It is the responsibility of every working U.S citizen to pay tax; however, tax guidelines change from time to time, and every taxpayer should strive to be up to date with them.
Truck drivers, both the self-employed and those who work for companies, form a part of this working population, but they have a special advantage of tax deductions.
Regardless of the type of truck driver you are, you can make use of this benefit, if you are not reimbursed for them.
The tax deductions you should consider during tax preparation for truck drivers – a service provided by firms such as Equinox Business Solutions – include the following:
Personal and Truck Necessities
Items that drivers require when working on the road are deductible. These include specialized clothing such as sunglasses, jackets, and gloves. Others are items that drivers need to be comfortable in, such as bedding, cleaning supplies, and paper towels.
Required Trade Membership Fees
Truck drivers are members of trade unions, and these dues are deductible. If one is a member of a regular industry, voluntary memberships are free from obligation if the membership plays a role in the driver’s career.
These include car registration fees, insurance premiums, standard mileage rates, and parking fees. If a truck driver owns the vehicle, the depreciation rate of the vehicle is deductible as of this category.
Laptops and mobile phones are deductible up to 50% of their fees as one may use them for personal purposes. However, if you can prove that the electronic device is useful in work operations, the whole cost will be deductible.
Costs on Trucking-Related Publications
It is important for truck drivers to stay up-to-date with details concerning their field. Any costs that a driver incurs due to subscriptions to relevant industry publications are free from obligations.
It is advisable you take advantage of these tax deductions during your tax preparation for truck drivers if you want to save your salary from the tax chop; most definitely, that extra cash will come in handy.
Go through the Instructions for Schedule A (Form 1040) or Schedule C (1040) if you are a self-employed truck driver to confirm the particular deductions for which you qualify.