I'm curious, especially for OTR drivers away from home, can employees deduct any expenses for taxes or this only applies to O/O (Own Authority or leased on to company)?
Wondering if there's anything company drivers can deduct (obviously would consult CPA but you may have experience just to have an idea)?
- Mileage deduction (drive to & from work or terminal - most likely not)
- Meals+Lodging+Pier Diem (daily)?
- Non-Reimbursed by employer truck expenses (truck repairs, tolls, etc...)
- Work related clothing or other work related expenses (apps used for work - paid gps, scanners, etc..)
Company Driver tax deductibles
Discussion in 'Trucker Taxes and Truck Financing' started by RussianBearTruckeR, Jan 26, 2019.
Page 1 of 2
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
No. Not anymore. Not for company drivers. Those went away with the new tax laws.
roshea, Omega1 and RussianBearTruckeR Thank this. -
-
Winning -
IIRC, the per diem is gone, not sure about M&IE.
I would think clothing and such that is required by your employer but not furnished, would be tax deductible.RussianBearTruckeR Thanks this. -
That's really harsh on company drivers losing the per diem.
Even worse for lease operators who do not file a schedule C.RussianBearTruckeR Thanks this. -
tucker Thanks this.
-
My understanding is the Form 2106 is now gone for TY 2018 and can no longer be used for EMPLOYEE drivers where all income is reported on employer W2(s). So that would mean NOTHING [related to non-reimbursed job-related expenses] can be itemized to reduce taxable income.
I’m hopeful there will be enough outrage this tax season that this provision will be eliminated but will have to wait and see.Last edited: Jan 26, 2019
brian991219 and RussianBearTruckeR Thank this. -
More salt in the wound is that the per diem increased for 2019 for owner ops.
Company drivers may have to think about leasing just to cash in on the deductions. Just running a normal year would wipe out about 14 or 15 thousand from your top line.
Although you would pocket the money...if you are receiving a rebate from Obamacare...this would boost your rebate on that end as your adjusted gross income would be far lower. -
So I have to foot the bill for the phone plan that my company is asking me to upgrade to? I pay an additional $60 for an unlimited data plan to use the elog.....
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 2