David is cool with answering some tax questions. Here is his website Www.truckerstaxreturns.com Driving? Listen @ anchor.fm/the-asian-mai-show/episodes/CPA-Exposes-Truth-There-Are-2-Things-You-Need-To-Know-About-Doing-Your-Taxes-As-A-Truck-Driver-es12qt
As an owner operator for more than 30 years, I learned one day one to purchase everything on a credit card which I obtained for nothing else except things related to my long haul trucking. Any and all recepts of items I've bought or paid for were sent to my home along wiht the records from the various companies I worked for over the years. Bringing those records to my tax man, always proved to be a positive. Reducing my gross to a taxable level which reduced my tax liabilty dramatically. Why all trucker's don't use a professional tax preparer is the question. The cost of paying them to reduce ones liability is also tax deductable. So it doesn't really cost anything. In all my years, I've never been audited.
This is amazing. I wish I would've thought about his 2 years ago when I started. I'm very organized and I'm doing it correctly just not making at easy for myself as you have. Bravo man.
It’s simple. Try using a business card and request your card statement of all purchases. Keep a ziplock bag on file folder for all receipts. Buy bookkeeping software and hire a CPA. Turn in all receipts, business card states to CPA.
@theAsianmaishow. Big homie. Do some vids on eating healthy on the road, staying in health as a trucker and exercising and liftings weights and how important it is to our lifestyle Pull up on some fit drivers. Ya dig!!
@@interestingcomments5178 when you pull over to rest workout for 2 hrs “calisthenics” dumb bell curls,dip bar, sleep for 6hrs, shop at the Grocery store, fruit vegetables, nuts,grains,brown rice, quinoa,lentils, cook your food,get a crock pot, workout 6 days a week
@@interestingcomments5178 sandbag training and heavy club training helps tremendously, and easy to carry in a truck.. I have a day cab and I carry a 25 pound kettlebell, 15 pound heavy mace, and 10 pound heavy club.. follow Mark Wildman he will set you straight..
Eat once a day, plan your meals, buy and pack accordingly. Check out Dr. Berg, pretty much changed my whole everything. Great info at the least my guy!
I just went to a CPA about a week ago and she basically made me feel like the biggest idiot she ever had in her office the silence she gave me when I told her I didn't have some information was enough to book the hell outta there. Guarantee I have more cash on me than she will ever have even asked before I came there for some kind if checklist. I do everything on quickbooks and this will be my first calendar year as owner op, so its definitely overwhelming and it would help to find someone that will actually teach you shit
@@anthonywright3443 WHAT? I'm running a truck business not trying to be a tax lawyer. I have barely the FMCSA handbook. That kind of stuff puts me to sleep
I spent $30,000 redoing my truck having it painted putting on new chrome but that was necessary for my business because good looking equipment it’s necessary. No matter what this guy says you always turn that in on your taxes! Keep is necessary and the DOT will agree with that!
I know it was only a quick part of the video, but there are clothing expenses you can deduct. Normal everyday clothes you can't, but if you have a shirt with your company name on it, those are considered a uniform, and are tax deductible. The company name must be permanently attached, so no buttons or anything, and it also has to be visible, so embroidering your underwear won't work. You can also deduct any clothes cleaning while on the road, like if you stop at a laundromat. Actually, you could deduct a portion of your home laundry expenses, like for soap and stuff, as long as the clothes got soiled while away overnight on business.
If you are spending over 10k or higher in accessories, such as paint, chrome and so on for your truck. You will be better to use that as depreciation. Save you less time in maybe have a red flag to you. Plus you can depreciate that over 2yrs or maybe more depends how high that bill is. Example... Motor redone, new paint job, stuff that cost over two digits in a bill. There are loop holes on what to write off and some are not.. Major tip is do not keep filing for extension every year and some how you make over 200k a year, but only owe small thousands to the IRS... Sooner or later will watch you if you keep repeating that.. Be fair, but be smart on doing your taxes.. IRS doesn't need to take all your money away
Wouldn't having a LLC with a separate bank account and business credit card, where your operating authority drives under, be helpful in tracking your expenses? This way you don't mix your private expenses with your business expenses and it makes easier to log and track.
