Posts Tagged ‘Truckers’

The Benefits of Tax Season for Truckers

The miles of interstate and back roads that connect the smallest and largest businesses of the U.S. economy is often the primary home of those in the trucking industry. Staying safe on the open road can be a challenge, just as is the stress of delivering the load in one piece. Trucking is an expensive industry, placing physical, mental and financial demands on a hauler. Tax season can bring a little relief for the trucker with his paperwork in order.

Areas of Deductions for Truckers

Whether you work as a self-employed driver or contracted through a company, your activities and expenses can be used as you fill out your tax paperwork. It may be helpful to deduct unreimbursed, work-related expenses on either a Schedule A or Schedule C tax form. Here is a list of examples of qualifying expenses.

  • Vehicle expenses such as parking fees, tolls, registration fees, standard mileage rate, maintenance, repairs, oil fuel, insurance, truck lighting, tires and depreciation on owned-vehicles
  • Travel Expenses that include meals, lodging and laundry expenses
  • Union and trade association dues
  • License and regulatory fees for state or local government requirements
  • Flat-rate occupational taxes or excise taxes
  • Premium cost for liability insurance
  • Uniform purchases and upkeep
  • Trailer leasing fees

Within these different areas of potential deductions, there are specific limitations. There is a special standard meal allowance of $59 a day for those working in transportation, and this can be used across the board for trips if you choose not to accept the standard meal rates. Travel expenses can only be used when detailed logs provide the evidence of your travel away from your residence and the costs associated with the trips.

Seek Professional Tax Help

With the right preparation, you can use your tax return to reimburse you for the expenses of operating in the trucking industry. Always check with the latest tax information before assuming your filing status and deductions are correct.