So here’s the deal I am planning on purchasing my first sleeper semi truck to be used OTR hauling a 53 reefer. I reside in Illinois and will be leasing the truck on with a small family owned carrier here in Illinois that I’ve worked with for a few years so it will be registered here. Are there any tax exemptions I should be aware of when purchasing the truck wether I choose to finance or buy with cash and does purchasing out of state make a difference? Trying to avoid being screwed over and in the ditch before I even start. Does anyone also know any good trucking business tax specialists that can help with a 401k to robs (business startup account) to avoid paying Illinois tax on an early withdrawal of my 401k money if I choose to use it to buy the truck with all cash to avoid monthly payments? Any help/advice is greatly appreciated. Feel free to message me for more personal numbers/info. Thank you
New O/O starting up couple questions about taxes etc.
Discussion in 'Trucker Taxes and Truck Financing' started by Wumbo Jumbo, Mar 27, 2021.
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Some things you should look into deducting:
- Per Diem meal- $63 per day
- Business cell phone
- Licensing fees
- Dues -(note OOIDA dues are not tax deductible. Join anyway, it is worth it.)
- Medical exams
- Maintenance and repair (don't deduct lost income due to downtime, deadhead or miles that weren't paid)
- Computer, printer e-log, GPS and pay for apps related to trucking. No...they will not give you a deduction for truck parking simulator
- Fuel & Travel expenses related to the business
- Child Tax credits, dependent care, head of household
- Specialized clothing (safety gear, gloves, goggles, helmets, etc....note, nothing that is everyday items like slacks& jeans.)
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Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
