Trucker Tax Tips & Deductions

I would go by expenses, because then you can depreciate the vehicle, claim repairs, and fuel costs. The mileage rate was just raised to .58 a mile. But I am sure there is a lot of regulations regarding that. I have heard of CPA's that you just mail them all your receipts every month and they do everything for you.

 

In my experience, because semis do not get the best fuel mileage, it is better to use the actual expenses. Meaning, repairs, fuel, oil changes, filters, etc... Now if you drove a sprinter van, that might be a different story.

This year I had to amend three years for a customer who used Turbo Tax & it let him 'double dip' & take both. He answered all the questions it asked him & it let him take both mileage & actual expenses. Of course the IRS caught him & he came to see me.

 

Don't forget the "Railroad Worker Reform Act." A person who works in interstate commerce may claim his state of residency where he lives or earns 50% of his income.
I know a airline pilot who failed to pay Vermont State income tax while he lived in Burlington Vermont. The state took him to court and he won the case and established case law in Vermont when the Judge ruled in his favor. He worked for an airline that was based in a state that didn't have a state income tax, therefore not paying state income tax to Vermont.

 

on the link of things that are deductable, in the section that says " Non " it has cummuting.... i take the train from my house to my truck every friday and every sunday. does that count?
im a company driver. do i pay at the end of the year? i dont do OTR, i run short haul/line.

 

No, it is not deductible.

It is no different than the people who live out of town and commute to work each day.

 

hmm....i always thought it was..... is there anyplace i can go to get like a full list of what is and whats not??
and when i was in school they always said that all truck drivers pay at the end of the year? is that true? cause i no the o/o's have to quartly.

 

There are several postings around here concerning the deductible items.

The IRS does not publish any listing of the deductions.

Most truck drivers that drive company trucks should have withholding equal to the tax or greater. Most owner operators should be paying quarterly estimates. There is no set idea of who will or won't owe taxes at year end.

 

ok medic i give up, where are these list posted at? and where can i find more detailed information about the whole tax issue.
reminder: im not a o.o, im a company driver.

 

Must of been on another forum or something.

Basically, if you use it on the truck, it should be deductible.


CB Radio
Xm or Sirius
Bedding
Laundry
Showers
Workboots
Special tools
Tools
Wheel puller
Windex
Paper towels
Maps
Computer
Internet
Map software
GPS


These are things I quickly thought of.

 

thanks medic, im going to just call the tax man and talk to him this week and see what he says i do, and ask him what i should do to make his job easier for me and him.
thanks again medic