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Owner-Operator Taxes 101: Common Deductions

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Common Deductions for Owner-Operators

Did you know that the trucking profession offers tax deductions for common business expenses? In this edition of our Taxes 101 series, we are sharing some information from the Taxes for Owner-Operators seminar given at the Great American Trucking Show by Kelly Phillips, CPA from Bell & Company, P.A. In this blog post, we share her list of some common trucking company expenses that can be deducted and why.

What trucking expenses can be deducted on your taxes?

  • Fuel
  • Safety Gear
  • Truck Repairs
  • Business Subscriptions
  • Postage
  • Medical Exams
  • Drug Tests
  • Bank Charges & Credit Card Fees
  • Business Cell Phones
  • ComData® Fees
  • Faxing or Copying Business Documents
  • Dues
  • Interest on Your Truck Payment
  • Office Supplies
  • Equipment for Your Truck
  • Truck Washes
  • Toll Fees
  • Insurance
  • Tires
  • Showers

According to the IRS, if an expense is “Ordinary and Necessary” to conducting your trucking business, an expense is usually deductible. When deducting these expenses, it’s important to keep receipts. Many of these expenses may show up on your settlement statements, so be sure to keep them in a binder for recording into a bookkeeping program. Gather your receipts monthly, quarterly, or whenever you get home. The most important thing is to find a system that works best for you. If you don’t have a receipt, be sure to record the expense in your log-book. If your drivers find it difficult to keep receipts, you can use a credit card statement as substantiated information. Just be sure to make notes about the transaction.

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What to do with all this paper!?

Now that you have cataloged your receipts, be sure to keep them for at least 5 years. If you worry about clutter or too many records, another option is to scan them via your cell phone or scanner to save space.

Read our previous article: Owner-Operator Taxes 101: Fillings and Deductions

Get in touch with Apex Capital today to see how our freight factoring and fuel programs can help your business save money, work smarter, and grow! Apply now or call us at 1-855-369-2739.