Believe it or not, tax season is nearly upon us. While it likely isn’t the highlight of your year, it doesn’t have to be as painful as you may fear. In fact, for truckers, there are ways to save significant amounts of money on your taxes. By keeping organized, careful records of your expenditures throughout the year, you could even end up with a big payoff after filing your taxes. If necessary, be sure to ask a professional to help with your taxes. However, knowing what some of the possible deductions are can change how you file. Here are some tax deductions that truckers ought to consider this tax season.
If you’re spending quite a lot of time out on the road, you are able to deduct those food expenses from your taxable income. This is because the IRS knows what you spend on food adds up but you have no other option. You may choose to deduct a per diem amount, depending on where and when you’re driving, or you can keep receipts every time you buy food and deduct up to 80% of what you paid for meals. While local truckers can’t take advantage of this, it’s a good tip for anyone who does cross-country trips.
Repairs and Maintenance
If you ended up making any repairs or had maintenance costs that came out of your own pocket that have yet to be reimbursed, you can deduct those too. This even includes cleaning or just cleaning supplies. However, labor costs aren’t covered if you do the labor yourself.
Deduct for Medical Costs
Truckers know the job can take a toll on their bodies so if you had to see a doctor for a work-related problem, that can also be deducted. Any kinds of out-of-pocket costs for truckers can be considered business expenses.
Cell and Internet Plans
Most truckers are familiar with how often they use their mobile cell and internet plans. The IRS is also familiar with this and as a result, you can deduct up to 50% of your phone and internet costs when you do your taxes. This is because you’re likely to be using these services for a mix of professional and personal business.
Deduct Association Dues
Since most drivers are required to hold membership in a union or other group, those fees are also deductible. Provided it helps your career or is a standard expectation in the trucking industry, you can likely deduct it from your taxes.
Baltimore Freightliner-Western Star for All of Your Trucking Needs
Whether you are looking to upgrade your fleet to tow trucks or simply interested in the latest trucking technology, you can rely on Baltimore Freightliner-Western Star, a new truck dealer. We have provided top-notch service for the trucking industry for 30 years and would love to assist you in buying a new top-of-the-line truck, finding the specialty parts you need, or repairing your truck. Give us a call toll-free at 800-832-7278 or locally at 410-685-4474, or contact us online. To find out more about what we are up to, follow us on Facebook, Twitter, Pinterest, and Google+