Whomever said that truth never hurts never had to fill out a form 1040
Generally all money spent to realize your income and to operate your truck is deductible. Being aware of all your deductions is a major way to reduce your taxes. Here is a list of Trucking Industry specific deductions:
* Administrative Fees: Credit card, Bank, ComData, ComCheck, Accounting, Legal
* Advertising
* Agent/ Broker Fees
* Communication: Internet, Fax, Qualcomm, Telephone, Satellite
* Equipment Operation/Maintenance: Fuel, Oil, Parts, Repairs, Tires, Truck Wash
* Insurance: Bobtail, Cargo, Disability, Medical, Physical Damage
* Interest: Truck, Trailer, Other Business Equipment
* Labor: Contract, Loading/Unloading, Lumpers
* Lease/Rent Equipment: Truck, Trailer, Other Business Equipment
* License: Base Pales, CDL Fee, Permits, Registration
* Meals: Actual or Per Diem based on no. of overnights
* Medical Expense: DOT Physicals, Drug Testing
* Office Expense: Supplies and Equipment
* Postage: Mail Box, UPS, Courier Fee, TripPak
* Professional Dues, Subscriptions and Publications Related to Trucking
* Safety Tools and Equipment : Alarm, Batteries, Chains, First Aid, Gloves, Boots
* Taxes: Estimated Fed & State, Fuel Tax, Heavy Vehicle Use, Personal Property
* Tolls, Parking, Scale Fees
* Travel: Hotel, Showers, Laundry, Auto Rental, Cab, Airline Tickets
* Truck Supplies: Logbook, Tools, Tie Downs, CB, GPS, Satellite, Sleeper Supplies
* Uniforms: Any clothing required by company
* Wages: Payroll
Company Drivers
Company drivers are limited to non-reimbursed expenses required or necessary in the performance of your operation of the truck. These include uniforms, gloves, logbooks, maps, cell phones, CB, tools, supplies, showers etc. You are entitled to per diem for overnights and motel expenses. These deductions are available only if you itemize, and are not available if you take the standard deduction.
