I am a truck driver i need to know what i can deduct and how much is the minimum deductions?
Answer:
First we need to know if you're an employee or an independent truck driver. The answers would be very different.
My answer assumes you are an owner/operator and is not intended to be complete.
All costs of operating the truck should be deductable. There include: fuel, maintance, and insurance.
Meals on the road may be partially deductable.
If you are away from home overnight, lodging can be deductable.
Any cost for logbooks or other records required as a driver or for recording expences are also deductable.
Please consult with a tax expert. The cost of the consultation is also deductable.
If you are an independent driver, you should hire an accountant to do your taxes. The accountant will tell you what items are deductible. I know lodging and gas, truck maintenance are all deductible. Maybe you should consider taking a tax class to do your own taxes. Many truck companies have referral services.
Go to HRBlock's website and they have basic deduction sheets to assist some common deductions based on occupation.
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