Write offs? - Truckers' Trucking Forum | Message Board

strongworx · **^ Top** #1 01.28.2007

I want to drive OTR.I`m wondering what kinds of things you can write off as a company driver.Lap top?,Cell etc....Also,what does a newbee make starting out OTR.Some say .30cpm at 2500-3000miles a week.Im guessing thats like grossing 750-900ish.What are some other ways of making extra money?I hear safety bonuses,what about when you are stuck somewhere overnight?etc...I guess what Im asking is what can a newbee expect to make the first year?Gross $40,000? Thanks

Burky · **^ Top** #2 01.28.2007

Anything you purchase for the use in your job is a taxable item and can be deducted. I wrote off my laptop, road map manuals, my cooler, clothing that I buy strictly for work use, shoes, and anything else I use for my job. I wrote off the tools I carry in the truck, batteries for the flashlight as well as the flashlighht itself, and so on and so forth.

strongworx · **^ Top** #3 01.28.2007

Thanks Burky,what about when you are out a while and decide to get a room instead of staying in the truck?I imagine thats a nice break once in a while.Laundry expences?

Burky · **^ Top** #4 01.28.2007

All deductable as part of the job. I do recommend that you have a good accountant that handles trucking related work, vice the local H&R Blockhead that only works 4 months a year. I pay 300 a year for a trucking specific tax firm and they handle all my tax needs and filings.

strongworx · **^ Top** #5 01.28.2007

Yes,I was thinking about that.I thought it would be a good idea to find an accountant with trucker specific knowledge.Im sure there are plenty out there.Thanks

stylicho · **^ Top** #6 01.29.2007

I was told last year that I couldnt use my cell phone and I dont think I use my laptop either but Im not sure. I got it off ebay. By the way, do you generally get all your federal tax dollars back?

DrivingMyLifeAway · **^ Top** #7 01.31.2007

Per diem is the cost of meal allowance, as I understand it. Have used per diem deduction every tax year I've been an OTR driver. Now there is a per diem rate for each state. I take the average since I drive lower 48. For 2006 taxes, I understand per diem is in the $50 range per day. Multiply rate per day ($50 in this example) by how many days you spent on the road away from home, say 355 in my case. That's $17,750. For 2006 the allowed deduction, as I've learned and believe to have been increased 5% from 2005, is 75%. Multiply $17,750 by 75%, which equals $13,313 rounded-up, which is the allowed amount to be deducted from your gross W-2 income. Using the per diem deduction can put you into a lower tax bracket and therefore decrease your tax liability, as I understand it.

Note: The above described information is not to be used for your personal income tax. I'm not a CPA; I'm an informed OTR driver. The example given is only to inform persons reading my post. The tax code is very complicated and the above explanation is only to describe a layman's basic understanding.

Anyone reading my post if I have anything incorrect please post your response.

DrivingMyLifeAway · **^ Top** #8 01.31.2007

I just finished talking with the firm that will be doing my 2006 taxes. I was told the 2006 per diem rate is $52 and the percentage of total meals is 75%.

Cybergal · **^ Top** #9 01.31.2007

Quote:

Originally Posted by Burky

Anything you purchase for the use in your job is a taxable item and can be deducted. I wrote off my laptop, road map manuals, my cooler, clothing that I buy strictly for work use, shoes, and anything else I use for my job. I wrote off the tools I carry in the truck, batteries for the flashlight as well as the flashlighht itself, and so on and so forth.

Same here! We claim all the above and anything else related to the job.

stylicho · **^ Top** #10 02.01.2007

Quote:

Originally Posted by DrivingMyLifeAway

Per diem is the cost of meal allowance, as I understand it. Have used per diem deduction every tax year I've been an OTR driver. Now there is a per diem rate for each state. I take the average since I drive lower 48. For 2006 taxes, I understand per diem is in the $50 range per day. Multiply rate per day ($50 in this example) by how many days you spent on the road away from home, say 355 in my case. That's $17,750. For 2006 the allowed deduction, as I've learned and believe to have been increased 5% from 2005, is 75%. Multiply $17,750 by 75%, which equals $13,313 rounded-up, which is the allowed amount to be deducted from your gross W-2 income. Using the per diem deduction can put you into a lower tax bracket and therefore decrease your tax liability, as I understand it.

Note: The above described information is not to be used for your personal income tax. I'm not a CPA; I'm an informed OTR driver. The example given is only to inform persons reading my post. The tax code is very complicated and the above explanation is only to describe a layman's basic understanding.

Anyone reading my post if I have anything incorrect please post your response.

The only thing you have to watch out for as far as I know is if youre out half a day or you came back in the middle of a day youre not supposed to count those days toward the per diem. That is my understanding.

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Similar Threads
Thread	Thread Starter	Trucker Forum	Replies	Last Post
tax write-offs	Capt. Solo	Trucker Taxes	2	05.05.2008 12.58 PM
IdleAire rife with Political Pay-offs and Corruption	roadkill439342	Politics	2	04.17.2008 12.53 AM
Wall St. Banks Bracing For More Enormous Write-Downs	WiseOne	News - NON Trucking News	2	02.19.2008 08.13 AM
Insurance Sucks! What Rip Offs!	WiseOne	A Discussion About EVERYTHING	12	10.20.2007 11.24 PM
Write your Congressman	Adenosine	Questions From New Drivers	6	09.19.2007 01.02 PM

Truckers' Trucking Forum/Message Board - The Premiere Truck Driver Forum
Sponsored Links

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)