I am an Independent Reporter covering the expedite trucking world

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Tuesday, October 11, 2011

Keeping Records for the IRS

Keeping records on the truck can be very simple.  A loose leaf note book and 12 clear sleeves works wonders.  Lable the sleeves January thru December.  Each month put all the receipts and your log copies for that month into the corresponding sleeve.   At the end of the month tally your recepts.  On the front of the sleeve write the # of days you were out, how many miles you drove,  list your expenses individually,  write down your revenue for the month as well.  At the end of the year you will have all the information at a glance.  Tally your totals for the year and there you have it.  Use a white sticky lable on the binder of the folder to write the year and your name and unit #.  It is ready for your accountant or tax preparer, and you can place it on a book shelf for safe keeping if it's needed in the future... an audit for example. 

Anything you purchase and put on your truck is tax deductable, so save all of your receipts.  Even movies, books, ect...for entertainment.  Motel costs, clothing, shoes, boots, office supplies, etc...

It is a good way to keep track of your receipts and yearly information.  It fits nicely into a briefcase too. :)

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