Love your vids I’m 20 working at ups gonna start driving at 21 I’m planning on putting in my time and retiring out but I’m super interested in the industry and wanna spend time to get educated in all sides of the business so I possibly could manage my own trucking company once I retire and build my own future your videos help a lot could you do a video explain the average cost for a starter rig I know you have many videos exposing different prices and all that so maybe you could clip it together I feel like it would be super interesting @The Asian Mai Show
Yo brotha! Love the mother trucker community. I work for a company that provides technology for managing expenses, payroll, and other admin tasks business owners must complete regularly. Would love to speak with you bro! I have helped truckers in the past and it’s been a game changer!
Simple easy way is have a spread sheet end of day write date item cost so then you or better half can log into computer program you use. One thing I found on this guy wrong is clothes. For instance you work in oil and gas exploration you must purchase FRC could mean pants shirts other contracts may be requiring cover alls. If it is work specific then is deductible
Can you use all the chrome and what not to fix your truck up to make it look good, and consider it as advertisement to get more views for your company?
I was told to put the truck in my name, and lease it to my company. To avoid jeopardizing my truck in case (god forbid) something happens with my LLC. Unfortunately, I would pay tax on transferring ownership from company to person.
I'm a trucker. Use to be an accountant. Even got my MBA. Started out at Prime. Finish my training a month ago, now I'm leasing. Paperwork for me is fun. Slowly building up my company all on my own.
@@leagueofotters2774 I left corporate in 2012. Went into self employment doing auto repair (garage). Owned/managed that for 7 yrs. Jumped into trucking in 2019 with own MC and 10K truck. ... I kick myself for not getting in earlier. Corporate life, plus garage was a waste of time. This past 2 weeks I made $25K burning $2K of fuel.
Fleecing is a bad idea no matter how you look at never ever do it majority of people never finish a fleece .You pay more for it than what they bought it for .bad move stick with company driver now that fuel is through the roof.
Problem many of us face is,... Company drivers are not able to claim deductions, so WE are left out unless companies are willing to reimburse for the drivers road expenses. And there are those who Won't.
Per Diem apllies to all drivers. If your company doesn't pay it, you can either take the Standard Deduction, or keep all your receipts from the road, and deduct that amount. As he said, typically the Standard Deduction is the way to go.
my question is about section 179 equipment depreciation, on this you can deduct 100% of value a year on vehicle over 6,000 pounds gross weight. How it works for new truck versus used truck and if it is convenient to deduct all the full amount in one year.
It's up to 100% but that's on the first year of service. You can only claim Section 179 deduction the first year you purchase it and put it in service.
@@lovingme1st973 Wesley mistakes was not learning how to represent and defend himself. If your not willing to educate yourself, you can't defend yourself.
@Brian J key word, uneducated, law hasn't changed since the 14 century. Most lawyers up till late 19 century, were self educated. Go get you a lawyer, a fool and his money will soon part ways. I have and always will represent myself. I am doing great. I understand this video is for lazy people. Most will never do the work and will always have excuse of why they can't do anything.
No you don't. H&R Block, Jackson Hewitt and the like are just fine. Bring in your 1099 and a rough list of all ORDANIRY and NECESSARY expenses. They don't need receipts or anything like that. But if you do get audited, you need them for the IRS.
Advisable..... you are supposed to pay quarterly taxes. You pay a penalty at tax time if you don't. At least that's the way it is to be. But I sold my junk 15 years ago so it may have changed since then.
Very very good information that keep it up buddy we need more videos like that we need these cowboy trucks to get that paperwork straight and correct make that money out there not losing
David is cool with answering some tax questions. Here is his website
Www.truckerstaxreturns.com
Driving? Listen @
anchor.fm/the-asian-mai-show/episodes/CPA-Exposes-Truth-There-Are-2-Things-You-Need-To-Know-About-Doing-Your-Taxes-As-A-Truck-Driver-es12qt
As an owner operator for more than 30 years, I learned one day one to purchase everything on a credit card which I obtained for nothing else except things related to my long haul trucking. Any and all recepts of items I've bought or paid for were sent to my home along wiht the records from the various companies I worked for over the years. Bringing those records to my tax man, always proved to be a positive. Reducing my gross to a taxable level which reduced my tax liabilty dramatically.
