Owner & Operator Truck Driver Tax Breaks
As an owner-operator truck driver you carry much responsibility. You are responsible for driving and maintaining your truck. You are also responsible for managing your business finances. This includes filing tax returns. You can avoid paying too much tax and save money by knowing which tax breaks are available to you as an owner-operator truck driver. This year make your deductions work for you and get the maximum tax refund you deserve.
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Travel Expenses
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From time to time your job may require you to be on the road for an extended period of time. Travel is inevitable in the life of a truck driver. If your travels take you at least 50 miles away from your home you can claim a deduction for your travel expenses. You can deduct the cost of meals and lodging by using one of two methods--actual cost or per diem rates. Per diem rates are a fixed amount that you can claim for meals and lodging in a specific area. If you choose to deduct actual costs you will need to save receipts for all of your expenses.
Vehicle Maintenance
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A truck driver is only as good as the truck that he drives. You need to keep your truck working properly to do your job. Regular vehicle maintenance is essential in keeping your truck on the road and is a necessary expense for owner-operator truck drivers. You can claim a deduction for the cost of all maintenance and repairs to your vehicle. This includes purchases such as tires, oil, gasoline and fees paid to mechanics. You can also deduct the cost of other maintenance related costs such as routine inspections and cleaning your truck.
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Professional Fees
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As a truck driver you are required by law to have a valid driver's license. Any fees associated with obtaining or renewing your license can be used for a deduction. You may also choose to join a local union. Dues paid to the union can be written off as a deduction as well as membership fees to other professional trucking organizations. If you are required to enroll in educational courses to keep your training up to date, you can write off the cost of tuition and and supplies related to the course also.
Miscellaneous Deductions
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You probably encounter many other potential tax deductions every day, you just need to know where to look. Just about any expense you incur that is directly related to driving a truck can be written off as a deduction. Some commonly overlooked deductions include: subscriptions to trade publications, uniforms, tools, flashlights, CB radios, office supplies and the cost of laundering your uniforms. If you run your own home-based trucking business you can also claim a valuable deduction for business use of the home.
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References
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