What Can Truck Drivers Claim on Income Taxes?
Truck drivers in the U.S. can claim most purchases related to driving for profit on their federal and state income tax returns by taking deductions for the cost of these expenses, which will lower their taxable income at both the federal and state level. Truckers should keep receipts of their purchases in order to prove their deductions to the IRS in case of an audit and to allow them to keep track of everything they can claim.
Other People Are Reading
-
Gear
-
Truckers can claim a number of equipment purchases on their federal tax return, such as safety equipment, tie down straps, chains, clothing specific to their industry used for business purposes only and mattresses that fit in the cabs of their trucks, according to Newbie Driver. They will report these deductions on IRS Form 1040, Schedule A if employed by a trucking company and Form 1040, Schedule C if they work as an independent driver.
Vehicle
-
A truck driver can deduct the costs paid to maintain his vehicle and keep it on the road, such as fluids and tires, and he can also claim registration fees and tolls or fares he pays out of his own pocket. If he has few out-of-pocket costs, he may choose instead to take a standard deduction rate of 51 cents per mile driven for business in the 2011 tax year, according to the IRS. A trucker cannot claim these expenses for personal trips, and he should keep detailed logs of his miles driven.
-
Lodging
-
The U.S. government permits truckers to deduct all of their costs for temporary housing, such as when they spend a night in a hotel, and they can also take a 50 percent deduction for meals and tips paid when they travel and need to eat. Truck drivers cannot deduct the costs of lodging used for personal purposes and cannot usually deduct entertainment expenses unless they spend money to entertain customers and clients, according to the IRS.
Warning
-
Truck drivers must claim deductions on their taxes for the year in which they paid for deductible expenses, and they should not claim excess or unverifiable deductions. They cannot claim on their taxes expenses reimbursed by their employer and amounts paid for work clothing that they can use for personal purposes, the costs of a commute if they drive to their place of work in order to operate their truck, personal loan interest, time spent repairing and maintaining their truck and lost time due to unpaid mileage, according to The Trucker’s Report.
-
References
- Photo Credit Jupiterimages/Comstock/Getty Images
