Company Drivers Only
Are you getting the best tax advantages possible?
If you file an itemized tax return, you can deduct employee business expenses you incur but are not reimbursed for. You can deduct any expenses that are necessary or required in the performance of your job and/or operation of the truck but are not reimbursed by your employer, such as, uniforms, work boots, gloves, logbooks, maps, cell phone, CB, tools, etc. These deductions are only available if you itemize and are not available if you take the standard deduction. Remember, you are also entitled to the per diem allowance for overnights to cover the cost of meals and incidentals while on the road. However, this deduction is only available if you are not reimbursed for meals and you itemize.
To determine if you will benefit from itemizing, the total of all your individual deductions must be greater than the Standard Deduction.
Standard Deduction Tax Year 2011
Married Filing Jointly & Qualifying Widow(er)
$11,600
Single
.
$5,800
Head of Household
.. $8,500
Married Filing Separately
..
. $5,800
Qualifying Widow / Widower
$11,600
The 2011 per diem rate for meals is $59.00 per day times 80% for transportation workers.
Example: If you are a single company driver and your only deduction is your per diem for overnights, your deduction for overnights must total more than the standard deduction.
Lets say your overnights for the year total 250
250 overnights multiplied by the new per diem rate (250 x 59) = $14,750
The allowable per diem deduction is 80% of the total, therefore 80% of $14,750 = $11,800
The Standard Deduction for a single company driver is $5,800 - However with 250 overnights you would qualify to itemize with $11,800 in deductions. By itemizing you will have $6,000 more in deductions than if you had used the Standard Deduction; ADD TO THAT ANY ADDITIONAL ITEMIZED DEDUCTIONS WHICH YOU MAY HAVE (such as State Income and Property Taxes and Mortgage Interest).
Company Drivers
Determine
what kind of Tax Return you need and what it will cost.
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If you have: |
You will need: |
It will cost: |
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W2 - Wage Earnings Form Interest Income - Form 1099-INT Unemployment Compensation & Tax Refunds - Form 1099-G |
Form 1040 EZ |
Fee $100 |
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Dependents - (Social Security numbers must appear) Dividend Income - Form 1099-DIV, Interest Income-1099 INT Social Security Benefits IRA Distribution - Form 1099-R Pension or Annuity Income - Form 1099-R IRA Contribution Student Loan Interest ----------------------------------------------------------------------------- Child Care Credit (must have providers tax ID or SS #) Education Expenses Adoption Credit |
Form 1040 A ------------------- Form 2441 Form 8863 Form 8839 |
Fee $175 ----------------- additional $50 additional $25 additional $25 |
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K-1 Partnership Income - Form 1099-MISC * Rental Property Employee Business Expenses Home Mortgage Interest - Form 1098 Second Mortgage Interest Real Estate/Property Tax Donations Medical Expenses * * Multiple W-2s * (more complex transactions may incur higher
fee. Including but not limited to
those transactions listed above.) |
Form 1040 |
Fee $275 |
State Tax Return included FREE (Extra Charge for
Extra Charge for more than (2) W-2s
E-File is available on all Tax Returns in all States (for
additional $25.00 fee)
Instructions for Income Tax Preparation:
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Complete Tax Organizer.
Click HERE to Download it NOW! 
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Attach Tax & Wage Statements (W-2, 1099, 1098 etc.). |
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Attach check for fee made payable to PBS Tax & Bookkeeping Service. |
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Mail to PBS Tax & Bookkeeping Service (address appears at top of Tax Organizer). |
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If you anticipate a refund and want direct deposit, please include a voided check for the account you want the deposit made to. |
