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I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

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I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

Postby kye » Tue Sep 27, 2011 6:36 am

Can I take any deducts on the days away from home and can I take my Health Insurance as a deduct? I am a company driver.
kye
 
Posts: 501
Joined: Fri Apr 01, 2011 3:46 pm

I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

Postby glinyeu52 » Tue Sep 27, 2011 6:38 am

I am a truck driver not a tax professional, what I say is from my experience, not training in tax law...always find a good tax preparer that is familiar with trucking to do your taxes and advise you.

First off you can deduct I believe this year it is 80% of $57.00 daily for every day you are 50 miles away from your homebase overnight...you have to be able to document the fact that you are away from home overnight...use your logbooks. (http://www.taxalmanac.org/index.php/Publication_463)
This is to reimburse you for meal and motels without receipts. This cannot be used if your company pays you using a per diem pay system.

Basically, other than the above, you can deduct any business expense that your company does not reimburse you for. For instance, if your company does NOT reimburse you for tolls, you can deduct any tolls you have to pay off of your taxes. (this is in addition to the per diem deduction and you must itemize to take these and below)

A general rule is that if it is bought for the truck or use on the truck, it can be deducted...therefore, tools, gloves, special safety equipment ie: hard hats, safety shoes/boots, protective glasses, rubber boots, safety vests etc. may be taken off. Other deductions are cleaning supplies and equipment ie: 12 volt vaccums, brooms/brushes; specially sized bedding (that fits truck bunks), shelving specifically purchased for the truck, cb radios and cb radio repair and accessories such as attennas..not kickers tho, Idleair hookups, tire gauges, wheel chocks, lubricant sprays such as WD40 or Liquid Wrench, padlocks, office supplies such as rulers, pens, calculators, notebooks; seat covers, atlases, log book covers. If you have to pay to park and your company does not reimburse you for it, you can deduct it.

If you carry a cell phone and use it for business, a certain percentage of the cell phone cost can be deducted. If you carry a laptop and use it for things such as directions, finding loads etc., a certain percentage..depending on how much you use it for those things...can be deducted. (This includes cost of laptop and air cards). XM radio can be deducted due to the city information and the educational aspects of the trucking channel...a certain percentage of cost.

Clothing cannot be deducted unless it has the company logo on it (yep, that T-shirt you buy in the company store that has the company logo on it is tax deductible)...uniforms that you must wear that the company does not provide or pay for. However, if you use coveralls specifically on the truck for protection, they may be deducted.

Business association/organization dues may be deducted as ongoing education.

Health insurance depends on whether it is deducted pretax or posttax. If you are not paying taxes on it...pretax, you cannot deduct it. If you are paying tax on it, or paying it out of pocket (not a company plan) you can deduct it. Remember to keep all medical expense receipts such as copays for medicine, drs visits etc. If you meet the adjusted income rate percentages, these can be deducted.

You will need receipts for any of the above items.

Hope that helps...
glinyeu52
 
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Joined: Sat Apr 02, 2011 3:29 am

I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

Postby kaiser » Tue Sep 27, 2011 6:43 am

So you are an employee that has an employer and will be receiving a W-2 form at the end of the tax year right.
And you are NOT reimbursed for any of your over the road expenses when you are required to be away from home over night and have to take the required rest time when you are driving this company vehicle right.
Using the schedule A itemized deduction for this purpose you would be able to use the limited amounts of all of your unreimbursed medical expense above the 7.5% of adjusted gross income limit as a part of your total itemized deduction on the schedule A and your medical insurance premiums that you pay with after income tax funds would be included with the unreimbursed medical expense for this purpose.
Form 2106 (2010) Employee Business Expenses
Good dailey detailed written records that would need for this purpose and you already know what the other standard deduction amount would be but as you should also know that only ordinary and necesary expense is what has to be used for this purpose and also the written receipts of all these expenses that you use on the 2106 form and the schedule A of your 1040 tax form for this purpose.
Hope that you find the above enclosed information useful. 09/03/2011
kaiser
 
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Joined: Fri Apr 01, 2011 7:26 am

I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

Postby bohdan » Tue Sep 27, 2011 6:51 am

So you are an employee that has an employer and will be receiving a W-2 form at the end of the tax year right.
And you are NOT reimbursed for any of your over the road expenses when you are required to be away from home over night and have to take the required rest time when you are driving this company vehicle right.
Using the schedule A itemized deduction for this purpose you would be able to use the limited amounts of all of your unreimbursed medical expense above the 7.5% of adjusted gross income limit as a part of your total itemized deduction on the schedule A and your medical insurance premiums that you pay with after income tax funds would be included with the unreimbursed medical expense for this purpose.
Form 2106 (2010) Employee Business Expenses
Good dailey detailed written records that would need for this purpose and you already know what the other standard deduction amount would be but as you should also know that only ordinary and necesary expense is what has to be used for this purpose and also the written receipts of all these expenses that you use on the 2106 form and the schedule A of your 1040 tax form for this purpose.
Hope that you find the above enclosed information useful. 09/03/2011
For light reading go to IRS.GOV and download a free PUB 17 or order a paper copy. As on OTR the per diem in 2010 was 80% of whatever per diem amount you apply. How you file is based on whether you are a self employed contractor or W-2 employee; company driver can swing either way. Any equipment or supplies you buy that are necessary for the operations involved in your job can be utilized.
bohdan
 
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Joined: Fri Apr 01, 2011 11:27 pm

I am a truck driver and I drive over the road, what all can I deduct? or do I have only the standard deducts?

Postby conall11 » Tue Sep 27, 2011 7:06 am

get publication 334 from www.irs.gov to help you
expenses you incur away from home overnite are deductible
health insurance can be a Sch A item, or if you are self employed it is a credit to reduce your gross
conall11
 
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Joined: Sat Apr 02, 2011 6:43 am


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