Trucker Tax Tips & Deductions

It's $59.00 a day. Count the # of days out multiply 59 then subtract what you company payed you ( if yor a company driver) what's left you can deduct 80% of that.

 

You down load them from the QC site once a month and put them somewhere safe.

 

I'm trying to figure out what to expect when I file taxes this year. It'll be my first year filling as a lease operator and have not paid any taxes. Got a letter from my company stating I grossed $121,000. I calculated truck payments, fuel, tolls, insurance, food stipend, and other expenses such as CB radio and figured my net amount was around $32,600. I'm living in Illinois, single, no dependents.
I know you guys have helped calculate others' expected taxes and given your formulas, but all the ones I saw were married or had dependents. I would appreciate any help. My sister is an accountant and says I shouldn't owe much of anything especially with other deductions she's calculating, but I don't see anyway I could owe less than $6000?!?

 

This is what I learned...

There are apps available to provide what you can use as a per diem. The rate varies by county. My tax man printed them out for me.

By company policy I cannot use my sleeper in my truck so I can use 80% of the allowed per diem for lodging and meals. Transportation workers are allowed 80%, others apparently are allowed 50%.

I use an accountant to complete my taxes but I created a spread sheet on excel to document all my expenses. I earned over 100k last year but will pay only a few hundred in taxes mostly due to the allowed per diem.

If you don't have a tax man or spread sheet, email me and I will send you what I use.

 

I use the worldwide per diem app and it breaks down lodging and meals per county.

 

Wow. You corrected a post from many years ago. Like 2007. Go back and look at the rate from that year.

 

Your right, didn't notice that at the time.

 

Can a truck driver who does his deliveries locally and close to home, still claim Per Diem reimbursements for meals? [1] Has to stay within DOT standards as far as hours on the road goes. [2] Stays at a hotel 3-4 nights a week, because the hub is too far away to make it back on time (full delivery schedule). [3] Sometimes these hotels are no more than a 10 minute driving distance away from home, but since the refrigerated truck needs to be recharged (available at the hotels) it's not possible to just drive home to sleep, because no car (parked back at the hub). The company pays for the hotels (so no deductions for that), but there is no food reimbursements. From what I've seen all you need to claim the Per Diem food tax-deduction is being subject to DOT and staying overnight at hotels, but I want to make sure there is no small fine print rule that throws a wrench into things when you deliver locally.

 

The trucker per diem is for travel away from the tax home.

The tax home according to the IRS is for an area of about 60 miles. So, in your case it would not qualify.

 

Tax home seems to be a bit hard to define. According to here --> http://www.investopedia.com/terms/t/taxhome.asp the city and the "general vicinity" of your place of work. And here --> https://www.jacksonhewitt.com/MyTaxManager/Resources/Deductions@Work/Truck-Driver/?s=1 it's defined further as were you begin and end your trip. The company hub, where restocking happens, is located in north Raleigh, NC. Place of residence is in south Raleigh. Any idea how to determine exactly what would be the "general vicinity". Most days deliveries and hotels stays are in the towns of Garner and Clayton, south of Raleigh. I'm thinking I will need to ask I local tax expert to find out if that would fall within the "general vicinity" of the Tax Home, or not