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
Dont 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
Deductions for Small Fleets vs. Owner Operators
Discussion in 'Trucker Taxes and Truck Financing' started by gibbsfree, Feb 17, 2015.
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Great post...lots of easy to overlook deductions.
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I was hoping small fleet owners would provide some insight on what deductions they can make that owner operators can't. Anyone? -
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.
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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. -
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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