Is having to pay for parking Tax Deductible.

It is a tax write off, parking, shower, Walmart receipts, food receipts, if you can tie it to work somehow than it’s a tax write off.

 

Nothing can be written off if the op is a company W-2 employee. Used to be able to but the tax code was changed a few years back..

 

That’s sad. I remember being able to write the tools off on my w-2 job, that was 12 years ago or so.

 

We used to also get a daily perdiem deduction but that’s gone also. Was nice to be able to offset the higher food costs etc of being OTR now we are treated just as a driver who gets home every night.
Boots, Gps, tools etc etc etc no write off..not even your cpa fee is deductible.

Was actually what made me buy my truck and start a S-Corp. I’m listed as a W-2 and pay myself so little they will never receive another dime from my income tax. Anything I need the Corp buys for me.

 

Gotta be careful with that. You gotta pay yourself a competitive wage. One of my buddies got nailed for only paying himself 35k and ended up oweing them almost 60k in taxes. Im SURE there is more to the story someplace. But ive heard and personally seen enough horror storys to be leery of thay kinda thing.

That said i only paid myself $45K last year lol and actully showed a loss with my transmision in the 579 and my new truck. Rest was pure tax writeoffs. Basically if your an owner op find a good accountant, scan recipts for EVERYTHING. And if they can do a duduction, then your going to get it.

Think i had almost 24k in writeoffs on small items. Would need to double check the exact amount.

 

I cook all my own food on the truck and I try and eat healthy which isn’t cheap. I eat a lot of things like organic chicken salmon and steak and such. I easily spend $200 a week out on the road on groceries alone. I feel like, even if you are a company driver that should be a tax write off for all of us. Whatever expenses we endure out on the road. It’s not the same as sitting at home in front of the grill with your family or friends. Maybe it’ll change in the coming years and we can write some of it off.

 

You have to pay reasonable, not competitive wages. If there are drivers getting paid as little as I'm paying myself, that's reasonable!

 

Turn the parking receipt into your employer, for reimbursement.

 

Always heard it as competitive but fair enough lol. But yea i do know there is a limit before the IRS will screw with you.