Tax season

Discussion in 'Questions From New Drivers' started by Jfairley00, Feb 9, 2018.

  1. Jfairley00

    Jfairley00 Light Load Member

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    Quick question: As a company driver what can I write of on my taxes? I've spoken to different truckers at truckstops and have gotten different answers. One said we can write off any type of equipment for the job even the refrigerator for the truck. Another said I can write off ANYTHING bought on the road including groceries but I don't that sounds right. Any advice?
     
  2. Tb0n3

    Tb0n3 Road Train Member

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    From what I understand a W-2 has little it can write off. Limited to high value exclusive use items. If you use it outside of the truck it doesn't count.
     
  3. Money-Mike

    Money-Mike Light Load Member

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    This is supposedly the last year to claim the meal allowance which can be a very large amount depending on the days away from home.

    Claiming the meal allowance pretty much takes care of claiming groceries.

    I also wouldn't be trying to get all your $3 receipts trying to add craziness because all you are doing is raising a flag higher and higher that you would like a sweet audit.

    Easiest way to do it is to find a CPA who KNOWS TRUCKING. Not HR Block or Jackson Hewitt. You might pay a little more but they will make sure you claim the right things to avoid a sitdown with the IRS
     
  4. Moose1958

    Moose1958 Road Train Member

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    I have not researched this because it is not something that concerns me. However the way I understand it this new tax law raises the standard deduction for single filers by almost $6,000. As has been said. Get tax advice. With the lower rates and some other things most of these loses might be offset.
     
  5. Maj. Jackhole

    Maj. Jackhole Heavy Load Member

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  6. Maj. Jackhole

    Maj. Jackhole Heavy Load Member

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    The raise of the standardized deductions will not come into effect until 2018 taxes
     
  7. Ridgeline

    Ridgeline Road Train Member

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    Here is the deal.

    Unless your company pays you "per diem", you claim it for your meals and days away.

    The fridge can be written off, tools and such can also be written off.

    But clothes can not be.

    The thing is that if you normally take the standard deduction, then writing of off this stuff will not be allowed to use the standard deduction.
     
  8. Numb

    Numb Crusty Curmudgeon

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    cloths can, if special cloths are required for the job.
    like gloves ,steel toed boots,ect.
     
  9. tucker

    tucker Road Train Member

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    I’m surprised all the OTR drivers are happy with the “offset” and “breaking even” while the rest of America are equally happy with our tax cut.
     
  10. Moose1958

    Moose1958 Road Train Member

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    Truck drivers are not the only ones effected. I was speaking with a friend that lives in upstate NY a few weeks ago. This new tax law tops out state and local tax deductions at $10,000. He told me that in the 2018 tax year they were going to lose thousands in deductions. Some was offset by the standard deduction increase but not near enough. I spoke to the guy that does my taxes and he said I was going to break about even.
     
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