Whether you’re a freight broker who works with truckers or you are a driver yourself, you know that planning your finances in advance is important. Did you know you can benefit from a number of tax deductions? The transportation professionals at the world’s largest free load board, Free Freight Search, have compiled aa few notes on taxes to keep in mind:
Per Diem deduction
IRS publication 463 covers the transportation per diem (daily cost) that transportation workers can deduct. Truck drivers across America can deduct $59 per day for every day that you are away from home that represents a portion of your daily expenses. If you are often on the road and away from home, then you will know that this can quickly add up and become a significant deduction for you.
Itemized tax deductions
With itemized tax deductions, you will need to keep track of a number of expenses throughout the year. Keep receipts for all of the following so that you can deduct them from your annual taxes:
- Cleaning supplies: Paper towels, hand sanitizers, disinfectant, window cleaner, trash bags, air fresheners, etc.
- Fees: ATM fees, licenses, check fees, fax fees, drug testing fees, parking fees, weight charges, etc.
- Electronics: Antenna, map lamps, power cords, circuit testers, GPS unit, map updates, wireless fees, cell phones, etc.
- Tools: Buffer, crowbar, duct tape, hammer, pliers, screwdrivers, tire iron, electrical tape, etc.
- Office supplies: Atlas, stationery, calculator, briefcase, clipboards, etc.
Some additional tax deductions that are relevant to truckers include subscriptions to trucking-related publications, trucking association dues, per diem meal costs (which amounts to $46 per day), and truck maintenance costs.
Make sure you keep track of all your expenses so that you can make the appropriate deductions this tax season!
About Free Freight Search
FreeFreightSearch.com has registered over 50,000 motor carriers and brokers and posted in excess of 77 million loads since its inception. In addition, FFS is the first load board that is fully integrated with a freight bill factoring company, meaning that clients may find freight, request a fuel advance, and obtain 100% funding within hours of delivery—without ever leaving the site. Freight brokers and motor carriers are encouraged to register on our free load board today.