Owner Operators - Owner Operator Features
One of the most common problems truckers seem to have at tax time is gathering up the information they need to file their taxes. While bookkeeping may seem like a waste of time at the moment, a good set of books can save you thousands at tax time. A few minutes every day spent entering your receipts for the day in a ledger book or a computer program is all it takes to keep you on track all year.
The first thing to understand is what records to keep. Anything that you spend in, on or around your truck is a business expense. Whether you're a company driver or an owner/operator, the gloves you buy for fueling are tax deductible, but only if you have a record of the purchase and a receipt to back it up. Other common items include Antennas, batteries (for the flashlight as well as the truck), binders, blankets, boots, briefcase, calculator, CB repairs, CB's, cellular phone, chains, checking account fees (ATM fees for the extra charge because you're away from your home bank), chrome things, cleaning supplies, Com Check charges, coveralls, Federal Express (UPS, Postage for business mail or other mail which is necessary because of your absence from home), flashlights, hand tools, ice box, insurance, laundry, legal fees (not fines, but the cost for legal fees to defend yourself and court costs), lights, log books, luggage, lumpers, maps, motels, office supplies, pens, permits, pillows, radio, repairs, ropes & equipment, safety equipment, safety glasses, scales, scanner, sheets, showers, signs, smelly stuff, special clothes, special equipment, stapler, staples, stereo, storage, sun glasses, tarps, taxi, tires, tolls, tool boxes, truck organizations, truck parking, truck wash, truckers newspapers & magazines, TV, and uniforms. And this is by no means a complete list of everything you can deduct.
Next issue: Keeping Records. Till then be safe.