17
Jun
Tax Deductions For Truck Drivers. Tax laws change periodically so we encourage you to consult your tax professional to find out how to take tax deductions on whatever is tax deductible. Income and allowances to report. Every year professional truck drivers search for tax deductions that they can claim when they file their income taxes. Meal Allowance Self-employed truck drivers may also deduct 80 of the special standard meal allowance rate or their actual expenses.
Other deductions available to truckers are mileage only if youre an independent contractor daily meal allowances hotel expenses and union dues. Records you need to keep. Tax deductions specific to drivers with their own authority owner operators and lease operators. Drivers should keep good records and receipts to substantiate any deductions taken. Truck drivers provide a prime example. You can and cant claim as a work-related deduction.
Take a look at over 100 tax deductions you.
Essentially a tax deduction is a work-related expense that lowers your annual reported income. Records you need to keep. Additionally you can deduct other unreimbursed expenses including logbooks lumper fees business-only cell phone use and license fees. If you pay out-of-pocket for truck maintenance and supplies you may be able to deduct these costs. The IRS generally allows truck drivers who are unable to stop home for meals and other necessities to claim the special meals and incidental expenses MIE deduction of about 66 within the US. Keep in mind that double-dipping is taboo.