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Truck Drivers
Truck drivers provide an essential service to industrialized societies by transporting finished goods and raw materials over land, typically to and from manufacturing plants, retail and distribution centers. Truck drivers spend a major amount of time on the road which may cause a delay in filing of taxes.
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We can do Tax Deductions for Truck Drivers. Find out we can help by contacting us.
FIND OUTOverview
Truck drivers provide an essential service to industrialized societies by transporting finished goods and raw materials over land, typically to and from manufacturing plants, retail and distribution centers. As per recent US Census data more than 3.5 million people work as truck drivers .
Truck drivers spend a major amount of time on the road which may cause a delay in filing of taxes . Ideally the tax return should be filed every year, but it should be noted that the IRS does not allow anyone to delay more than 2 years without filing a penalty against them. If there is a refund due there is no penalty for filing the late return but in order to claim refund the tax return should be filed within 3 years of the original filing date in order to claim a refund.
Deductions Available to Truck Drivers
Any expenses that are ordinary and necessary for running the truck driving business are deductible. New Tax Cut & Jobs Act of 2017 made several changes to the tax code. It should be noted after the tax code change the standard deduction amount has doubled which can benefit you in reducing your overall tax liability. Some of the new changes applicable to the truck drivers are:
If you are an owner operator:
- Per Diem deduction is same as before
- 20% Qualified Business Income deduction is available.
If you are a company driver:
- Per Diem is not deductible any more
Actual expenses for the truck which can be included as deductions for the truck drivers (owner/operator) are :
- Startup costs
- Insurance Premiums
- Fuel Expense
- Truck Expense & Lease Expense
- Depreciation Expense
- Interest paid on business loans
- Supplies for the business
- Tolls & Permits
- Mileage
- Cell Phone ( Used 100% for business)
- Any other permissible business expense
This is just a partial list of expenses which truck drivers can claim. There is always a possibility to overlook other deductions which may be available to you that is why it is advisable to hire a bookkeeper or accountant who can advise you about the available deductions and reduce your tax liability.
How we can help
Being an owner/ operator in the trucking industry your situation is unique, while you may benefit from a wide variety of deductions , you must also pay additional permit fees & other taxes. Whether you are an owner operator or a truck driver if you have tax issues , you have a wide variety of tax resolution options available for example-Offer in Compromise, Penalty Abatement, Installment Agreement or other types of resolution depending on your unique set of circumstances.
If you owe back taxes we can also help you with filing delinquent tax returns and provide you with financial guidance for your business. If you have not been filing returns timely this can cause major problems and the IRS can penalize you for tax evasion .Tax burden can make anyone anxious and by seeking tax relief you can free yourself from that burden and focus on better things.
We represent truckers in all states and can resolve your tax issues by settling your debt with the IRS for the lowest possible amount . Call Allay Tax today & our licensed tax professionals can answer all your questions and put your mind at ease.
Contact Us
Reach out to us for a free consultation. Our tax experts can help you determine the best service to get relief from your debt.
