Tax Deductions For Truckers
Tax Deductions For Truckers As a truck driver, whether you’re an owner-operator or an independent contractor, managing taxes can be challenging. The trucking industry has unique tax deductions that can help lower your taxable income and reduce what you owe to the IRS. Understanding these deductions and working with a trucking tax specialist can ensure that you maximize your savings and stay compliant with tax laws. 1. Vehicle Expenses Your truck is the core of your business, and many of its related expenses are tax-deductible, including: Fuel Costs – Diesel, gasoline, and other fuel-related expenses. Maintenance and Repairs – Oil changes, tires, brakes, and regular servicing. Depreciation – If you own your truck, you can deduct its depreciation over time. Lease Payments – If you lease your truck instead of owning it outright. These deductions can add up quickly, making it crucial to keep detailed records and receipts. 2. Per Diem Expenses Truckers often spend long hours on the road...