Why all trucker's don't use a professional tax preparer is the question. The cost of paying them to reduce ones liability is also tax deductable. So it doesn't really cost anything. In all my years, I've never been audited.
This is amazing. I wish I would've thought about his 2 years ago when I started. I'm very organized and I'm doing it correctly just not making at easy for myself as you have. Bravo man.
This guy is even tempered, that's how you want your CPA.
Definitely 😅🤣😂
It’s simple. Try using a business card and request your card statement of all purchases. Keep a ziplock bag on file folder for all receipts. Buy bookkeeping software and hire a CPA. Turn in all receipts, business card states to CPA.
@@bigdaddytrucker8312 lol, a shoe box works too.
That’s why I use a bank card when I’m out on the road. I’m not dealing with keeping receipts.
@@iamOAKland totally agree!
@theAsianmaishow. Big homie. Do some vids on eating healthy on the road, staying in health as a trucker and exercising and liftings weights and how important it is to our lifestyle Pull up on some fit drivers. Ya dig!!
I will!!!
Working out on the road. Gyms and things like that. How to work it into your schedule without cutting into sleep time.
@@interestingcomments5178 when you pull over to rest workout for 2 hrs “calisthenics” dumb bell curls,dip bar, sleep for 6hrs, shop at the Grocery store, fruit vegetables, nuts,grains,brown rice, quinoa,lentils, cook your food,get a crock pot, workout 6 days a week
@@interestingcomments5178 sandbag training and heavy club training helps tremendously, and easy to carry in a truck.. I have a day cab and I carry a 25 pound kettlebell, 15 pound heavy mace, and 10 pound heavy club.. follow Mark Wildman he will set you straight..
Eat once a day, plan your meals, buy and pack accordingly.
Check out Dr. Berg, pretty much changed my whole everything. Great info at the least my guy!
I use him. Great guy. His wife handles my books. I highly recommend.
Are you in Ohio also?
@@thadiesel7655 I’m not I’m in North Carolina
@@Truckin_life cool. I'm in texas. Didn't finish the video yet. Did they leave contact info for him?
Hey there how much does he charge today???
@@TruckingaccrossUSA $750
Great video Alex, you the man.
Alex you are always asking the right questions in your interviews
Remember...... An audit doesn’t mean guilty, it means prove it to me that’s it.... people nowadays are scared of an audit.
David just got himself a new customer! Thanks Mai!
I just went to a CPA about a week ago and she basically made me feel like the biggest idiot she ever had in her office the silence she gave me when I told her I didn't have some information was enough to book the hell outta there. Guarantee I have more cash on me than she will ever have even asked before I came there for some kind if checklist. I do everything on quickbooks and this will be my first calendar year as owner op, so its definitely overwhelming and it would help to find someone that will actually teach you shit
I'm here!!!
Go read the code for yourself, get a law dictionary, read and reread it till it soaks in. Its not hard, don't let fear control your reality!!!!
@@anthonywright3443 WHAT? I'm running a truck business not trying to be a tax lawyer. I have barely the FMCSA handbook. That kind of stuff puts me to sleep
@@supertrucker1356 keeping hunting for the best for yourself they are out there
@@calisingh7978 Found one, but expensive as hell. I just fired my old accountant after 11yrs
This is great! Let’s keep this going and look forward to live sessions with Q & A!!!
Great info!
Great video. Thank You!!
I spent $30,000 redoing my truck having it painted putting on new chrome but that was necessary for my business because good looking equipment it’s necessary. No matter what this guy says you always turn that in on your taxes! Keep is necessary and the DOT will agree with that!
I know it was only a quick part of the video, but there are clothing expenses you can deduct. Normal everyday clothes you can't, but if you have a shirt with your company name on it, those are considered a uniform, and are tax deductible. The company name must be permanently attached, so no buttons or anything, and it also has to be visible, so embroidering your underwear won't work. You can also deduct any clothes cleaning while on the road, like if you stop at a laundromat. Actually, you could deduct a portion of your home laundry expenses, like for soap and stuff, as long as the clothes got soiled while away overnight on business.
