Terminated, Leased 5 months then Company Driver in 2020

Discussion in 'Trucker Taxes and Truck Financing' started by PapawJonez, Jan 27, 2021.

  1. PapawJonez

    PapawJonez Bobtail Member

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    Dec 2, 2020
    E’ville, IN.
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    I’m worried I made a huge mistake by leasing a truck from a company for 5 months this past summer, really most of my time was spent in parking lots babysitting equipment because the DM couldn’t keep me preplanned. nonetheless I’m waiting on documents for my time wasted there as a lease driver and worried I’m going to be hit hard in taxes for those 5 months. I always made enough too make the truck payments and escrow however never really made enough income to the homestead. for example I was out the month of June and only banked $2800.. forcing me to turn the truck in. my estimate guess is I owe around 4500 in taxes, hard to say until I receive filing documents. any thoughts?
     
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  3. TB John

    TB John Company Shill of BYOB & CBD

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    Lease payments and many items associated with running your business.( you are running your truck like a business right?) are tax deductible. Check with your tax PROFESSIONAL to be sure.
     
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  4. Eddiec

    Eddiec Road Train Member

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    Talk to a CPA who specializes in trucking. They will give you an answer.
     
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