Trucker Tax Tips & Deductions

On occasion I have written off clothes damaged.

 

Going to be getting started in trucking soon and I'd like to know what I can deduct in taxes. I'll be staying with family during hometime with no rent / home expenses. I will have a fixed residence (address). From what I've gathered, I'll have no 'tax home' that will enable me to take per diem.. Is this correct? Any miscellaneous expenses I can deduct? Thanks.

 

Try looking thru this thread, there is a lot of information; all you have to do is look.

 

Coronaz97
Tax home is a city or a general area where your main place of work is. But because you travel all the time and don't have a regular place of work IRS considers a place where you live as your tax home. It doesn't matter if you pay your home bills or not. If your family pays them and supports you it's still your tax home. If it's your mail address and you keep the most of your stuff there (or at least the most necessary personal stuff) that't your tax home.

Your deductions depend on if you are an employee (get W2) or self-employed (contractor, get form 1099) or you own a corporation.

 

perfect circles?

 

Not totally correct.



Factors used to determine tax home. If you do not have a regular or main place of business or work, use the following three factors to determine where your tax home is.

1. You perform part of your business in the area of your main home and use that home for lodging while doing business in the area.
   
2. You have living expenses at your main home that you duplicate because your business requires you to be away from that home.
   
3. You have not abandoned the area in which both your historical place of lodging and your claimed main home are located; you have a member or members of your family living at your main home; or you often use that home for lodging.

If you satisfy all three factors, your tax home is the home where you regularly live. If you satisfy only two factors, you may have a tax home depending on all the facts and circumstances. If you satisfy only one factor, you are an itinerant; your tax home is wherever you work and you cannot deduct travel expenses.


Just having a mailing address does not constitute a tax home. Living at no cost does not either.


http://www.irs.gov/publications/p463/ch01.html#en_US_2011_publink100033754

 

This is all really good info to keep in mind come tax time.

 

What is amount for item deduction? That we have to meet...

 

Here is the information you looking for. Even IRS had trouble finding the right page. My advice to everyone is NOT to save $$$ with the HRBlocks of this world that don't know anything about trucking, and go to a preparer familiar with TRUCKING !!! they cost more but save you a bundle !!!
IRS PUBLICATION 463.
Standard meal allowance of $59.00 dollars a day !!! $65.00 if you cross to Canada. No receipts require !!!

 

Ok, I'm confused. Most of you are saying the per diem rate for 2012 is $52 a day, but OOIDA has a post that says it's 80% of $59 per day and the IRS publication 463 says for transportation workers its $59 per day. So which is it & where are you finding the $52 per day?