Vehicle Tax Preparation Checklist
Trucker's Gross Income
1)Trip Revenue
2) Detention Pay
3) Layover Pay
4) Inclement Weather Pay
5) Safety Incentive
6) Training Incentive
7) Service Incentive
8) Spotting Trailer
9) Outside Lumpers Fee
10)Tolls
11) Fuel Surcharge
12) Extra Pay
***NOTE:- Rates can be 52 to 60 CPM for On-Time Delivery + Safe Driver Bonus OR (27% of line haul + Transition Bonus + Safe Driver Bonus + On time Delivery Bonus + Referal Bonus + Tarp & Stop-Off pay).
Trip Expenses Sheet/Report:-This sheet/report contains the BASIC expenses that the Truck paid to make each trip. It does not contain ALL the overhead expenses that you paid to operate the truck during the year. A Truck Tax-Accountant can help you when you file your End-of-Year Corporation tax return to the IRS and State.
***NOTE:- File Your Fuel Tax Forms
(Call "PermitsPlus" (877)722-8059; or log-on to their website www.PermitsPlus.com.).
*IFTA-100 (Qtrly. Fuel Used Tax Return).
*MT-903-MN (Highway Used Tax Return).
*Form 2290 (Heavy Highway Vehicle Use Tax Return).
Tax Deductions
Here is a PARTIAL list (short list) of tax deductions for owners of:-
1) Light Trucks.
2) Heavy Trucks (Short Haul and Long Haul).
3) Passenger vehicles.(Cars and Buses)
4)Tire Shops.
5) Mechanic Garage/Shops
WARNING:- Those deductions are for information purposes ONLY, to show you that we know how the Transportation Industry operates. They are listed at random. Care MUST be taken when matching deductions to the various trades above. Taxpayers will be audited by the IRS & State for taking the wrong deduction(s).
(IRS & DOT Per Diems, Internet service, Fuel & fuel mileage tax, Vehicle depreciation; Defensive driver training, Out of state tax, Split fare, Base fee & Service fee, Black car fund , T&LC fee, Insurance Broker Fee, Agency broker fee, Legal & Accounting Fee, Commercial driver's license, Depot pass/Scale fees; Security & escort service, Truck & car wash, Limousine base fee, RIFA repair, Load board fee, Uber base fee, Communicar base fee, Lumpers fee, Uniform, cleaning & maintenance; Short hauler/drop lot; Sub-contractors, Safety boots, gloves & safety equipment; Wheel chair training class, Disposable tools, Dealer license & bond, Dept. of consumers affairs; Cost of inventory sold, Computer, Software, Scanner, Rebuild engine, Equipment rental, Generator, Welding machine, Wheel balance, Trailer door Locks & thermeters, Credit card processing fees, Bank fees, Meals & entertainment, Business cards, Signage, Posters & awning; Advertising & promotion, Trade show expenses, Tire repair and supplies (patches, plugs, glue, engine oil, etc.), Tire disposal, Trip mileage, Mandatory drug tests, Vehicle insurance, Business & premises insurance, Parking, Workers compensation & disability insurance, Rent, Electricity, Heating, Federal highway (IFTA) tax, Tolls & bridges, Repairs & maintenance, Telephone, Sales tax, Lease payment, Truck stop (shower, laundry & lodging), Vehicle Inspection, Registration & license plates, Private sanitation carting, Sweeping, Snow removal & salt, Garbage bags, Towing, Fire department & fire extinguisher, Heavy duty lifts, Hand tools, Hand cleaners/sanitizers, Tool storage equipment, Engine oil disposal, Unemployment & Payroll tax, Rain & Winter outfit/protective clothing etc).
Trucks
The taxable gross weight of a vehicle (other than a bus) is the total of:
1) The actual unloaded weight of the vehicle fully equipped for service
2) The actual unloaded weight of any trailers or semi trailers fully equipped for service customarily used in combination with the vehicle
3) The weight of the maximum load customarily carried on the vehicle and on any trailers or semi trailers customarily used in combination with the vehicle.
Buses
The taxable gross weight of a bus is its actual unloaded weight fully equipped for service plus 150 pounds for each seat provided for passengers and driver.
Heavy Vehicle Use Tax (HVUT)
Registered heavy highway vehicles with a gross weight of 55,000 pounds or more must file Form 2290. Form 2290 must be filed for each month a taxable vehicle is first used on public highways during the current period. The current period begins July 1, 2016, and ends June 30, 2017. Form 2290 must be filed by the last day of the month following the month of first use. The filing rules apply whether you are paying the tax or reporting suspension of the tax. Usually, owners of cars, vans, pickup trucks, panel trucks and similar vehicles are not required to file Form 2290. Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
International Fuel Tax Agreement (IFTA)
IFTA-100 & IFTA-101 or MT-903-FUT. This tax agreement allows Truckers to allocate milage to various states on Form 101 and send in total payment on Form-100 to the registered state where payment is disbursed/distributed to the other states.
Everyone who holds a license under the International Tax agreement Act is required to file those forms quarterly even if no fuel tax is due. The following vehicles are subject to New York fuel use tax.
a) Motor vehicles that have two axles and a gross vehicle weight or registered gross vehicle weight exceeding 26,000 pounds
b) Motor vehicles that have three or more axles regardless of weight
c) Motor vehicles that are used in combination, when the weight of such combination exceeds 26,000 pounds gross vehicle weight.
Highway Use Tax Return (HUT)
This is also referred to as the "Truck Mileage Tax". MT903 is use to report the total miles your heavy vehicle traveled in the state of New York. It must be filed monthly if the tax liability is more than $4,000 or annually if the tax liability is $250 or less.
How to send us your tax information
We prepare the end of year or final Federal & State tax returns. Some of our clients bring their documents to the office. Some of them Fax their documents to us. However, most of them send us their documents by DHL, UPS, FedX, and Post office (USPS). New clients must get our permission from us before they send their documents to us.
