As truck drivers usually have to spend large amounts on items such as fuels, road fees, licensing fees, phone access, medical exam, etc. the IRS stipulates many tax deductions for truck drivers. Some of these truck driver tax deductions are applied to both company-employed truckers and self-employed ones, while some are only for company truck drivers. Tax deductions for truck drivers are stipulated by the IRS to assist truckers in their works as they have to work away from home and travel on the road all the time, so they have many difficulties and many costs to bear for the job.
As a requirement of the IRS for truck drivers to claim tax deductions, they must have a permanent address at which they receive mails for their taxes. The tax deductions for truck drivers often cover more aspects of their business than in other jobs, because of their job’s nature. Here are some of the tax deductions they can use for their taxes.
Personal necessities: The necessities items for truck drivers to use on their trips are deductibles. For example: luggage, specialized clothing, binders, flashlights, coolers, gloves, sunglasses, etc.
Fuel: As long as the cost exceeds $100 and is not reimbursed by the company, it is deductible.
Truck maintenance cost: Truck maintenance and cleaning expenses are deductible for all types of truck drivers.
Maintenance includes: cleaning supplies, sponges, tires, batteries, truck parts, CB radio, etc.
Driving expenses: This deductible expense include costs while you are driving on the road and hauling freights, such as transportation costs, meals, lodging, tips, on-road mails, toll booth payments, parking costs.
Licensing fee: This is tied to the cost of obtaining and maintaining a CDL for truck drivers. Other certificates and education required by a company, state agency or federal agency are also deductibles.
Telephone or Internet Access fee: Phones and laptops are important for truck drivers’ job. However, they can also be used for personal purposes outside of work. Therefore, the IRS only allows 50% of the costs to be deductible.
Association fees: Most truckers are required to join a union or an association based on their employer, location, type of vehicle, etc. Membership fees for these associations are deductible.
Trucking publications subscriptions: If truck drivers can prove that subscriptions to these publications assists in their job and helps them understand more about regulations on truck driving, the cost will be fully deductible.
Medical examinations: Truck drivers need to pass several medical examinations in order to be eligible for the job. The cost incurred for these medical examinations are considered business expenses and can be deductible.
Truck drivers are offered lots of tax deductions from the IRS. Knowing trucker tax deductions this will help you greatly in optimizing your income and having a good life savings plan. If you are not so sure about your money and which deduction should be applied in your case, you should seek advice from a professional, he/she will help you out.