Truckers Professional Services
Larsen & Associates
10410 S 144th St, Ste 3
Omaha, NE 68138
How often are my estimated tax payments changed?
We review your estimated tax payments on a monthly basis. Every time you send in an envelope, we update your financial projections. This allows us to estimate your taxes accurately. For this reason, it is very important to keep up-to-date on the envelopes and to notify us if your tax situation changed (i.e., you become a trainer, you may no longer claim a child, your marital status changes, etc.)
Can I deduct deadhead miles?
The answer is you already are deducting deadhead miles if you are giving us all of your expenses when you are on the road. Since you are giving us all of repairs, fuel, insurance, supplies and other trucking expenses, we are taking the deadhead miles into account. So if you drive 1500 miles and are only paid for 1400 miles, as long as we have all the trip expenses for the 1500 mile trip, we are deducting the deadhead miles. There are no additional deductions for deadhead miles.
Should I buy or lease my truck?
This is question is dependent on a number of circumstances and variables that are not in your control. The biggest question is what is the resale market for trucks. If we could predict the future on this issue, the buy versus lease question would be much simpler.
What is certain over the full term of the lease or purchase, the tax deductions and out of pocket expenses are going to be very similar. A purchase may allow us to take advantage of advanced depreciation, thus you could expense more of the purchase price in the first year. This allows us to be more flexible in the amount of deductions in the first year.
A lease is sometimes easier to get out of, thus is a more conservative approach to being an owner-operator.
If the lease is considered a capital lease (you own the truck at the end of the lease) the tax consequences are different from a lease where ownership is not going to transfer.
Our advice to you is to cut the best deal, whether it is a lease or purchase. Review the interest rate or imputed interest rate, payment amount, and terms to see which deal works the best for you from a cash out of the pocket standpoint.
When are estimated tax payments due?
The following summarizes some of the important filing dates for individuals and businesses using a calendar year end. When the due date falls on a weekend, the next business day becomes the date due.
Jan 15th Due Date 4th quarter (prior year) Estimated Tax Payment Form 1040ES
Jan 31st Due Date to file Payroll Tax Return (Form 941) and State Payroll forms for the 4th Quarter (prior year).
Due Date to mail annual information statements to recipients of payments made during prior year (1099’s, W-2’s, etc).
Feb 28th Due Date to file information returns with IRS (1096, 1099, W-2, W-3, etc).
Mar 15th Due Date to file corporate income tax return for prior calendar year C-Corporation, and all S-Corporations, unless extension is filed.
Apr 15th Due Date to file Form 1040, unless extension is filed. Late penalty and interest starts if tax is not paid by April 15th, even if extension is filed.
Due Date of 1st quarter Estimated Tax Payment – Form 1040ES.
Due Date for (prior year) calendar year Partnership to file Form 1065, unless extension is filed.
Previous year IRA Contribution is due. SEP IRA contributions due unless tax return extension is filed.
Apr 30th Due Date to file Payroll Tax Return (Form 941) and State Payroll forms for the 1st quarter.
Jun 15th Due Date for 2nd quarter Estimated Tax Payment – Form 1040ES.
Jul 31st Due Date to file Payroll Tax Return (Form 941) and State Payroll forms for the 2nd quarter.
Aug 31st Due Date to file Form 2290 Heavy Road Use Tax. Full payment in the amount of $550 must be made at this time.
Sep 15th Due Date for 3rd quarter Estimated Tax Payment – Form 1040ES.
Sep 15th Due Date for extended S-corporation tax returns Form 1120S
Oct 15th Due Date for extended Form 1040, 1065 (calendar year taxpayers).
Oct 31st Due Date to file Payroll Tax Return (Form 941) and State Payroll forms for third quarter.
When are the 2290 (Heavy Highway Vehicles Tax) due and do I owe for the 2290?
Form 2290 must be filed for each month a taxable vehicle is first used and driven 5000 miles or more on public highways during the current period. The current period begins July 1, and ends June 30 of the following year. Form 2290 must be filed by the last day of the month following the month of first use (Example: If you purchase your truck October 5 it is due by November 30). The tax due for the full year is $550. If you acquire a vehicle and use it on the public highways in any month after July, you are liable for the tax at a prorated amount.