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Truckers’ Tax Tips & Truck Driver Tax Deduction Help

There are are number of fees and expenses related to trucking that are tax deductible, and a well-organized trucker takes all tax deductions available.

Drivers, when you’re doing taxes, don’t forget these deductions:

Access Fees:

  • Internet (Cell phone data plans)
  • Satellite (Qualcomm, Sirius/XM)

Administrative Fees:

  • ATM Fees
  • Check Reorder Fees

Association Dues

  • OOIDA, Teamsters, etc

ComData/ComCheck Fees:

  • Computer Software
  • Credit Card Fees

Cleaning Supplies:

  • Window Cleaner
  • Paper Towels
  • RainX

Interest:

  • Business Loan
  • Credit Card

Office Supplies:

  • Pens, Pencils, Paperclips, Envelopes, Folders, Rubber Bands

Medical Exams

  • DOT Physical
  • Drug Tests
  • Sleep Apnea Study

Postage Fees:

  • For Mailing Invoices, Bills of Lading, etc…

Real Estate Expenses:

  • Mortgage interest
  • Mortgage prepayment penalties
  • Penalties of early withdrawals
  • Points on principal residence financing
  • Real estate taxes

Safety Gear

  • Steel-toe boots
  • Work Gloves
  • Cargo straps

Trucking & Business Related Subscriptions

  • Load board subscriber fees
  • Trucking industry magazines

Uniforms

  • Dry Cleaning Costs for your uniforms or protective clothing
Don’t make the same mistake as many truck drivers, falling into the trap of trying to claim too much and ending up with an audit.  Here are some non-deductible expenses that many truckers’ need to leave off:

NON-Deductible Expenses:

  • Expenses that were reimbursed by your employer
  • Clothing that is adaptable to everyday wear
  • Commuting costs (tolls, gas, parking)
  • Home phone line
  • Interest on personal loans
  • Personal vacations

Special Notes For Owner-Operators:

  • You CANNOT deduct the time you incur from working on your own equipment
  • You CANNOT deduct the income lost as a result of deahead/unpaid mileage, ONLY the expenses incurred to operate the truck during that time such as fuel, tolls and scales. etc.
  • You CANNOT deduct for downtime
Note: Your tax situation is unique. This article does not give nor is it intended to give specific tax advice. Please confer with your own licensed tax/accounting professional.

big thanks to Jack Vyhnalek at TDA Accounting Partners for answering tax questions from our readers in the comments section! Always nice to find someone who wants to earn your business, not just advertise for it.

Below are accountants that offer trucking specific accounting services:

TDA Accounting Partners

TruckerCPA

Gerald M. Schecter & Company

 

Original article from Trucker's Report