Self-employed owner operator truck drivers have a number of tax deductions to consider during tax season. In order to get the tax breaks available, it is important for truckers to identify their tax home. For long haul operators, this is typically the city or area you work from or the place where you begin and end your trips. It’s important to track all expenses throughout the year to take full advantage of cost savings at tax time.
Tax Breaks and Record-Keeping
As you begin a new tax year, be certain to check for changes in tax laws. Knowing the current tax requirements will help with keeping records for the year. Tax deductions for owner operator truck drivers help to offset many expenses:
- Travel and maintenance costs
- Electronic equipment used for work only
- Licensing and fees
- Basic personal necessities
- Per diem for meals and lodging
- Equipment depreciation costs
Owner-operators always have the benefit of taking standard deductions and credits as they apply. Planning ahead for tax season is good practice for truck drivers. There are also some helpful apps where you can scan receipts and keep running calculations of trip costs. With a little research on current tax information and organized record-keeping, drivers can take full advantage of tax breaks as owner-operators.