Tax time is nearly here and owner-operators are starting to gather their information. Saving money on taxes can help your small business thrive. Here are a few trucking tax deductions owner-operator businesses can take advantage of this tax season.
As referenced on www.truckinsure.com, you can claim per diem expenses if you itemize your deductions. Make sure you have listed a tax home and have documents for every day away from home. You can take this deduction for every day you’re away from home. This expense deduction helps eliminate the need to prove the expenses’ actual cost.
As listed above, it is important for truck drivers to have a tax home. This helps you claim expenses while away from home. The home is where you usually start and end. The main dispatch center or base is your tax home for IRS purposes. For some though, it may be their physical home. Knowing your tax home can help you unlock tax deductions.
Truck drivers can take advantage of a variety of expenses that reduce their overall tax burden. Since you are an owner-operator, the expenses involved in leading, maintenance, fuel, insurance and sleeper berth equipment are all tax-deductible.
These trucking tax deductions owner-operator can take are only a few available. Maintain good records to see the most deductions this tax season.