If you are spending over 10k or higher in accessories, such as paint, chrome and so on for your truck. You will be better to use that as depreciation. Save you less time in maybe have a red flag to you. Plus you can depreciate that over 2yrs or maybe more depends how high that bill is. Example... Motor redone, new paint job, stuff that cost over two digits in a bill. There are loop holes on what to write off and some are not.. Major tip is do not keep filing for extension every year and some how you make over 200k a year, but only owe small thousands to the IRS... Sooner or later will watch you if you keep repeating that.. Be fair, but be smart on doing your taxes.. IRS doesn't need to take all your money away
I was waiting for this ,,, great interview,, thanks Alex
Appreciate you
Love your content bro!!! Very helpful!
Appreciate you for watching thanks
Did my Taxes myself... let’s see if I don’t go to jail 🤣😅
turbo tax?
Very cool Mai! David seems to be a straight shooter IMO. 👍🏻😎
Definitely a great guy
Awesome guest, great timing for the video!
Thanks for all the support
Yo I really appreciate you bringing us this guys knowledge
If there were college classes on being a truck driver you would be the perfect teacher 💯
Aww. Appreciate you brother
@@MuthaTrucker no problem bro💪🏾🙏🏾💙
Id never skip a class
This guy is invaluable! We'll worth his fees.
How much does he charge???
I appreciate this information today!
Np. Thanks for watching
I love your show brother ! I'm learning so much from your show
Wouldn't having a LLC with a separate bank account and business credit card, where your operating authority drives under, be helpful in tracking your expenses? This way you don't mix your private expenses with your business expenses and it makes easier to log and track.
Love your vids I’m 20 working at ups gonna start driving at 21 I’m planning on putting in my time and retiring out but I’m super interested in the industry and wanna spend time to get educated in all sides of the business so I possibly could manage my own trucking company once I retire and build my own future your videos help a lot could you do a video explain the average cost for a starter rig I know you have many videos exposing different prices and all that so maybe you could clip it together I feel like it would be super interesting @The Asian Mai Show
You can deduct clothing, but it has to be High glow. And you can find some fashionable High glow nowadays.
Some good stuff here💯💪💪
Appreciate you
Great info... For a second I thought you was interviewing Bob Ross
Chrome is necessary for visibility.
Yo brotha! Love the mother trucker community. I work for a company that provides technology for managing expenses, payroll, and other admin tasks business owners must complete regularly. Would love to speak with you bro! I have helped truckers in the past and it’s been a game changer!
What's the name of the company
Great info, love 💕 this show
Thanks so much for watching. Means alot
Simple easy way is have a spread sheet end of day write date item cost so then you or better half can log into computer program you use. One thing I found on this guy wrong is clothes. For instance you work in oil and gas exploration you must purchase FRC could mean pants shirts other contracts may be requiring cover alls. If it is work specific then is deductible
General use clothing is not deductible. Safety clothing is deductible.
Great video. Keep up the good work
Asiamwi always ask good questions 💯💯
Appreciate you
Thanks for a informative videos brother I really need one of them hat's
Haha. Appreciate you. Checkout theasianmaishow.com/ for a hat. Thanks for the support
Can you use all the chrome and what not to fix your truck up to make it look good, and consider it as advertisement to get more views for your company?
can't like this video, wonder why...the button isn't working, BUT THIS ID AMAZING INFORMATION❤❤❤❤
I was told to put the truck in my name, and lease it to my company. To avoid jeopardizing my truck in case (god forbid) something happens with my LLC. Unfortunately, I would pay tax on transferring ownership from company to person.
I'm a trucker. Use to be an accountant. Even got my MBA. Started out at Prime. Finish my training a month ago, now I'm leasing. Paperwork for me is fun. Slowly building up my company all on my own.
God bless you
Ohh boy leasing..... after a month
@@leagueofotters2774 nite and day for me. I have IT degree...and hated corporate...lol 🤣 trucking is cakewalk
@@leagueofotters2774 I left corporate in 2012. Went into self employment doing auto repair (garage). Owned/managed that for 7 yrs. Jumped into trucking in 2019 with own MC and 10K truck. ... I kick myself for not getting in earlier. Corporate life, plus garage was a waste of time. This past 2 weeks I made $25K burning $2K of fuel.
Fleecing is a bad idea no matter how you look at never ever do it majority of people never finish a fleece .You pay more for it than what they bought it for .bad move stick with company driver now that fuel is through the roof.
