Taxes For Truckers: What You Need to Know

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Let’s talk about taxes, truckers. While it may not be the most exciting of topics, let’s face it, it’s important. However, when your spending weeks on the road, finding time to fill out reports and send them to the proper destinations can a big challenge. So, what tax forms do you need to fill out? What tax deductions can truck drivers claim? Continue reading! Here we’ll be discussing taxes for truckers! Learn what forms truck drivers need to be filling out, what deductions truckers can claim, and other helpful tips and tricks to make the process as smooth as possible!

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Taxes For Truckers: Filing Forms

Truckers working under a company will likely receive a W-2 form. A W-2 will report a trucker’s annual wages and income. These forms are due to be presented to employees by the end of January. Truckers must then take this form and report their taxes on the standard federal income tax for form, a 1040 or 1040A Form. The Form 1040 also has a shorter and simpler version, the 1040ez Form. This form, however, can only be utilized if you make less than $100,000 annually, do not choose to itemize deductions, and have a filing status of single or married filing jointly. However, truck drivers have the ability to make a variety of tax deductions. Therefore, if you forgo filling out the 1040ez Form you would not be taking advantage of the trucking industry tax deductions.

If you are an owner operator truck driver you have a few options for reporting income. First, you may choose to report your income using your own personal detailed records. However, this can likely be a difficult, confusing, and a more time-intensive route. Instead, you can also choose to file the Form 1099. This form is used to report miscellaneous annual income.

Taxes For Truckers: Tackling Tax Deductions

What many truckers may not be aware of is the number of deductions this industry offers. In general, the IRS states that drivers have the ability to deduct all “ordinary but necessary” business expenses. Truck drivers have the ability to file deductions for truck maintenance, union fees, uniforms, office supplies, sleep berth, electronic devices, travel expenses, and other work-related fees, which may include drug testing fees or license renewal fees.

Taxes For Truckers: Tips for Filing Forms

Drivers new to the trucking industry may not be aware of what expenses will be deducted. A simple tip is to do your research! Find out what different expenses are deductible. For example, small expenses such as logbooks, clipboards, protective gloves, boots, or a work cell phone can all be deductible.

Additionally, truck drivers can claim mileage as a deduction, so be sure to keep track of gas expenses. Truck drivers are not able to claim deductions on company expense reimbursements. Lastly, taxes can be completed via an online service or through a hired professional. Completing your taxes through an online service is simple and time-saving, however, if you have seen your tax bracket increase over the last several years consider hiring a tax preparer. This will help to ensure that you are properly reporting your earnings and filing your deductions correctly. Lastly, try to stay organized with your paperwork. Consider designating a small area of your personal space for keeping your tax files. The more organized and prepared you are for tax season, the more stress-free it will be!

There you have it! If you still have additional tips or information that wasn’t covered in this blog be sure to comment them below- we want to hear from you!

Author: Hit The Road Jack

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2 Comments

  1. How about tickets’s expense, is it deductible?

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    • I’m not sure I know what you mean, exactly? What kind of ticket expense?

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