Being a self-employed truck driver or a freelance professional in the trucking industry can be a tough road to navigate, especially when it comes to taxes. But fear not, there are a multitude of tax write-offs and deductions that can help ease the burden. Here's a list of some of the most common ones that you can take advantage of.
Whether it's a quick bite at a roadside diner or a full-course meal at a truck stop, business meals are a necessary part of a truck driver's life on the road. These meals can be written off as a business expense. Just remember to keep your receipts and note the business purpose of the meal.
How to write it off: Report it on Schedule C, Box 24b.
Car insurance and registration fees are essential for every truck driver. They not only keep you legal on the road but also protect you from potential financial disasters. These costs can be deducted from your taxable income.
How to write it off: Report it on Schedule C, Box 15.
Keeping your truck in tip-top shape is crucial for your safety and the longevity of your vehicle. Expenses for regular maintenance, such as oil changes, tire rotations, and brake inspections, can be written off.
How to write it off: Report it on Schedule C, Box 9.
Buying a new truck or dealing with the depreciation of your current one? Both can be written off. Depreciation can be a bit tricky to calculate, so you might want to consult with a tax professional.
How to write it off: Report it on Schedule C, Box 13.
As a truck driver, you're responsible for the goods you're transporting. Cargo and liability insurance protect you in case of accidents or damage to the goods, and the premiums you pay for these insurances can be written off.
How to write it off: Report it on Schedule C, Box 15.
Keeping your truck clean isn't just about appearances—it's also about safety and efficiency. Cleaning supplies, whether for the interior or exterior of your truck, can be written off.
How to write it off: Report it on Schedule C, Box 22.
The Federal Motor Carrier Safety Administration (FMCSA) charges fees for various services, including compliance reviews and safety audits. These fees can be written off as a business expense.
How to write it off: Report it on Schedule C, Box 10.
A reliable GPS system is a truck driver's best friend on the road. It helps you navigate unfamiliar routes and avoid traffic jams. The cost of purchasing and maintaining a GPS system can be written off.
How to write it off: Report it on Schedule C, Box 22.
If you manage your trucking business from home, the cost of home office furniture can be written off. This includes desks, chairs, filing cabinets, and other necessary furniture.
How to write it off: Report it on Schedule C, Box 18.
When you're on the road, meals are a necessary expense. Whether it's a quick snack or a sit-down meal, the cost can be written off.
How to write it off: Report it on Schedule C, Box 24a.
As a truck driver, finding a place to park your rig can sometimes be a challenge, and often, it's not free. Whether it's at a truck stop, rest area, or a paid parking lot, these costs can be written off.
How to write it off: Report it on Schedule C, Box 27a.
If you use part of your home for your trucking business, you can write off a portion of your power bill. This includes the electricity used to power your home office and any equipment used for your business.
How to write it off: Report it on Form 8829.
If you have a home office or a separate property for your trucking business, property insurance is a must. It protects your business assets from damage or loss, and the premiums can be written off.
How to write it off: Report it on Form 8829.
Repairs to your business property, whether it's your home office or a separate building, can be written off. This includes repairs to the structure itself and any equipment used for your business.
How to write it off: Report it on Schedule C, Box 21.
On some highways, bridges, and tunnels, tolls are a fact of life for truck drivers. These tolls, which can add up over time, can be written off.
How to write it off: Report it on Schedule C, Box 27a.
As a truck driver, your main mode of transportation is, well, your truck. But any other transportation costs related to your business, such as airfare or taxi fares for business trips, can be written off.
How to write it off: Report it on Schedule C, Box 24a.
Long hauls often mean overnight stays. The cost of hotels, motels, or any other type of lodging during your business trips can be written off.
How to write it off: Report it on Schedule C, Box 24a.
Keeping your truck in good working order is essential for your business. Costs for repairs and regular maintenance can be written off.
How to write it off: Report it on Schedule C, Box 9.
If you're a member of a trucking union, your union dues can be written off. This includes initiation fees and regular dues.
How to write it off: Report it on Schedule C, Box 27a.
A well-stocked tool kit is a truck driver's best friend in case of breakdowns or minor repairs on the road. The cost of purchasing and maintaining your tool kit can be written off.
How to write it off: Report it on Schedule C, Box 22.
If you use part of your home for your trucking business, you can write off a portion of your water bill. This includes the water used in your home office and any other part of your home used for business purposes.
How to write it off: Report it on Form 8829.
Whether you're using it to find the best route, keep in touch with clients, or just to relax after a long day on the road, Wi-Fi is essential for modern truck drivers. The cost of your Wi-Fi bill can be written off.
How to write it off: Report it on Schedule C, Box 25.