If you are a truck driver, you will rack up several expenses on the road. It would include things like fuels, tolls, maintenance, and so on. Tax season is a chance for truck drivers to raise a claim for their tax deductions and get some of their money back.
Who Are Eligible?
If you are an employee for a trucking company who receives a W-2 at the end of the year, then none of your job-related expenses is tax deductible. But if you work as a self-employed driver, you can claim tax deductions for your work-related expenses; visit simplexgroup.net/tax-preparation/ to know about your tax deductions eligibility.
What Are The Common Deductions?
Some common deductions that truck drivers can claim would include the following:
- Association Dues- Several truck drivers are part of a truck driver’s association or union. You can deduct the fees associated with being in the group so that you can get help from the association as and when required.
- Phone/Computer- The phone, laptop, and other such equipment you use for work are 100% deductible. It means you can claim the full cost of the device along with the monthly internet costs. However, if you use the device for both work and personal purposes, then you can deduct a part of the expense.
- Clothing- Specialized clothes used during your work, like any safety gear, are tax deductibles. However, the everyday clothes you wear to work are not deductible.
- Education- Drivers often have to pay for their training to obtain or maintain a CDL license or other advanced certifications. As long as the training helps you in your job, it is tax deductible.
- Tools- All the tools that you need for trucking are tax deductible.
- Insurance- Apart from commercial auto liability and property damage insurance, you should also purchase insurance for your truck that will cover its cargo or lost income due to business interruption costs. You will be able to show these premiums as business expenses, and they will become tax deductible. You can contact simplexgroup.net/tax-preparation/ to know about the truck insurance that is tax deductible.
- Travel Cost- If you are away from your tax home overnight so that you have to take accommodation to rest, then that is tax deductible. Tolls and parking are also eligible in such cases.
- Medical Expenses- Many drivers need to undergo regular checkups as a part of their work. The expenses incurred here are deductible. Apart from these, regular doctor visit and medicines are deductible only if it is itemized on Schedule A.
There are different elements of tax deductions that one should consider to get all the claims they are eligible for. If you want to know about these in detail, then contact a professional tax expert to get an insight into your case.