Great topic ..ty for this
Asian Mian Young Insight For The Truckers I Hope They Take Heed
Thanks for the support!!!
Chrome is necessary for mental health and general well being.
I think his business is going to blow up after being on RUclips.
Problem many of us face is,... Company drivers are not able to claim deductions, so WE are left out unless companies are willing to reimburse for the drivers road expenses. And there are those who Won't.
Per Diem apllies to all drivers. If your company doesn't pay it, you can either take the Standard Deduction, or keep all your receipts from the road, and deduct that amount.
As he said, typically the Standard Deduction is the way to go.
Alex!!! Pimpin for chrome, and a TAX deduction!
😅🤣😂
Thank you brother
I like David lol he smooth
my question is about section 179 equipment depreciation, on this you can deduct 100% of value a year on vehicle over 6,000 pounds gross weight. How it works for new truck versus used truck and if it is convenient to deduct all the full amount in one year.
It's up to 100% but that's on the first year of service. You can only claim Section 179 deduction the first year you purchase it and put it in service.
Next video about Practical and how to cut mileage and steal $$$ on driver’s paycheck, then about waiting time ...
Lets go!!!
@@MuthaTrucker yes sir, let’s go ! If you want to talk about it, please contact me anytime. Thks. Phil
i believe food cost is already added by the days you out.
credit cards also help point where u been eating and where u been
Thanks...helped alot
what he means is truckers are easy victims he just refered to a lease operator as an owner-operator call the irs for proof
Most people don't spend 60 bucks on food? 10 wings and a drink at pilot is 16 bucks. Thats just lunch
Do LLC S Corp Trucking have to pay Nexus Tax?
Is David accepting returns?
Alex!!! No such thing as Too Much Chrome!
🤣😂🤣😂
Is it better to be a company driver or an O.O.? Did you ask the CPA?
Taxes r voluntary. There r ways not to pay legally.
😂😂😂😭😭😭Wesley Snipes said the same thing and we all know how that ended.
@@lovingme1st973 go watch freedom law school on utube. Maybe learn something.
@@lovingme1st973 Wesley mistakes was not learning how to represent and defend himself. If your not willing to educate yourself, you can't defend yourself.
Exactly and there's a book that tells you exactly how to do it! The US tax code!
@Brian J key word, uneducated, law hasn't changed since the 14 century. Most lawyers up till late 19 century, were self educated. Go get you a lawyer, a fool and his money will soon part ways. I have and always will represent myself. I am doing great. I understand this video is for lazy people. Most will never do the work and will always have excuse of why they can't do anything.
Alex is pulling rabbits out of his trucker hat,lol
What's the average cost to pay a CPA?
I'll ask
I thought they did away with claiming per diem?
For company drivers. Owner Ops CAN, company drivers CANNOT.
I really need a referral for a good CPA im just starting into the owner op side of things and don't know what im doing
No you don't. H&R Block, Jackson Hewitt and the like are just fine. Bring in your 1099 and a rough list of all ORDANIRY and NECESSARY expenses. They don't need receipts or anything like that. But if you do get audited, you need them for the IRS.
how many actually get audit
@@guerillachan20 Less then 1% of all business get audited.
Is it true that you have to put 25% of your net (after deductions) to the side for federal and state taxes?
Thanks.
Advisable..... you are supposed to pay quarterly taxes. You pay a penalty at tax time if you don't. At least that's the way it is to be. But I sold my junk 15 years ago so it may have changed since then.
@@10ectaco10 appreciate the insight. I’m just getting different answers from all over the place...don’t want to set myself up to fail
He is 50 miles from my house
Awesome. Small world
Corrrect me if I’m wrong but is this dude dictating what you can or can’t do to your own truck?
If You have a 👍 GREAT. CPA..YOU HAVE TO CARRY BAIL MONEY 💰 😏!!!??? FOR HIM...!!!!?????
Very very good information that keep it up buddy we need more videos like that we need these cowboy trucks to get that paperwork straight and correct make that money out there not losing
anyone know a good cpa in utah area?
I couldn’t care less about chrome I don’t even like chrome
He sounds expensive lol
🤔
😇🤗
Get a tablet and write everything down.if don't have a computer.very simple
This guy is even lazy to talk
Great info!