Tax Deductions for Truck Drivers & Expense Tracking

November 24, 2016

If you haul freight in Aurora, CO on a regular basis, then recording expenses and hanging onto receipts is a must. For tax purposes, it’s recommended that you maintain good documentation for each trip, and it doesn’t hurt to know what items the IRS will let you claim on your taxes.

What’s important to keep in mind is that you may not be able to deduct all the expenses available to truck drivers. For example, if you drive for a trucking company and your employer already pays in full for certain work-related items—like meals and cleaning supplies—then those cannot be claimed on your taxes. But you can deduct most work expenses that you do not receive reimbursement for from your employer, or if you are self-employed. To avoid problems with your taxes, consult a CPA.

Without further ado, here are some tax deductions truck drivers can take, as well as ways to keep track of expenses.

Tips to keep track of expenses

Many truck drivers opt to carry envelopes in their cabs as a way to store their receipts. A manila envelope with brackets or a string tie keeps receipts together, but use whatever works best for your needs. Circle or highlight dates, locations and totals on each receipt and organize them into a chronological timeline by trip. For any expenses you don’t have a receipt for, simply record them either in a paper notebook or make entries in a document on your mobile device—including use of your personal vehicle for work and coin-operated truck washes. Make sure to note the amount, date, time and location in your notebook log.

Being organized means you’ll be less stressed come tax time, and submitting your monthly records will be a breeze.

Truck driver tax deductions

Deductions you may be able to take as a heavy load transport company in Aurora, CO include the following and more:

  • Phone and Internet use: While radios are still used to communicate, many truck drivers now take cell phones and laptops or tablets wherever they go. Since the phone and Internet are necessary for work, but also considered a personal need, a portion of these services can be deducted. Don’t forget you can deduct the cost of purchasing these devices for work use.
  • Association dues: If you pay membership fees to be affiliated with trucking groups or unions, and if they’re required, then they are deductible.
  • Medical expenses: Since truck drivers are checked out medically for employment, out-of-pocket expenses incurred for required medical examinations are deductible—DOT physicals, drug tests and sleep apnea studies, to name a few.
  • Truck maintenance costs: From tires and lights to cleaning supplies and repairs, you can claim cleaning and maintenance costs—whether you own your truck or it’s your employer’s.
  • Personal work supplies: Even if you aren’t sure about a cost, record it. Things like office supplies, log notebooks, food coolers, gloves, flashlights and even work clothing are personal work necessities needed to do your job.

If you are in need of a professional hauling service to move a heavy haul in Aurora, CO, don’t hesitate to contact Osage Specialized Transport anytime! Call us today or reach out on our contact page.

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