Any self-employed or freelancer in the trucking business knows that getting your trucker taxes in order can be a bit of a nightmare. However, it’s a legal requirement and needs to be done properly.

Otherwise, you could be liable for additional bills, which is the last thing you want come April. Here’s a handy guide on how to handle your self-employed taxes.

Know Your Tax Deductions

If you work for a trucking company and receive a W-2, then unfortunately you can’t claim any taxable deductions for any of the expenses that you accrue on your job.

However, if you are self-employed or freelance then you need to know what types of items and services are classed as truck driver tax deductions. Common ones include:

  • Purchasing of a cell phone or computer
  • Association dues
  • Education or courses
  • Tools and equipment
  • Clothing
  • Insurance
  • Meals away from your tax ‘home’
  • Travel costs such as tolls, parking, or accommodation
  • Office expenses like pens, paper, ink cartridges, and photocopying
  • Subscriptions on trucking-related publications
  • Vehicle expenses like washing, repairs, and tire changes
  • Taxes and licenses such as your CDL license and Heavy Highway Vehicle Use Tax
  • Personal products like logbooks, gloves, and cleaning supplies

Things That Aren’t Tax-Deductible

Self-employed taxes and tax deductibles can cover a whole range of things, although it doesn’t cover everything.

Here’s a list of things that aren’t covered under truck driver tax deductions:

  • Travel expenses on a personal trip
  • Accommodation and meals on a personal trip
  • Commuting costs between your home and work residence
  • Clothing that’s for everyday wear
  • Reimbursed expenses
  • Home phone bill

It’s imperative you recognize what it is you can and can’t claim for when thinking about your self-employed taxes.

Keep Track of Your Expenses

It’s important to keep a record of all your expenses and purchases made on the road and on the job.

You never know what you might need for your tax return or need to provide in terms of paperwork. Make a habit of keeping a folder with you at all times so you can store receipts and bills in it for safekeeping whilst you’re traveling.

Hire a Trucking Accountant

Making sense of your tax return can be a real headache, especially when it comes to truckers bookkeeping.

That’s why thinking about hiring an accountant that specializes in tax returns for truckers could be a great option for you and your business.

Every step, from bookkeeping to doing taxes, is important when it comes to maintaining proper financial business records.

All you need to do is keep your records in order and they will be able to do the rest for you. It saves the hassle of trying to make sense of the endless paperwork and allows you to access the most favorable self-employed tax return for your individual situation.

Where Can I Learn More About Truckers Taxes?

Taxes don’t need to cause you restless nights. Keep your records in good order, be meticulous, and access help from a reliable trucking accountant. You’ll have your tax return done before you know it.

If you enjoyed this article and want to read more on the topic, check out our other blog posts!