Why early tax prep is best
6, Total your expenses. Separate expenses into categories as they will be reported on the tax return, such as maintenance, tolls, etc. Using a calculator with a register tape, add all of the receipts in each expense category. Hit the total button, tear off the tape and staple it to the matching receipts. Then add them all up one more time to double-check.
7. Make an appointment with your tax preparer. Call as soon as possible and keep the appointment. Then take a break and reward yourself for getting this done early.
8. Review your work. Schedule time before meeting your tax preparer to review all of your lists and categories. Rake your memory to see if obvious deductions are missing. You’ll be surprised what you might catch and how much money you save. n
These are some of the common expenses that could apply to your operation. All must be business-related:
Fees & commissions
Rent or lease
Taxes & license
Wages & payroll
Fuel, oil & additives
Tolls & parking
Loading & unloading
Physicals & drug testing
Kevin Rutherford is an accountant, small-fleet owner and the host of “Trucking Business & Beyond,” which airs on Sirius XM Radio’s Road Dog Trucking Radio. Contact Rutherford through his website, www.LetsTruck.com.