A lot of people dread tax time. If you’re a truck driver and you don’t want to face tax time, you don’t have to worry as much as you think. In fact, there is a variety of tax deductions for owner operator truck drivers. You can rest easy knowing about these deductions.
Per Diem Deductions
Did you know that you can deduct your
per diem expenses? If you track your daily costs, including meals, you can deduct the cost. You don’t have to prove the actual cost either. There are tax bases that help you figure out deductions.
Deductions for Self-Employment
Self-employed business owners are allowed different tax breaks. These breaks come in the form of travel expenses, fees and vehicle expenses. Most of the costs that you pay for running or operating your business are tax deductible.
Receipts and Savings
Make sure that you log all of your miles. The tax rules will change every year and you want to make sure that you have all of the receipts necessary come tax time. This will help you find the best deductions available.
When it comes to tax time, there are options available to lighten your tax burden significantly. This comes in the form of tax deductions for owner operator truck drivers. When you know the different deductions that you can apply to your taxes, the easier tax time is.
