Tax professional for contracted job

elmetal

elmetal

Ain't nobody got time for that
Hello gentlemen.

I have recently come across a contracted job that pays me in a 1099-MISC fashion. I live life on the road, and as such, incur a lot of expenses as far as hotels, food, etc.

Can anyone recommend an accountant, or website (turbotax) that can help me file my taxes this year?

Normally I settle with turbotax, but this time around I have a lot of deductions since I'm a contractor (like all the food, hotels, etc).

paging z987k and UAL747400 since I know both of you have been where I'm at now
 
I did it on my own going by what my other co-workers were told to do. H&R Block seems to be good though.

In general, guys would either deduct ALL of the 120/day per diem that we received, or went off the IRS website and deducted what the IRS says it costs to work in a particular city. One guy would keep all of his reciepts add it all up and deduct 80% of that. That last is probably going to give you your best chance of not getting audited. That being said, I don't know of anyone I worked with being audited.

Food for thought, straight from the mouth of an IRS agent. We're WAY under their radar. :)
 
UAL747400 said:
I did it on my own going by what my other co-workers were told to do. H&R Block seems to be good though.

In general, guys would either deduct ALL of the 120/day per diem that we received, or went off the IRS website and deducted what the IRS says it costs to work in a particular city. One guy would keep all of his reciepts add it all up and deduct 80% of that. That last is probably going to give you your best chance of not getting audited. That being said, I don't know of anyone I worked with being audited.

Food for thought, straight from the mouth of an IRS agent. We're WAY under their radar. :)
Click to expand...
I started saving receipts, then I kinda gave up after my first vacation (rotation here). I keep a pretty extensive spreadsheet of where I was, what I spent and on what. I've now added a new column with the gov per diem per city. they are ALL over the 120 per diem we get. I think that might raise flags and maybe I should just deduct the 120....

Are you at AMF now??
 
mojo6911 said:
Don't go to H and R block. Either do it on your own or go to a real accountant.
Click to expand...
Yeah I have sort of a conundrum here. I have an accountant that I've used in the past, he's a good family friend, but he mostly deals with businesses and simple w2 personal taxes. As much as I have faith in him, I don't know if he'd deduct as much as legal/allowable being that a huge chunk of my income is per diem... I may just have to find some sort of accountant in my hometown that deals very well with per diems and all that
 
UAL747400 said:
I did it on my own going by what my other co-workers were told to do. H&R Block seems to be good though.

In general, guys would either deduct ALL of the 120/day per diem that we received, or went off the IRS website and deducted what the IRS says it costs to work in a particular city. One guy would keep all of his reciepts add it all up and deduct 80% of that. That last is probably going to give you your best chance of not getting audited. That being said, I don't know of anyone I worked with being audited.

Food for thought, straight from the mouth of an IRS agent. We're WAY under their radar. :)
Click to expand...
Think you can PM me what your effective tax rate was after deductions and all? I've been saving 30% for taxes and I'm worried that might not be enough

Sent from my Nexus 4 using Tapatalk 2
 
elmetal said:
I started saving receipts, then I kinda gave up after my first vacation (rotation here). I keep a pretty extensive spreadsheet of where I was, what I spent and on what. I've now added a new column with the gov per diem per city. they are ALL over the 120 per diem we get. I think that might raise flags and maybe I should just deduct the 120....

Are you at AMF now??
Click to expand...
First, you need to go to a tax professional. A real one like mojo said. It helps if they've dealt with transportation workers before. With all the traveling and whatnot there is a ridiculous number of things you can deduct. However you absolutely can deduct the per city rates. Remember that per diem you are getting is not actually per diem since it's lumped into the 1099-MISC. That's just what the company calls it.
I found the best way to track the cities I was in was just by using my logbook.
 
z987k said:
First, you need to go to a tax professional. A real one like mojo said. It helps if they've dealt with transportation workers before. With all the traveling and whatnot there is a ridiculous number of things you can deduct. However you absolutely can deduct the per city rates. Remember that per diem you are getting is not actually per diem since it's lumped into the 1099-MISC. That's just what the company calls it.
I found the best way to track the cities I was in was just by using my logbook.
Click to expand...
would you say there is a good professional that I can work with via Skype/email or should I find a local one in my home town and do this on my off time?

Also when you deduct the cities per diem rates, do you basically just get them from here and use both the food and hotel ones?

I need to find somebody in South Florida... damn
 
elmetal said:
would you say there is a good professional that I can work with via Skype/email or should I find a local one in my home town and do this on my off time?

Also when you deduct the cities per diem rates, do you basically just get them from here and use both the food and hotel ones?

I need to find somebody in South Florida... damn
Click to expand...
I have my tax guy actually do everything. I'm just repeating little bits I remember. I do know that I my overall tax rate ended up way lower 1099, then as a W-2 employee. My guy was able to work with me on the phone, email etc. I ended up in my hometown for some reason at some point and I went down and signed everything and paid him.
 
z987k said:
I have my tax guy actually do everything. I'm just repeating little bits I remember. I do know that I my overall tax rate ended up way lower 1099, then as a W-2 employee. My guy was able to work with me on the phone, email etc. I ended up in my hometown for some reason at some point and I went down and signed everything and paid him.
Click to expand...
gotcha. I need to find someone who is well versed in per diem and all that then.
 
elmetal said:
gotcha. I need to find someone who is well versed in per diem and all that then.
Click to expand...
You're working for AA right? As far as the IRS is concerned the whole 1099-MISC line is taxable. So the 120 a day means nothing tax wise.
 
z987k said:
You're working for AA right? As far as the IRS is concerned the whole 1099-MISC line is taxable. So the 120 a day means nothing tax wise.
Click to expand...
yep. right, I get that much, but from what I understand I can still deduct the govt amounts for the cities that I am in. That's the part that is very... detailed that I need an accountant for
 
UAL747400 said:
I did it on my own going by what my other co-workers were told to do. H&R Block seems to be good though.
Click to expand...

I've tried to do them on my own for years, just got to be too much work. I have a CPA now, worth every penny. I wouldn't worry too much about finding someone with specific aviation experience. Other than the 80% rule for DOT workers, most of the deductions they will find will be the same as an IT worker like me (professional associations/publications/travel/supplies/etc/etc/etc).

Being 1099 is good, there are no limits to the expenses you can incur on a schedule C. Even better is being a corporation.
 
You must log in or register to reply here.
Back
Top