Trucker Tax Tips & Deductions

Discussion in 'Trucker Taxes and Truck Financing' started by WiseOne, Apr 2, 2007.

  1. WiseOne

    WiseOne Inactive contact bullhaulerswife

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    Hi all, we are going to try and start a section here for trucker tax tips. Owner Operators face far more challenges, come tax time, than company drivers...but ALL truckers can save more money by doing their taxes better.
     
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  2. buck and a half

    buck and a half <strong>Mr. Miles & Miles with Many Smiles</strong

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    great decision ,wise one,really interesting subject to get into. I hope we get a great commentator for this subject. thks.
     
  3. Tip

    Tip Tipster

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    Taking your per-diem deduction is the best move of all for anybody who does OTR, TL driving. Save your logbooks, though. You'll need 'em in a year or two if the IRS comes calling to audit you.

    What is the per-diem allowance per day now? Like 55? If so, that's a $15,000+ deduction, making it around 3x the standard deduction.
     
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  4. Roadmedic

    Roadmedic Road Train Member

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    The Per Diem Rate is 52.00 a day. IRS allows truckers subject to DOT to get 75% of this deduction. It can be taken as itemized deduction subject to 2% or on Schedule C by owner/operator.
     
  5. WiseOne

    WiseOne Inactive contact bullhaulerswife

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    That is true, it is $52/day for this year. Thanks, RoadMedic.
     
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  6. buck and a half

    buck and a half <strong>Mr. Miles & Miles with Many Smiles</strong

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    Yep 52 usa ,but,if you run canada you can deduct 58 a day on the days you are in canada,don't forget the half days,if youhave a half on the start of the week and another half at the end etc,you can claim that, be sure and keep your log books as proof.
     
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  7. martinez

    martinez Bobtail Member

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    Where can I find information on what a driver can and cannot claim as a tax writeoff?
     
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  8. WiseOne

    WiseOne Inactive contact bullhaulerswife

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  9. martinez

    martinez Bobtail Member

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  10. paramore

    paramore Bobtail Member

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    You can deduct kleanex, toilet paper, napkins, plastic forks spoons knives, paper towels, cds, dvd, Eye glasses, contacts, drivers licenses these are a few more items that can be deducted.
     
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