- Truckers are entitled to many tax deductions.camion image by silonos from Fotolia.com
If you drive a truck for a living, and especially if you are an independent contractor, the Internal Revenue Service (IRS) entitles you to certain expenses you may deduct from your taxes. However, it is essential you keep accurate, detailed records so you may receive full credit and also to lower your chances of an audit in later years.
Cell Phone Charges
- According to the "Trucker's Report," you may deduct any cellphone charges you incur. Keep in mind you may only claim expenses related to business calls. For business calls it's best to use a contract phone, whereby your cell phone carrier will send you a bill. Keep any bills you receive as they are documents you can present to the IRS. Place a check by any business calls you made, so you do not forget that those calls were for business purposes.
Business Credit Card Interest
- Keep all credit card bills. According to the "Truckers' Report," the IRS will deduct expenses related to business related purchases you've made. Buy it on the credit card; this way, the purchase information, including the date and place of purchases is readily available as documented information.
Expenses Related to Travel
- As a trucker, you can also deduct driving expenses. According to ex-trucker John Ewing, the list of items you may claim as travel-related expenses is quite long. You may claim expenses related to calculators, CB radios, repairs, flashlights and gas, to name a few. Nevertheless, it's vital to keep all receipts as evidence you have purchased these items.
- The standard meal allowance, for tax purposes, according to Ewing, is $36.00 per day (as of August, 2010). For this you have two options: You can keep track of all your receipts from fast food places, grocery stores or delicatessens at which you've stopped throughout the day or you can report the standard allowance. According to Ewing, doing the latter will release you from the responsibility of keeping track of all that information yourself.
- According to the Free Dictionary, a lumper is a person who loads and unloads vessels in a port" However, Ewing uses the term to apply to workers who load and unload trucks. If you are a trucker, you can claim a reduction in taxes on the wages you pay them. Again, record-keeping is important. Ewing advises you get a receipt for the services of the lumpers. Obtain records of their names, the dates on which you paid them, the company for which you used them, their Social Security number and the amount of your payment to them; keep such information as part of the records you send to the IRS.