Deductions for Small Fleets vs. Owner Operators

Discussion in 'Trucker Taxes and Truck Financing' started by gibbsfree, Feb 17, 2015.

  1. gibbsfree

    gibbsfree Bobtail Member

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    What can small fleet owners deduct that owner operator's can't? There is lots of mention on deductions of owner operators, but haven't noticed anything for small fleets?

    I have 3 trucks that I run; 2 with company drivers and the 3rd I run occasionally. I'm not sure what additional deductions I can make.


    From this website, here are a lot of the deductions for Owner Operators:

    Access Fees:

    Internet (Cell phone data plans)
    Satellite (Qualcomm, Sirius/XM)

    Administrative Fees:
    ATM Fees
    Check Reorder Fees

    Association Dues
    OOIDA, Teamsters, etc

    ComData/ComCheck Fees:
    Computer Software
    Credit Card Fees

    Cleaning Supplies:
    Window Cleaner
    Paper Towels
    RainX

    Interest:
    Business Loan
    Credit Card

    Office Supplies:
    Pens, Pencils, Paperclips, Envelopes, Folders, Rubber Bands

    Medical Exams
    DOT Physical
    Drug Tests
    Sleep Apnea Study

    Postage Fees:
    For Mailing Invoices, Bills of Lading, etc…


    Real Estate Expenses:
    Mortgage interest
    Mortgage prepayment penalties
    Penalties of early withdrawals
    Points on principal residence financing
    Real estate taxes

    Safety Gear
    Steel-toe boots
    Work Gloves
    Cargo straps

    Trucking & Business Related Subscriptions
    Load board subscriber fees
    Trucking industry magazines

    Uniforms
    Dry Cleaning Costs for your uniforms or protective clothing
    Don’t make the same mistake as many truck drivers, falling into the trap of trying to claim too much and ending up with an audit. Here are some non-deductible expenses that many truckers’ need to leave off:

    NON-Deductible Expenses:
    Expenses that were reimbursed by your employer
    Clothing that is adaptable to everyday wear
    Commuting costs (tolls, gas, parking)
    Home phone line
    Interest on personal loans
    Personal vacations
     
    Freddy57 Thanks this.
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  3. Freddy57

    Freddy57 Road Train Member

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    Great post...lots of easy to overlook deductions.
     
  4. gibbsfree

    gibbsfree Bobtail Member

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    Thanks Freddy but I did not make the list of deductions, I just copied them from here: http://www.thetruckersreport.com/trucker-tax-tips/

    I was hoping small fleet owners would provide some insight on what deductions they can make that owner operators can't. Anyone?
     
  5. Ridgeline

    Ridgeline Road Train Member

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    There are a bunch of other things like safety vests and jackets, clothes if they are directly related to the work but one thing I can not write off that my accountant said falls under medical expenses is Sleep Apnea Studies.
     
  6. xsetra

    xsetra Road Train Member

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    Are you incorporated. Your vacation just became the annual stock holder meeting for the company. Husband owns half and wife owns the other half. Travel expenses, lodging, meals. NOT children related expenses. Your meeting can be anywhere in the world.
    There are many more but I leave that to my tax attorney to do. I stay away from doing any tax work.
     
  7. gibbsfree

    gibbsfree Bobtail Member

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    Mar 20, 2014
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    Yes we are actually a LLC but are thinking about filing as a LLC electing S corp status.

    That's a pretty good idea, thanks for the heads up on the "annual meeting"
     
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