Truck drivers have a lot of responsibilities that they must take care of every day they work. Not only do they have to pay attention to the way they drive and follow the laws of the road, but they also have to cover the cost of various business expenses. With these out of pocket costs sometimes getting out of hand for drivers and costing them thousands every year, the IRS has decided to offer a variety of tax deductions to truck drivers.
As a truck service in Wytheville, VA, we understand the sacrifices truck drivers make when they’re on the road. Here are some of the tax deductions you can take advantage of as you attempt to recoup your costs:
- Telephone fees: Nowadays, pretty much everyone has a cell phone of some kind. Your cell phone is something that you will use at work for both business and personal calls. With this deduction, you are able to deduct 50 percent of the total costs of your phone bills for the year. In addition, you can deduct the cost of the phone itself if you happened to purchase it new for work.
- Internet access fees: In addition to using your phone every day you work, you will use the Internet. You won’t be able to deduct the entire cost of your Internet charges, but they do allow you to deduct up to 50 percent. You can also include the price of the laptop that you use to access the Internet and complete your work on, but this is only if it was purchased new.
- Travel expenses: As a truck driver, there will be a number of travel expenses you will have to cover when you are on the road traveling from place to place. Some truck drivers often have to cover the cost of lodging, toll payments, parking and more while they are working. These things add up, so it should not be surprising that people end up spending thousands by the end of the year. Luckily, these expenses are deductible.
- Meal costs: Truck drivers have to eat while they are working. These meals will be paid for with their own money, so they are deductible. However, there is a limit to how much can be deducted for your meals. Drivers are allowed to deduct up to $46 per day for every day they ate a meal while working. Depending on how much you spent, this may not cover all of your meals.
- Fuel: When on the road, truck drivers will need to keep gas in the tank. Some companies may cover the cost of fuel, but there are some that don’t always reimburse their employees. This means that fuel is another thing that drivers must pay for out of pocket. There may be a limit as to the total amount that can be deducted, but the cost of fuel is deductible, so employees won’t be losing out on too much money if they have to pay for fuel themselves.
While on the road, it is easy to spend money on various things you need. Whether you are grabbing a quick bite to eat or fueling up, you will have to cover these costs on your own. Some companies will reimburse their employees for these costs, but when your company doesn’t offer this as an option, tax deductions are the next best thing.
At Complete Truck Service Inc., we take pride in providing our customers with first-rate truck service in Wytheville, VA. If your vehicle needs repairs, maintenance service or roadside assistance, give us a call today.
Categorised in: Truck Service
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