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Truckers: eight tips to save on taxes
The first and most important step of all: save all receipts. What items? One by one.
The time to organize taxes can be a real challenge for those who are not lovers of numbers and papers. However, in the trucking world there are various tax deductions that can be subtracted from gross receipts and that carry over for years. It is enough to know how to save.
The most common deductions for drivers? One by one
Your vehicle. It is considered a vehicle for non-personal use and for this reason expenses related to cleaning, oil changes, tire changes and even interest on a loan can be deducted, in the case of having requested it to buy a transport.
Meal. These are known as per diem deductions and apply to regional and long-distance drivers. This is all food purchases that are made when a driver is traveling. Since the beginning of this year, the deduction rate has been set at 80 percent. This item can be handled in two ways: keeping the receipts or opting for a per diem allowance.
Trip. If the trip is far from your tax address, then you can deduct the cost of fuel, accommodation, parking and tolls.
Occupational health. Tests ordered by DOT or employer can be deducted.
Education. Those who pay for the driving school, the training for the licenses or any study that has to do with the world of trucks will be able to deduct it.
Tools needed. Like equipment can be deducted. All the tools you use on your travels or need are included.
Cell phone. The technology used for work also enters the tax deduction. Whether cell phones, computers, GPS and even CB or ELD radios.
Deductions from your business. Those who are hired or owners can deduct all fees that are related to their business.
For all this it is essential to keep a record of expenses and, above all, keep all receipts under lock and key.
Saint George Insurance Brokerage Inc. registers your commercial vehicle or fleet and manages permits, completing required state and federal paperwork quickly. It also manages the renewal and updating of federal and state permits as needed (IFTA, USDOT, CA number, MC, MCP, others).
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