Josh Hamilton

  The Best Tax Breaks for Small Fleet Owners Owning and operating a small trucking fleet can be both rewarding and financially challenging. Between fuel costs, vehicle maintenance, insurance, and driver wages, every dollar counts. Fortunately, the tax code offers several breaks that can significantly reduce the tax burden for small fleet owners. Knowing what’s available—and how to take advantage of it—can lead to substantial savings and improved profitability. 1. Section 179 Deduction     One of the most valuable tax breaks for small fleet owners is the Section 179 deduction. This provision allows businesses to deduct the full purchase price of qualifying equipment or vehicles (such as trucks) in the year they are placed in service. Instead of spreading the depreciation over several years, Section 179 enables an immediate tax benefit, improving cash flow and allowing fleet owners to reinvest in their operations more quickly. 2. Bonus Depreciation     In addition...

How to Maximize Your Per Diem Deductions as a Trucker? For truck drivers, per diem deductions offer a valuable way to reduce taxable income by covering meal and lodging expenses incurred while on the road. However, many truckers fail to maximize these deductions due to poor record-keeping or a lack of understanding of IRS rules. Here’s how you can take full advantage of your per diem deductions and lower your tax burden. 1. Understand Per Diem Rates The IRS sets a standard per diem rate for truckers covering meal and incidental expenses. For 2024, the per diem rate for meals is $69 per full day spent on the road in the continental U.S. and $74 per day for travel outside the continental U.S. This rate is subject to change annually, so staying updated is crucial. Truckers can deduct 80% of their eligible per diem expenses if they are self-employed, while company drivers can only deduct per diem if their employer does not reimburse them. 2. Keep Detailed Records Proper documentation is es...