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.
Trucker Tax Tips & Deductions
Discussion in 'Trucker Taxes and Truck Financing' started by WiseOne, Apr 2, 2007.
Page 1 of 38
-
Last edited by a moderator: Oct 12, 2011
775mito, Truckerledgers, BeN DaViS and 5 others Thank this. -
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
great decision ,wise one,really interesting subject to get into. I hope we get a great commentator for this subject. thks.
Truckerledgers Thanks this. -
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.WizardBill and KID GRAVITY Thank this. -
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.
Support81, Shinagamei, shroomhauler and 1 other person Thank this. -
purpleprime, shroomhauler and buddy_bill Thank this.
-
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.
buddy_bill and KID GRAVITY Thank this. -
imfrom31061 and Buzzard2157 Thank this.
-
Items Truckers Can Deduct. That should help some. It is not really in-depth, but a good start.
Truckerledgers, imfrom31061, TopWop and 3 others Thank this. -
Thanks WiseOne!
-
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.
Truckerledgers, SJArmyWife, Jackofalltrades1977 and 4 others Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 38