of employment is located. Out-of-town expenses include transportation, meals, lodging, tips and miscellaneous items like laundry, valet etc.

Document away-from-home expenses by noting the date, destination, and business purpose of your trip. Record business miles if you drove to the out-of-town location. In addition, keep a detailed record of your expenses – lodging, public transportation, meals, etc. Always list meals and lodging separately in your records. Receipts must be retained for each lodging expense. However, if any other business expense is less than $25, a receipt is not necessary if you record all the information in a diary. You must keep track of the full amount of meal and entertainment expenses even though only a portion of the amount may be deductible.

F   TELEPHONE EXPENSES:

The basic local telephone service costs of the first telephone line provided in your home are not deductible. However, toll calls from that line are deductible if the calls are business-related. The costs (basic fee and toll calls) of a second line in your home are also deductible, if the line is used exclusively for business.

G   EQUIPMENT PURCHASES:

Equipment purchases such as musical instruments or telephone answering machines are shown differently on your tax return than are general job-related supplies. Keep documentation for these items separate from everyday expenses so that they may be easily identified when your return is prepared.

AUTO TRAVEL Between Jobs or Job Locations mi. mi. Client Meetings mi. Continuing Education mi. Job Seeking mi. Out of Town Business Trips mi. Purchasing job supplies & Materials mi. Professional Society Meetings mi. Parking Fees $ Tolls $ Other:     TRAVEL – OUT OF TOWN Airfare   Bridge & Highway Tolls   Bus & Subway   Car Rental   Laundry   Lodging (do not combine with meals)   Meals (do not combine with lodging)   Parking   Porter, Bell Caption   Taxi   Telephone Calls (including home)   Train   Other:     TELEPHONE EXPENSES Cellular Calls   FAX Transmissions   Paging Service   Pay Phone   Toll Calls   Other:     EQUIPMENT PURCHASES Answering Machine   Amplifiers   Audio Systems   Pager   Musical Instruments   Recorder   Speaker Systems   Other: