Jan. 19, 2026

Trucking & Taxes 2026

Trucking & Taxes 2026
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Season 4

TaxTalk4U.com Trucking, Business and Taxes. What you need to know about trucking, how taxes effect your business. How to minimize taxes for business. Getting all your deductions that save you money on taxes. For truckers, tax requirements differ significantly depending on whether you are a company driver or an independent owner-operator. Owner-operators file as self-employed business owners, which involves paying quarterly estimated taxes & claiming many business-related deductions.

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fouler EA brings you Tax Talk for you right here

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on W four CY Radio and Talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax Talk for you

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with your hosts.

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Barry G. Foul Or, Hey, good morning, It's another great

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Monday to be here talking about taxes. And you know,

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being here on Tax Talk for You allows us to

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give bring a lot of information about taxes to help you,

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you know, whether it's in business, whether you are a

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W two employee, whatever it may be, it's about helping

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with taxes, helping to reduce your tax burden. Maybe also

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help you with your bookkeeping so that you can use

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bookkeeping to find ways to reduce your tax burden as well.

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We've had a busy, busy couple of weeks, you know

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here we start out January kind of behind the eight

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ball because it's like the quadruple witching hours of deadlines.

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You know, this month you've got, of course, your estimated

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tax deadline that you've got to make your estimated taxes.

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You know, that was back on January fifteenth. And then

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you know, we've got payroll tax deadlines, your nine forty one,

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your nine forties, your W two's, and then we also

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have the deadline to get ten ninety nine's out all

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in one month. Now. You know, if you're doing ten

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ninety nine, this means you've got to have everything caught

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up for the whole year in your bookkeeping or be

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tracking your payments going out to your contractors, and know

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that you have it right so that by January thirty

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first you can issue your ten ninety nine payroll to us,

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if we're dealing with payroll for our clients, is a

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little bit easier because we've been tracking payroll for your

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employees every single pay period and so our system will

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come in and generate it. We just go through it

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and verify it. So it makes payroll a little bit

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easier than doing ten ninety nine for our clients. Now,

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if you were doing payroll on your own and you

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weren't using a payroll software, you may have a little

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bit more complications in going through and doing that and

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generating W two's, So you know, something you've got to

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be aware of to making sure that hey you can

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dot your eyes, cross your t's and get these forms

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off filed. Yeah, as much as this is a great month,

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we've also started building additional offices and it's something that

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we're working on slowly because we're doing it ourselves. So

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you know, the fun part is is, you know, we've

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we've got now the structure built. Now we're working to

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get the interior built. So this is going to be

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kind of a little bit of a fun We always

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talk about do it yourself. You know, we've already had

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to call somebody in to help with the electrical. We've

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have a little bit of it done, but we wanted

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to make sure that we got it right. We don't

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want to burn the building down because hey, I know taxes,

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and I do know a little bit about doing some

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construction because we work around the ranch all the time.

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Building things. Electrical is not something I can totally get into.

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But hey, we've done a little bit of it. Now

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we're bringing in electrician to either fix it, make it right,

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or hey, yeah, say hey we've done it right and

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we can get power to the building. You know, that's

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a whole other story. Today we're talking about taxes, taxes, taxes,

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tax You know, they're common thing out there that says

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there's only two sure things in life, and that's death

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and taxes. Unfortunately, taxies hits you. Why are a live?

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Taxes could hit you while you're dead. But hey, what

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we're here to do is help you figure out ways

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to avoid bang as much in taxes. And today we're

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talking about small business. Then we're talking about trucking company

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out there, truckers. You know, as a trucker owner our

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operator out there, you have different kind of taxes, different

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kind of deductions than many other small businesses. Now, a

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lot of the stuff we're going to talk about for

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you as an owner operator, as a small business, it

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is going to apply to small business people. And then

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we'll talk about the special things that apply towards you know,

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trucking and owner operators and things like that that are

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going to apply just to you as well. So, unfortunately,

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company drivers, if you're a company driver, you're a W

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two driver, you don't get all the deductions that used

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to be there back before the Trump tax laws went

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intofect back in twenty seventeen. Your taxes are typically withheld

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automatically from your paycheck, and you can't deduct job related

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expenses on your federal return. Now that being said, if

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your employer was pretty smart, they started paying you per diems, which,

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if they were doing that, lowered your W two pay

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which lowered your taxical income, which benefited you for taxes,

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but didn't necessarily benefit you for maybe going to getting

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a mortgage, paying in for Social Security and how much

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you're going to get in Social Security. So there are

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some drawbacks out there, but it did save you quite

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a bit in taxes. You know, that money that came

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to you via per diem, am on a W two.

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You didn't pay Soial Security of Medicare on it, so

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that saved you seven and a quarter percent, and you

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didn't pay federal income tax on it, so that saved

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you whatever you're actually so there were some benefit. Now,

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if you're an owner operator, you're considered to be a contractor,

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you considered ten ninety nine, you're classified as self employed.

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You must manage your own tax payments. You're required to

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pay self employment tax at fifteen point three percent for

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Social Security and Medicare, and may quarterly estimated tax payments

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if you expect more than one thousand dollars. Now, when

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we do quarterly estimated taxes, a lot of times we

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base that off of the prior year's return. But if

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income is down, then we can go back and base

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it off of actual, not off of the prior year.

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So you know, we kind of have to look at

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that as well. Now, the beautiful part about being self employed,

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you know, one you're working for yourself. You dictate when

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you work when you don't work. Now, and be honest,

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if you're not self driven, if you don't want to

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pursue income and money and work really hard, and you

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can't push yourself. Don't become self employed, don't become an

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owner operator. You know, if you are driven to go

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after meeting your goals or income needs and stuff like that,

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and your self driven, because as an owner operator, the

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only person that pushes you is yourself. Well, okay, maybe

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your wife, but is yourself. As a W two employee,

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you have a boss demands or mandates that you're going

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to be there and work these many days and you're

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going to do this, and you're going to do that. Now,

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when you're self employed, you're your own boss. It means

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you've got to push and you do things you need

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to do to generate the kind of revenues that you

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need to support yourself, your family, support the business. Well,

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so you're going to take all your deductions. Now you're

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going to use vehicle expenses. Now as an owner operator

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for your semi truck, your tractor, your trailer, you're going

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to use the actual expense method, not the standard mile

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because semi trucks are considered qualified non personal use of vehicles.

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So you get the deductions of fuel, oil, tires, maintenance,

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maybe your truck lease payments, depending on whether it's a

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capital or operating least loan interest you might be able

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to now if if you're buying the truck and purchasing

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the truck and be able to take Section one seventy nine,

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which is going to allow immediate deduction of the full

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cost of the qualifying truck in the year of purchase.

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So there's some benefits here. Now, if yours is an

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operating lease means you're just going to deduct your lease payments,

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means you're not going to get ownership of that truck

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at the end of the lease. You just return it. Okay,

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capital lease means there's a small buyout at the end

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of the lease, and you could own the truck at

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the end of it. If you pay the small buyout

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at the end, let's say a dollar one thousand dollars,

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you know, something less than what the residual fair market

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value would be on that truck. Wouldn't make that an

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operating lease, and you'd be able to take appreciation maybe

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even Section one seventy nine. And then you've got to

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figure out what kind of loan interest is in that

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operating lease as well. So you kind of got to

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read your leases. You got to look at it, and

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you know exactly what you are signing in what kind

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of lease it is, so that you know how to

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record it on your taxes. And that's the benefit of

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you know, hey, maybe having an operating lease versus the

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capital lease versus purchasing the truck outright. And when you

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purchase the truck outright, then you know for sure you're

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going to be able to do depreciation, whether it's Section

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one seventy nine or bonus appreciation. All these things will

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come into play based on the type of equipment that

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you just bought, and you can buy other equipment. Hey,

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we're going to take a quick break here. When we

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come back, we're going to continue talking about tap of

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the deductions and everything else, and we're going to touch

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back on read Read Read. We'll do that right after we.

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Have only scratched the surface of today's show. Please stand

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by as Barry Chief Bower will be right back with

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tax talk for you. If you own the IRS or

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are going through an IRS audit, don't go at it alone.

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Call Taxation Solutions Tax Relief at eight eight eight nine

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three zero one zero one six. We are your solution

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for IRS debts, audits, back taxes, garnishments, leans and levees.

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Whether you're an individual or business, you need a solution

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and a strong, aggressive tax resolution. Don't let the irs

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walk all over you. Stop the irs now call eight

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eight eight nine three zero one zero one six or

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go to Taxationsolutions dot net now for a free no

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obligation consultation. Let's get back to tax stock for you

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with more tax stock once again.

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Here's your host, Barry G. Fowler. Hey, we ended that

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first section talking about read read read. You know, when

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they talk about business and you're establishing a place for business,

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they talk about location. Location. Location is extremely important. When

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I talk about the trucking industry and the truckers out there,

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I talk about read read read now now as a

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mean read for education or continuing education or anything like that.

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What I mean is you're buying a piece of equipment.

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You're spending sixty seventy eighty two hundred thousand dollars on

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a semi and you just go in and sign, well,

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read the document. There are so many truckers that have

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signed purchase agreement leases, financing deals but never really read

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the agreement. They didn't have any clue what they signed. Now,

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you know taught me is hey, before you sign anything,

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you should be reading. You know, I know, hey, you

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know credit cards, you understand there you just sign you

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do these things. It just signs, you know, it just says, hey,

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that you're responsible for the payment regardless of you know,

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whatever happens, and you got to pay the credit card

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company and so forth. But when it comes to leasing

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a piece of equipment, look at not just what the

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payment's going to be, but how long the payment is

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going to be. Ask them how much would it be

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if I paid cash for this vehicle. Maybe you can

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get a better loan from the bank. Then you can,

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you know, doing a operating lease or capital lease. Maybe

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you're going to get a better deal. Instead of financing

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with the trucking company that's selling you the piece of equipment,

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00:13:46.720 --> 00:13:50.240
Maybe you're financing with somebody else because it could be cheaper.

223
00:13:50.440 --> 00:13:54.320
Look at the interest rates. I've seen ridiculous interest rates

224
00:13:54.679 --> 00:14:00.440
charged on semis and trailers that people never ever actually, well,

225
00:14:00.440 --> 00:14:02.559
I just saw what the payment was and it was fine.

226
00:14:03.000 --> 00:14:05.960
You know, yeah it was eighty four months or whatever.

227
00:14:06.080 --> 00:14:09.679
The time period was sixty months. You know, sometimes it

228
00:14:09.679 --> 00:14:14.240
doesn't make sense. So I always tell people, whatever you do,

229
00:14:14.960 --> 00:14:17.919
read your agreement. If you're going to be leasing for

230
00:14:18.159 --> 00:14:21.759
somebody you're signing on with. Read the agreement, Know and

231
00:14:22.039 --> 00:14:28.639
understand that these guys have potentially repossessed trucks from drivers

232
00:14:29.080 --> 00:14:32.279
and are re selling them to somebody else because why

233
00:14:32.759 --> 00:14:35.240
you're least one, and all of a sudden the loads

234
00:14:35.240 --> 00:14:38.440
stop in that final year of your lease and you

235
00:14:38.440 --> 00:14:40.519
can't afford the truck and they take it back from you.

236
00:14:41.120 --> 00:14:43.360
We hear these stories, and we hear these things that

237
00:14:43.399 --> 00:14:45.799
have happened to people. You don't want it to happen

238
00:14:45.840 --> 00:14:49.639
to you. So make sure whatever you're signing you're very

239
00:14:49.759 --> 00:14:55.720
very much aware of so that you don't get in

240
00:14:55.759 --> 00:14:58.759
trouble towards the end of the lease. Now, you know,

241
00:14:58.879 --> 00:15:02.600
just like any other businesiness, you'd be looking to deduct

242
00:15:02.679 --> 00:15:06.639
job costs, you know, and that may be job specific gear,

243
00:15:06.799 --> 00:15:12.480
so that's as safety equipment, deal to boots, gloves, tools, CDL, licensing,

244
00:15:13.000 --> 00:15:15.720
those kind of things are all going to be deductible

245
00:15:15.759 --> 00:15:20.240
for you as a business owner. Other common deductible business

246
00:15:20.240 --> 00:15:23.759
expenses that you can claim as an owner operator insurance

247
00:15:23.759 --> 00:15:27.799
predem premiums. You can run off the expense for insurance

248
00:15:27.840 --> 00:15:30.799
premiums related to your business. Now it doesn't mean your

249
00:15:30.840 --> 00:15:36.240
homeowner's insurance. It means insurance for your business liability insurance,

250
00:15:37.279 --> 00:15:44.120
you know, coverage on your truck accident, commercial liability, property

251
00:15:44.200 --> 00:15:48.759
damage insurance, business interruption, loss of cargo insurance. All of

252
00:15:48.840 --> 00:15:53.919
these are deductible expenses for your business. Now, if you

253
00:15:53.960 --> 00:15:57.080
cover the cost of your own health insurance, you can

254
00:15:57.159 --> 00:15:59.200
just still deduct it from your taxes, but it's not

255
00:15:59.279 --> 00:16:03.240
considered a busines this expense. Instead, there's a designated section

256
00:16:03.360 --> 00:16:07.159
on your tax return to claim deductions for health insurance

257
00:16:07.240 --> 00:16:10.440
premiums for those self employed. Now, maybe you're set up

258
00:16:10.519 --> 00:16:13.879
as an escort and you hire your wife who's not

259
00:16:13.960 --> 00:16:17.440
an owner, into business, and you offer her compensation because

260
00:16:17.480 --> 00:16:20.279
she's working doing work in the business for you. You

261
00:16:20.360 --> 00:16:22.759
might be able to have some employee benefits to be

262
00:16:22.799 --> 00:16:26.159
able to pay for those. You know, those are some

263
00:16:26.919 --> 00:16:32.639
ways of possibly looking at making health insurance deductible. But remember,

264
00:16:32.679 --> 00:16:36.399
if you hire other people besides family, besides your wife,

265
00:16:36.759 --> 00:16:39.320
you have to offer them the same benefits as you

266
00:16:39.360 --> 00:16:42.840
were to give her working in your business. So if

267
00:16:42.840 --> 00:16:46.120
you have to hire another driver W two and you're

268
00:16:46.159 --> 00:16:50.039
giving those kind of employee benefits, those employee benefits have

269
00:16:50.120 --> 00:16:52.919
to also go to the other drivers well that are

270
00:16:53.080 --> 00:16:57.240
W two association due So if you're a member of

271
00:16:57.879 --> 00:17:04.759
Owner Operator Independent Drivers or maybe the Texas Trucking Association

272
00:17:05.160 --> 00:17:10.559
or maybe Arizona Trucking Association or Florida is whatever state

273
00:17:10.599 --> 00:17:12.160
you may be in. If you belong to any of

274
00:17:12.240 --> 00:17:18.720
those associations, those dues are PAUL deductible. So those membership fees,

275
00:17:19.200 --> 00:17:22.559
if you're belonging to a union, you can deduct them.

276
00:17:22.759 --> 00:17:28.440
Trucking Association, the group needs to be directly related to

277
00:17:28.519 --> 00:17:34.359
truck driving or the trucking industry. These memberships, you know, hey,

278
00:17:34.359 --> 00:17:38.680
they're really nice and really good, especially o IDA. So

279
00:17:38.720 --> 00:17:44.480
if you remember there, you're getting professional guidance, training, networking opportunities,

280
00:17:45.240 --> 00:17:49.799
industry information. If there's such things as Landline magazine. By

281
00:17:49.799 --> 00:17:52.400
the way, I do write for Landline Magazine Trucking and

282
00:17:52.519 --> 00:17:55.039
Taxes to make sure when you pick up the latest

283
00:17:55.160 --> 00:17:59.599
edition you see our article in there on trucking in taxes.

284
00:18:01.240 --> 00:18:03.640
You know, so you want to make sure that, hey,

285
00:18:03.680 --> 00:18:07.720
you're tracking those expenses as minimal as some of them

286
00:18:07.759 --> 00:18:12.279
may be. You definitely want to get all the deductions

287
00:18:12.480 --> 00:18:15.400
in your cell phone. You know. Somebody asked me today,

288
00:18:15.440 --> 00:18:18.480
Can I deduct my cell phone? Yes, for the business

289
00:18:18.720 --> 00:18:21.440
use portion. So if you have a separate line that

290
00:18:21.480 --> 00:18:24.279
you used just for your trucking business, you can deduct

291
00:18:24.319 --> 00:18:27.799
the entire cost of the plan. However, if you've got

292
00:18:27.839 --> 00:18:31.960
a plan that's both personal and business, you'll need to

293
00:18:32.000 --> 00:18:35.680
figure out the percentage of time you use it for

294
00:18:35.759 --> 00:18:39.839
each purpose and then deduct the work related portion. Same

295
00:18:39.920 --> 00:18:43.319
with if you're on a plan, maybe husband, wife, children

296
00:18:43.359 --> 00:18:46.119
and everything are all on one plan. It may not

297
00:18:46.319 --> 00:18:49.799
all be one hundred percent deductible, just the portion that's

298
00:18:49.960 --> 00:18:54.319
used for business. So you know, maybe you're using your

299
00:18:55.200 --> 00:18:59.279
portion of the plan seventy five twenty five, so seventy

300
00:18:59.279 --> 00:19:02.319
five percent of your portion of that is deductible in

301
00:19:02.440 --> 00:19:06.039
twenty five is not. Maybe your wife is working in

302
00:19:06.079 --> 00:19:09.319
the business and you're calling her for business, then you

303
00:19:09.359 --> 00:19:13.599
can deduct a portion of her line as well, what

304
00:19:13.799 --> 00:19:16.319
she's using for business to help you in the business.

305
00:19:16.640 --> 00:19:18.839
The same thing. If you have a kid, maybe you

306
00:19:19.000 --> 00:19:22.319
put them on W two and because they have a

307
00:19:22.359 --> 00:19:25.160
lower tax rate than you do, it may be saving

308
00:19:25.240 --> 00:19:28.839
you money. And if they're working in the business and

309
00:19:28.920 --> 00:19:31.680
you're calling them for business, then a portion of their

310
00:19:31.720 --> 00:19:35.000
plan or they're making phone calls out for business, then

311
00:19:35.039 --> 00:19:38.279
a portion of their plan is used also for business.

312
00:19:38.359 --> 00:19:41.599
So we may be in our business, we have family

313
00:19:41.640 --> 00:19:45.240
that does work here and our daughter does some social

314
00:19:45.279 --> 00:19:50.079
media and other marketing stuff for us, and within that

315
00:19:50.640 --> 00:19:54.119
she's using her cell phone or a lot of marketing

316
00:19:54.200 --> 00:19:58.119
as well as computers and Wi Fi and other things

317
00:19:58.160 --> 00:20:01.640
that she has that's available to her. So she's able

318
00:20:01.680 --> 00:20:06.160
to deduct her portion of her cell phone, or we

319
00:20:06.279 --> 00:20:09.480
are able to through the business because she's an employee

320
00:20:09.920 --> 00:20:15.200
and we reimburse for those expenses, so you can use

321
00:20:15.480 --> 00:20:19.160
some of that as well. So you know, other things

322
00:20:19.200 --> 00:20:24.279
to look at is other personal electronic devices like your

323
00:20:24.279 --> 00:20:30.480
cell phone. You can deduct the full cost of any laptop, tablet,

324
00:20:31.039 --> 00:20:35.160
or other electronic device you use only for work. But however,

325
00:20:35.200 --> 00:20:37.680
if you're using it both business and personal, you can

326
00:20:37.720 --> 00:20:41.720
only deduct the portion of that that is related to work.

327
00:20:42.000 --> 00:20:44.640
So if you get a new tablet and you're using

328
00:20:44.720 --> 00:20:50.759
it both business and personal, then it's only portion deductible

329
00:20:50.799 --> 00:20:54.240
that you're using for business. You know, if you've got

330
00:20:54.720 --> 00:21:00.559
navigation apps, dispatch software, industry related technology tools can also

331
00:21:00.640 --> 00:21:05.559
be included in those deductions. And this goes for most

332
00:21:05.759 --> 00:21:10.599
small businesses. If you're using your personal electronic devices for

333
00:21:10.720 --> 00:21:15.200
both business and personal, you can deduct the business use

334
00:21:15.440 --> 00:21:20.440
portion of that equipment. Now, if you buy it through

335
00:21:20.440 --> 00:21:22.799
the business and you're using it one hundred percent for business,

336
00:21:23.200 --> 00:21:27.359
hey take the full deduction that you have available to you.

337
00:21:27.559 --> 00:21:30.279
A lot of information. Hey, good thing that we're on

338
00:21:30.359 --> 00:21:33.079
iHeart and you can listen to the podcast anytime you want.

339
00:21:33.599 --> 00:21:36.119
You can go back and find us at our iHeart

340
00:21:36.559 --> 00:21:39.480
or you can find us on any other podcast so

341
00:21:40.000 --> 00:21:43.400
hosting site out there like Spotify. Just look for a

342
00:21:43.440 --> 00:21:46.960
tax Talk for you, Tax Talk for you dot com

343
00:21:46.960 --> 00:21:50.440
and that's tax Talk the number four letter you dot com. Hey,

344
00:21:50.480 --> 00:21:52.200
we're gonna take a quick break and we're gonna come

345
00:21:52.200 --> 00:21:55.359
back to talking about more tax deductions for your business

346
00:21:55.480 --> 00:21:57.519
and truckers. We'll do that right after this.

347
00:21:58.759 --> 00:22:02.799
We have only scratched surface of today's show. Please stand

348
00:22:02.839 --> 00:22:05.880
by as Barry gif Fowler will be right back with

349
00:22:06.160 --> 00:22:12.240
tax Talk for you. As an owner operator, you already

350
00:22:12.319 --> 00:22:15.799
spend too much time away from your family. Trucker tax

351
00:22:15.839 --> 00:22:19.000
tools handles all your bookkeeping and taxes. No matter what

352
00:22:19.200 --> 00:22:22.319
level trucker you are, life on the road can be taxing,

353
00:22:22.759 --> 00:22:25.759
but that doesn't mean that your wallet or time with

354
00:22:25.839 --> 00:22:29.799
your family should suffer. Trucker Tax Tools makes your life

355
00:22:29.880 --> 00:22:33.519
run smoothly. Go to Trucker tax Tools dot com for

356
00:22:33.640 --> 00:22:36.640
a free guide that will give you the tools to

357
00:22:37.039 --> 00:22:41.000
never worry about your taxes again. Call Trucker Tax Tools

358
00:22:41.160 --> 00:22:45.480
eight seven seven nine sixty six two four seven seven,

359
00:22:45.759 --> 00:22:48.880
or go to Trucker tax Tools dot com now and

360
00:22:49.079 --> 00:22:55.319
let the experts keep you trucking. Let's get back to

361
00:22:55.480 --> 00:22:59.200
tax stock for you with more tax stock once again.

362
00:22:59.640 --> 00:23:02.240
Here's your host, Barry chief Fallum.

363
00:23:04.880 --> 00:23:08.160
Hey, welcome back. Speaking of experts when we talk about

364
00:23:08.319 --> 00:23:11.720
education and training and truck or tax tools. If you

365
00:23:11.759 --> 00:23:14.559
go to Trucker tax Tools dot com or call them

366
00:23:14.599 --> 00:23:17.400
at eight seven seven nine sixty six two four seven

367
00:23:17.519 --> 00:23:20.960
seven again eight seven seven nine sixty six two four

368
00:23:21.079 --> 00:23:26.039
seven seven, Trucker Tax Tools were the experts in trucking

369
00:23:26.160 --> 00:23:29.519
industry for bookkeeping and taxes. Matter of fact, we have

370
00:23:29.599 --> 00:23:32.400
some fantastic greats. So if you're listening to the show,

371
00:23:32.440 --> 00:23:35.319
we're catching one of the podcasts. Hey. Our rates for

372
00:23:35.400 --> 00:23:38.079
truckers started as low as twenty five dollars a week.

373
00:23:38.720 --> 00:23:40.960
I've seen other ads out there where people are at

374
00:23:40.960 --> 00:23:45.240
two hundred dollars a month. You know, hey, twenty five

375
00:23:45.279 --> 00:23:47.119
dollars a week. Man, you can't beat it. This is

376
00:23:47.200 --> 00:23:49.240
just a little over one hundred dollars a month for

377
00:23:49.519 --> 00:23:54.359
great bookkeeping and taxes for you and your business out

378
00:23:54.400 --> 00:23:59.400
there as a trucker. And we maintain our education and training.

379
00:24:00.839 --> 00:24:04.400
And guess what, education and training, even in the trucking

380
00:24:04.440 --> 00:24:08.440
industry or small business or any business out there, you

381
00:24:08.480 --> 00:24:14.839
can deduct the cost of that training, continuing education. Maybe

382
00:24:14.880 --> 00:24:20.720
it's getting your HASMAT endorsement. You can deduct expenses for

383
00:24:20.880 --> 00:24:26.759
truck driver schools, maintaining your CDL, especially if you paid

384
00:24:26.759 --> 00:24:28.680
it out of pocket. Now somebody else is paying it

385
00:24:28.680 --> 00:24:30.680
for you. It's not a deduction. Matter of fact, it

386
00:24:30.759 --> 00:24:35.839
probably you're an employee, not a contractor or self employed

387
00:24:35.960 --> 00:24:40.880
trucker or not an owner operator. Any other education may

388
00:24:40.920 --> 00:24:44.200
be tax deductible as long as it's directly related to

389
00:24:44.920 --> 00:24:49.960
business or trucking career. And that includes business courses learn

390
00:24:50.039 --> 00:24:54.160
more about how to conduct business as a trucker. And

391
00:24:54.559 --> 00:24:57.720
you know, o IDA always offers a truct to success

392
00:24:57.720 --> 00:25:00.480
seminar and if you are attending, and that's so and

393
00:25:00.559 --> 00:25:04.279
already learn more about the trucking business. Guess what that

394
00:25:04.480 --> 00:25:09.599
is deductible as well, So as a self employed person,

395
00:25:10.200 --> 00:25:13.440
this might include business courses to help you learn to

396
00:25:13.559 --> 00:25:17.960
better manage your small business and business expensive well, so

397
00:25:18.680 --> 00:25:23.519
investing in your skills by education and training, it could

398
00:25:23.599 --> 00:25:27.640
lead to better opportunities for you and maybe higher earnings,

399
00:25:28.400 --> 00:25:33.599
maybe finding ways to get specialized, you know, whether it's

400
00:25:33.720 --> 00:25:38.160
hazardous materials to enhance your value, or learning how to

401
00:25:38.200 --> 00:25:41.880
be able to get your own authority and run more

402
00:25:41.960 --> 00:25:45.440
trucks and not have to be leased one, but to

403
00:25:45.480 --> 00:25:50.400
be able to operate your own trucking entity without it

404
00:25:50.400 --> 00:25:54.839
being dependent on somebody else. Now, meal expenses, and this

405
00:25:54.880 --> 00:25:58.039
is a great question that people ask us all the

406
00:25:58.119 --> 00:26:01.200
time is what do I get for meal expenses? So

407
00:26:01.359 --> 00:26:04.480
you can deduct meal expenses if you're away from home

408
00:26:04.599 --> 00:26:07.720
long enough to need a break or sleep or rest.

409
00:26:08.000 --> 00:26:13.200
So carriers that travel regionally or long haul truckers you qualify,

410
00:26:13.599 --> 00:26:17.359
and if you're doing things locally, you probably don't. If

411
00:26:17.400 --> 00:26:20.480
you're returning home every night, you're not going to qualify.

412
00:26:21.559 --> 00:26:26.039
Drivers that are subject to hours of service regulations you

413
00:26:26.640 --> 00:26:31.119
get to claim eighty percent of meal expenses purchase on

414
00:26:31.240 --> 00:26:35.720
the road. Now that being said, you do have two

415
00:26:36.119 --> 00:26:41.599
options as a owner operator long haul over the road trucker.

416
00:26:42.160 --> 00:26:46.079
You can keep your receipts, keep all your meal expenses,

417
00:26:46.319 --> 00:26:51.200
and claim your actual meal expenses including tax and tips,

418
00:26:51.279 --> 00:26:55.400
just like all other small businesses. Or you, as an

419
00:26:55.440 --> 00:26:59.359
owner operator, can use the per Diem allowed Now, the

420
00:26:59.400 --> 00:27:05.200
per diem allowance is daily non taxable reimbursement permitted by

421
00:27:05.279 --> 00:27:10.079
the federal government to cover meals and incidental travel expenses. Now,

422
00:27:10.480 --> 00:27:16.079
pridem is calculated in centers by day, so you get

423
00:27:16.200 --> 00:27:19.920
eighty dollars a day well away from home. Now, the

424
00:27:19.960 --> 00:27:22.680
first day and the last day are only considered forty

425
00:27:22.720 --> 00:27:27.559
dollars days considered half days. So if you actually calculated

426
00:27:27.799 --> 00:27:30.279
the first day that you leave as a whole day

427
00:27:30.440 --> 00:27:32.880
and the day you come home is not a day,

428
00:27:33.279 --> 00:27:36.799
then you can actually calculate your days nights away from

429
00:27:36.799 --> 00:27:40.720
home correctly, and then you get that eighty dollars and

430
00:27:40.759 --> 00:27:44.720
only eighty percent of that tax deductible. So when we're

431
00:27:44.720 --> 00:27:49.599
figuring out taxes, if you were away for you know,

432
00:27:50.200 --> 00:27:54.039
enough days and you take these deductions. Now I'm going

433
00:27:54.119 --> 00:27:56.559
to tell you that ninety nine point nine percent of

434
00:27:56.599 --> 00:27:58.480
the drivers is going to take that eighty dollars a

435
00:27:58.559 --> 00:28:01.359
day because most of them aren't spending more than dollars

436
00:28:01.599 --> 00:28:06.680
a day while on the road, So we're always looking

437
00:28:06.720 --> 00:28:11.799
at what's the best. Now, if you are local and

438
00:28:11.839 --> 00:28:14.000
you're driving local, you're not going to get pretty eems.

439
00:28:14.119 --> 00:28:17.519
You're not going to get meals unless you are going

440
00:28:17.640 --> 00:28:22.160
out with a client or taking out a prospect. Maybe

441
00:28:22.160 --> 00:28:26.160
you have a prospect of employee that you might be hiring,

442
00:28:26.400 --> 00:28:29.480
you take them out for lunch or some deductible if

443
00:28:29.480 --> 00:28:33.079
you're going out and discussing business, maybe with your significant other,

444
00:28:33.759 --> 00:28:39.240
you would be able to deduct business related expenses or meals.

445
00:28:39.519 --> 00:28:42.240
Maybe you're trying to find somebody to help and you're

446
00:28:42.279 --> 00:28:44.960
doing marketing. You're taking somebody out to kind of grease

447
00:28:44.960 --> 00:28:48.119
the palms that they say to get in good with

448
00:28:48.240 --> 00:28:50.680
some company to be able to haul more of their loads.

449
00:28:51.480 --> 00:28:56.200
Those meals would be deductible, so you would be able

450
00:28:56.240 --> 00:28:58.319
to take the meal expense. Now, they could only be

451
00:28:58.359 --> 00:29:03.200
fifty percent deductible, but it's better than nothing out there.

452
00:29:03.319 --> 00:29:07.559
So if you have certain conditions placed on you for

453
00:29:08.200 --> 00:29:12.160
employment or as an owner operator or small business, such

454
00:29:12.200 --> 00:29:17.039
as medical expenses. You know, drivers are sometimes more than

455
00:29:17.240 --> 00:29:20.240
likely required to get regular medical exams, so you can

456
00:29:20.279 --> 00:29:25.759
deduct the out of pocket costs for these required exams. However,

457
00:29:26.279 --> 00:29:30.039
if the medical exams or treatments are not specifically related

458
00:29:30.039 --> 00:29:33.119
to your job, it can only be deducted as a

459
00:29:33.119 --> 00:29:38.079
personal expense over and schedule a subject to the minimums

460
00:29:38.079 --> 00:29:43.559
over there. So you have to be aware of what

461
00:29:43.759 --> 00:29:47.240
is deductible or what is not. Just a regular checkout

462
00:29:47.319 --> 00:29:49.440
going to the doctor is not going to be deductible.

463
00:29:49.559 --> 00:29:54.880
Going there for your DOT physical is a deductible expense.

464
00:29:54.960 --> 00:29:57.200
If they require you to do a couple other things

465
00:29:57.240 --> 00:30:03.440
for driving, those appointments be deductible as well, so you

466
00:30:03.680 --> 00:30:06.160
keep those things in mind. We're always looking for every

467
00:30:06.200 --> 00:30:09.720
single deduction that you can take as an owner operator,

468
00:30:09.799 --> 00:30:13.720
as a small business person. We always get, hey, is

469
00:30:13.759 --> 00:30:19.599
my clothing deductible? Well, you know, specialized clothing or safety

470
00:30:19.599 --> 00:30:24.759
gear required for your job, for the your career, your company,

471
00:30:25.759 --> 00:30:30.839
maybe a company logo shirt, maybe back brace, steal toal boots,

472
00:30:30.880 --> 00:30:34.799
the safety goggles. Those all can be tax deductible. However,

473
00:30:34.960 --> 00:30:40.400
read that regular everyday clothing does not qualify, even if

474
00:30:40.400 --> 00:30:42.599
you wear it while you're going to be driving. Okay,

475
00:30:42.640 --> 00:30:44.559
So if you can basically go out and wear it

476
00:30:44.599 --> 00:30:48.319
anywhere else that doesn't have your logo on it, or

477
00:30:48.440 --> 00:30:51.000
you can wear it at the church or whatever. Hey,

478
00:30:51.680 --> 00:30:57.079
that's not going to be every day deductible. Okay. If

479
00:30:57.119 --> 00:31:01.039
you're going to be training and going to industry events

480
00:31:01.079 --> 00:31:05.960
or training sessions that can require something specific, you can

481
00:31:06.039 --> 00:31:09.160
include those costs in your deductions, but you got to

482
00:31:09.200 --> 00:31:11.680
make sure you're keeping track of it, keep the receipts,

483
00:31:12.079 --> 00:31:15.640
put notations on there. Why this is required so that

484
00:31:15.720 --> 00:31:18.799
you can have the deductions. So maybe if you go

485
00:31:18.920 --> 00:31:22.559
through and you buy some shirts with your company logo

486
00:31:22.720 --> 00:31:26.400
on it, and usually we're wearing a taxation slock shirt

487
00:31:26.599 --> 00:31:30.240
or truck or tax toual shirt, and today we're wearing

488
00:31:30.680 --> 00:31:34.680
Texas Tech eight guns up. My daughter and my money

489
00:31:34.680 --> 00:31:39.200
go there, so we kind of supported Texas Tech. You know,

490
00:31:39.319 --> 00:31:41.799
this shirt was not deductible for business, but the ones

491
00:31:41.799 --> 00:31:44.079
that I have with the logos from like Abista Print

492
00:31:44.279 --> 00:31:48.559
or in Print or in Print whoever we're getting our

493
00:31:48.599 --> 00:31:55.880
shirts from local embroidery shop, those shirts were all deductible

494
00:31:56.039 --> 00:32:00.480
for the business, and so we do make take those

495
00:32:00.519 --> 00:32:03.720
deductions because it does have the logos on it. We

496
00:32:03.759 --> 00:32:07.079
don't discourage anybody from wearing our shirts out and about

497
00:32:07.160 --> 00:32:10.799
because hey, it's great advertising for us. You know, we

498
00:32:10.839 --> 00:32:12.839
even have t shirts that we've had done up for

499
00:32:13.000 --> 00:32:15.279
drivers when we've been at the truck shows like an

500
00:32:15.279 --> 00:32:17.599
American Truck and Show or the Texas Truck and Show,

501
00:32:18.279 --> 00:32:20.359
or even the Truck Show owns in Dallas, a Great

502
00:32:20.359 --> 00:32:22.759
American Truck and Show, or even when we get out

503
00:32:22.799 --> 00:32:26.400
to Iowa eighty so hey, we love to have people

504
00:32:26.440 --> 00:32:30.519
wearing our gear out there. So all those things are

505
00:32:30.640 --> 00:32:34.559
deductible because it is providing advertising for the business as

506
00:32:34.559 --> 00:32:38.000
well marketing. They use a business. Maybe you're paying dispatch

507
00:32:38.079 --> 00:32:40.799
fees for your loads. You can claim them as a

508
00:32:40.799 --> 00:32:43.640
business expense, but you got to again make sure you're

509
00:32:43.880 --> 00:32:46.880
keeping track of them and all your invoices and receipts

510
00:32:46.920 --> 00:32:53.039
throughout the year. You know, if you're out there driving

511
00:32:53.200 --> 00:32:57.119
and you're using a broker and they're taking fees as well,

512
00:32:57.160 --> 00:33:01.680
those broker's fees are also taxedductible. It depends on how

513
00:33:01.680 --> 00:33:03.319
you getting the ten ninety nine. If you're getting the

514
00:33:03.319 --> 00:33:05.960
ten ninety nine from your broker, then they probably already

515
00:33:05.960 --> 00:33:08.440
pulled the fees out of that and you won't get

516
00:33:08.440 --> 00:33:10.599
the deduction. You kind of got to watch your ten

517
00:33:10.680 --> 00:33:14.559
ninety nine's as well and how they're actually putting it

518
00:33:15.000 --> 00:33:18.160
through and what they're including on what they're not including,

519
00:33:18.480 --> 00:33:21.279
so you always want to make sure you're on top

520
00:33:21.319 --> 00:33:24.559
of it. You can also deduct the cost of state

521
00:33:24.599 --> 00:33:29.359
and local government required business licenses, So if you have

522
00:33:29.480 --> 00:33:33.039
certain licenses that are required for your business, you can

523
00:33:33.119 --> 00:33:36.119
deduct those as well as the cost of your CDL

524
00:33:36.279 --> 00:33:41.119
license and any other licenses conductive business. It only makes

525
00:33:41.200 --> 00:33:45.039
sense even as a self employed business person if you're

526
00:33:45.039 --> 00:33:48.759
required to have permits or licenses, those are deductible for

527
00:33:49.079 --> 00:33:52.000
your business, and it goes for all your permits that

528
00:33:52.119 --> 00:33:54.759
you may need. Maybe you're taking why those through the

529
00:33:54.799 --> 00:33:58.799
city and you need permits to get certain places, or

530
00:33:59.359 --> 00:34:04.839
you've got to have additional guidance trucks with you. Those

531
00:34:04.880 --> 00:34:08.039
are deductions for your business as well. Hey, we're going

532
00:34:08.079 --> 00:34:11.960
to continue talking about business expenses for your trucking and

533
00:34:12.079 --> 00:34:15.639
small business after we take this quick break.

534
00:34:17.119 --> 00:34:20.800
We have only scratched the surface of today's show. Please

535
00:34:20.840 --> 00:34:24.119
stand by as Barry G. Fowler will be right back

536
00:34:24.199 --> 00:34:30.000
with tax talk for you. As an owner operator, you

537
00:34:30.239 --> 00:34:33.679
already spend too much time away from your family. Stop

538
00:34:33.760 --> 00:34:37.559
spending time doing paperwork. Go to Trucker tax toools dot

539
00:34:37.599 --> 00:34:42.480
com a solution filled specifically for truckers. Trucker tax tools

540
00:34:42.519 --> 00:34:48.719
dot Com makes your life run smoothly. Let's get back

541
00:34:48.760 --> 00:34:52.679
to tax stock for you with more taxtock once again.

542
00:34:53.159 --> 00:34:59.119
Here's your host, BARRYG. Foller. Hey, welcome back. We're in

543
00:34:59.119 --> 00:35:01.320
the last segment of But if you've got questions is

544
00:35:02.280 --> 00:35:05.679
something deductible or not? Hey shoot them to us. Let

545
00:35:05.800 --> 00:35:08.000
us answer those questions here. We may not get to

546
00:35:08.039 --> 00:35:12.800
all the different deductions you have. I head Larry here

547
00:35:13.079 --> 00:35:19.119
out of Baytown, Texas. Larry, thanks for the question. Are

548
00:35:19.159 --> 00:35:24.519
my tools deductible for our business? You know a toolkit

549
00:35:25.079 --> 00:35:30.360
tools you know you need them to do your job

550
00:35:30.440 --> 00:35:37.360
safely effectively, and they are approved tax deduction. So you know,

551
00:35:37.360 --> 00:35:42.840
whether it's hammers, suppliers, wrenches, tire irons, chains, electrical take

552
00:35:43.440 --> 00:35:46.760
all that's deductible things you're going to use to help

553
00:35:46.880 --> 00:35:50.719
keep your truck in good repair that you purchase, whether

554
00:35:50.760 --> 00:35:55.480
it's a full toolkit just or simple single tools here

555
00:35:55.480 --> 00:35:59.199
and there, take advantage of those deductions. You do get

556
00:35:59.239 --> 00:36:02.519
the deductions for that, so they had a good question,

557
00:36:02.800 --> 00:36:05.000
and we lack questions because we like to be able

558
00:36:05.039 --> 00:36:09.000
to give answers out there. So as a self employed person,

559
00:36:09.599 --> 00:36:12.960
you know, you can also deduct things like office expensive.

560
00:36:14.280 --> 00:36:18.800
You may have some traditional office expenses running your business,

561
00:36:19.239 --> 00:36:24.039
you know, like maybe postage, photocopy and maybe sending faxes,

562
00:36:24.880 --> 00:36:30.079
maybe accounting software like zero or maybe load board software

563
00:36:30.400 --> 00:36:37.840
or other calculators, pens, paper folders, maybe a little filing cabinet,

564
00:36:37.960 --> 00:36:41.239
so to say, or maybe a crate that you have

565
00:36:41.360 --> 00:36:44.079
in the truck out there. All those kind of things

566
00:36:44.159 --> 00:36:49.119
are expensive, sensible, and the expenses for the business it's

567
00:36:49.559 --> 00:36:51.639
the same as any other self employed I mean, if

568
00:36:51.679 --> 00:36:56.039
you've got office expenses, those are deductible. Maybe you're paying rent,

569
00:36:56.400 --> 00:36:59.400
so maybe you're you're not just running the only truck,

570
00:36:59.440 --> 00:37:01.840
but you have a their drivers running with you, and

571
00:37:02.000 --> 00:37:05.800
you have a office setup for it that you're paying

572
00:37:05.840 --> 00:37:09.440
rent on that is deductible. You got a home office

573
00:37:09.599 --> 00:37:12.639
that is used exclusively for business, you can take the

574
00:37:12.719 --> 00:37:16.280
home office deduction based on the number of square feet

575
00:37:16.400 --> 00:37:18.960
you have a home. Now, most of the time we're

576
00:37:19.000 --> 00:37:22.000
going to use a safe harbor meth. Occasionally we'll use

577
00:37:22.039 --> 00:37:25.679
the actual expensive method depending on what you got going

578
00:37:25.760 --> 00:37:28.840
on there. Now, using the home office, they are just

579
00:37:28.880 --> 00:37:32.960
deducting the portion of the square footage. Now, if you

580
00:37:33.039 --> 00:37:36.000
buy any furniture and equipment for that office, the furniture

581
00:37:36.000 --> 00:37:40.400
and equipment belongs to the business and is depreciated and

582
00:37:40.440 --> 00:37:44.519
then deducted, so you'll be able to do that as well.

583
00:37:44.880 --> 00:37:49.920
You know, running a business, sometimes you subscribe to magazines

584
00:37:50.840 --> 00:37:54.679
or certain websites that focus on your business, like the

585
00:37:54.719 --> 00:38:00.760
trucking industry. You get to deduct those costs or those subscriptions, subscriptions.

586
00:38:00.760 --> 00:38:06.480
Maybe you're using GPS subscription, those things are all deductible.

587
00:38:06.880 --> 00:38:10.239
Other subscriptions you're using for business out there, so maybe

588
00:38:10.239 --> 00:38:15.119
you're using YouTube to do educational videos and stay up

589
00:38:15.119 --> 00:38:18.280
to data on different things that are going on, or

590
00:38:18.320 --> 00:38:20.920
you're using subscription to like the Weather Channel to stay

591
00:38:20.920 --> 00:38:25.239
abreast of the weather that's out there, or other subscriptions

592
00:38:25.280 --> 00:38:27.000
that you're using on your phone and you don't think

593
00:38:27.039 --> 00:38:30.280
about those are going to be related to business, and

594
00:38:30.320 --> 00:38:35.159
if they're related to business, they become deductible. Wow, lots

595
00:38:35.159 --> 00:38:39.000
of expenses in this business. And you know sometimes people

596
00:38:39.159 --> 00:38:42.800
ask how do I make ends meet? And you work

597
00:38:42.800 --> 00:38:45.960
your tailoft and make as much money as possible and

598
00:38:46.039 --> 00:38:49.159
then save as much as possible. But you take advantage

599
00:38:49.159 --> 00:38:51.800
of all the expenses that you're going to pay anyway,

600
00:38:51.840 --> 00:38:54.440
and if they are related to business, it's finding it

601
00:38:54.480 --> 00:38:57.480
as a deduction to reduce the taxes. You don't want

602
00:38:57.519 --> 00:39:02.039
to pay for expenses like occupy or excise taxes with

603
00:39:02.360 --> 00:39:06.079
after tax dollars money that you're not taking the deduction.

604
00:39:06.280 --> 00:39:08.440
You want it to be pre tax so that you

605
00:39:08.480 --> 00:39:11.840
can save money on taxes. So if you're paying occupational

606
00:39:11.840 --> 00:39:16.480
on excise taxes all throughout the year, if the taxes

607
00:39:17.920 --> 00:39:22.440
heavy truck taxes twenty two to ninety, you keep track

608
00:39:22.519 --> 00:39:24.840
of those in showing what you're paid and what the

609
00:39:24.920 --> 00:39:28.480
taxes were. So the other thing is is, hey, as

610
00:39:28.519 --> 00:39:31.719
a trucker, you have a sleeper berth and you get

611
00:39:31.760 --> 00:39:36.719
expenses for that. You can incline claim expenses associating with

612
00:39:36.960 --> 00:39:41.199
setting up your sleeper berth since they're considered necessary for

613
00:39:41.320 --> 00:39:47.239
working on the road. These could be mini fridge, coffee maker, curtains, betting,

614
00:39:47.760 --> 00:39:52.960
food storage containers, even first aid supplies, fire extinguishers. All

615
00:39:53.039 --> 00:39:57.599
these things are deductible things you're using to set up

616
00:39:57.840 --> 00:40:01.679
your sleeper berth. You need to make it to where

617
00:40:01.800 --> 00:40:05.840
you can use it, sheets and so forth are all

618
00:40:05.920 --> 00:40:09.159
deductible before the business. You know, I've seen it. The

619
00:40:09.159 --> 00:40:12.599
truck shows really nice mattresses for your sleeper berth. You

620
00:40:12.679 --> 00:40:16.360
purchase one of those, get the tax deduction, take advantage

621
00:40:16.440 --> 00:40:18.159
of it. Last thing we're going to talk about is

622
00:40:18.199 --> 00:40:21.840
truck repairs and maintenance. Since your truck is considered a

623
00:40:21.960 --> 00:40:26.079
qualified non personal use vehicle, you can deduct one hundred

624
00:40:26.119 --> 00:40:30.840
percent of all vehicle expenses such for a truck and maintenance,

625
00:40:30.880 --> 00:40:38.480
including tires, vehicle washes, other vehicle expenses, oil changes, things

626
00:40:38.559 --> 00:40:42.960
like that are all going to be deductible. Now, where

627
00:40:42.960 --> 00:40:47.840
you've got to watch is howct repairs for your truck,

628
00:40:48.199 --> 00:40:52.400
because if the repairs reimproved the truck a useful life

629
00:40:52.400 --> 00:40:55.800
of the truck, they become capitalized expenses that need to

630
00:40:55.800 --> 00:41:01.519
be depreciated. Maybe replacing the engine trans mission. Those things

631
00:41:01.599 --> 00:41:06.679
are huge expenses that become capitalizable and depreciable over their

632
00:41:06.800 --> 00:41:10.880
useful life. So you need to watch what expenses are

633
00:41:10.960 --> 00:41:14.360
out there for you and your business so that you

634
00:41:14.719 --> 00:41:18.960
know how to make those deductions so that you can

635
00:41:19.039 --> 00:41:23.400
save money on your taxes and actually do your taxes

636
00:41:23.639 --> 00:41:27.480
right now? What's non deductible? Every business has some non

637
00:41:27.519 --> 00:41:31.480
deductible expenses, but there are expenses out here that are

638
00:41:32.159 --> 00:41:37.159
for truckers that are particularly non deductible. Commuting. You can't

639
00:41:37.280 --> 00:41:41.519
take mileage on your personal vehicle or drives between home

640
00:41:41.599 --> 00:41:44.719
and the location where you regularly start in your trips.

641
00:41:44.800 --> 00:41:47.320
Wherever your truck is parked near your house and you

642
00:41:47.480 --> 00:41:49.840
drive over there, that is not deductible. But if you

643
00:41:49.960 --> 00:41:52.800
take your personal vehicle go into the store to buy

644
00:41:52.840 --> 00:41:57.320
equipment to buy supplies for the truck, that mileage from

645
00:41:57.360 --> 00:42:02.440
your personal vehicle is deductible. Not commuting local route meals.

646
00:42:02.800 --> 00:42:05.760
You can't deduct your daily meals when driving local routes

647
00:42:05.760 --> 00:42:08.519
in your home area. You're not away from home every night,

648
00:42:08.519 --> 00:42:12.280
you're able to return home. Those are not deductible. Again,

649
00:42:12.480 --> 00:42:16.719
everyday clothing, even if you wear exclusively while driving your truck,

650
00:42:17.159 --> 00:42:20.119
you can't deduct every day clothing such as jeans and

651
00:42:20.159 --> 00:42:23.719
t shirts. Personal trips. You can't deduct expenses for a

652
00:42:23.760 --> 00:42:27.280
personal trip. Even if you're using your business vehicle. You

653
00:42:27.360 --> 00:42:31.639
must be actively working for tax deductions this loot. You're

654
00:42:31.639 --> 00:42:36.239
having business meetings, those are those are kind of things

655
00:42:36.239 --> 00:42:39.199
that you need to look at that are non deductible

656
00:42:39.559 --> 00:42:43.840
reimbursed expenses. If somebody else, such as a carrier, contractor

657
00:42:43.880 --> 00:42:46.239
with pays you back for your expenses, you can't claim

658
00:42:46.239 --> 00:42:48.519
them on your taxes. Now, if you're claiming the revenue,

659
00:42:48.599 --> 00:42:51.199
decide that the money came in, then you can put

660
00:42:51.199 --> 00:42:53.280
the expenses down there at the bottom. So you kind

661
00:42:53.280 --> 00:42:54.559
of got to watch how they're going to do their

662
00:42:54.559 --> 00:42:57.679
ten nine, you know. So you know, we tell you

663
00:42:58.039 --> 00:43:03.199
be diligent about keeping tracking expensive maintain a dedicated folder

664
00:43:03.519 --> 00:43:06.760
or a physical or a digital folder. The story receipts,

665
00:43:06.880 --> 00:43:10.360
your invoices and other tax related documents throughout the year.

666
00:43:10.840 --> 00:43:13.519
Sometimes taking a picture and putting it into a folder

667
00:43:13.519 --> 00:43:16.400
on your phone will help you. Things like that, But

668
00:43:16.480 --> 00:43:18.199
you got to make it a habit to keep things

669
00:43:18.280 --> 00:43:21.199
up to date regularly. It's best to call truck or

670
00:43:21.199 --> 00:43:24.280
tax Tools at eight seven seven nine sixty six two

671
00:43:24.360 --> 00:43:27.639
four seven seven and get your bookkeeping done and your

672
00:43:27.679 --> 00:43:30.519
tax is done so that, hey, you can be fully

673
00:43:30.679 --> 00:43:33.960
aware of it. Hey, get somebody to help you keep

674
00:43:34.039 --> 00:43:38.280
track of your records. You know, the show always goes fast,

675
00:43:38.800 --> 00:43:41.880
and all I can tell you is, hey, sometimes we're

676
00:43:41.920 --> 00:43:45.159
talking a little bit faster, Hey, go back and get

677
00:43:45.199 --> 00:43:49.159
the podcast. Go to tax Talk number four letter dot com.

678
00:43:49.440 --> 00:43:51.840
You can see all of our podcasts up there. You

679
00:43:51.840 --> 00:43:53.880
can go in there and do a search for trucking

680
00:43:53.920 --> 00:43:58.000
and taxes and you can find all the information you

681
00:43:58.119 --> 00:44:01.920
need to help run your business and reduce your tax

682
00:44:01.920 --> 00:44:05.760
burden to the lowest amount allowed by law. Or better yet,

683
00:44:05.760 --> 00:44:09.079
call Trucker tax Tools dot com at eight seven seven

684
00:44:09.199 --> 00:44:11.800
nine sixty six two four seven seven will help take

685
00:44:11.800 --> 00:44:15.119
care of you, Hey, most important thing for you as

686
00:44:15.119 --> 00:44:18.440
a trucker, as a small business person, even as a

687
00:44:18.559 --> 00:44:21.639
W two employee looking to reduce taxes. Be here every

688
00:44:21.679 --> 00:44:25.639
Monday at ten am Eastern time on tax Talk for

689
00:44:25.960 --> 00:44:29.559
You on W four CY Radio. And it as always

690
00:44:29.920 --> 00:44:33.559
we tell you to have a guide, blessed and glorious week.

691
00:44:33.920 --> 00:44:36.400
Enjoy what you do, but go out there and do

692
00:44:36.440 --> 00:44:41.440
it the best you can. Be the best employer, best

693
00:44:41.639 --> 00:44:46.119
self employed, best owner operator that they've ever seen. Have

694
00:44:46.199 --> 00:44:48.559
a great week, and we'll see you next week ten

695
00:44:48.599 --> 00:44:51.800
am Eastern time right here on Tax Talk for You.

696
00:44:52.280 --> 00:44:53.199
See you next week.

697
00:44:54.519 --> 00:44:57.719
Are you an individual or business that wants to understand

698
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taxes and how they affect you? Are you looking for

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specific tax advice for self employed business owners and truckers.

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Are you behind on taxes and your bookkeeping? Are you

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dealing with the irs and ready to have some relief,

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Then you need Tax Talk for You, hosted by tax

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and trucker expert Barry G. Fowler EA. Tune in ten

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am Eastern Time every Monday right here on W four

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CY Radio and Talk for TV. Don't forget to check

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this and past episodes at tax TALKFORU dot com. See

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you next week at W four cy dot com.