Getting a start on my bill for Uncle Sam this morning, and it occurs to me this time next year after going OTR , the last thing I'll want to do is just take the standard deduction. I'm thinking there'll be a lot to itemize to reduce my taxable income. What all do you typically deduct as business expenses?
Justin; if I understand you, you're preparing for school, and plan to be driving OTR for at least part of 2016. That said the things that you can deduct are supplies required for your job, meals, and hotel while away from home. The OOIDA explains it for company drivers.
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.
The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.
Getting a start on my bill for Uncle Sam this morning, and it occurs to me this time next year after going OTR , the last thing I'll want to do is just take the standard deduction. I'm thinking there'll be a lot to itemize to reduce my taxable income. What all do you typically deduct as business expenses?
Justin; if I understand you, you're preparing for school, and plan to be driving OTR for at least part of 2016. That said the things that you can deduct are supplies required for your job, meals, and hotel while away from home. The OOIDA explains it for company drivers.
Nice bug, since OOIDA is in the site's glossary, the link I created can't be followed.
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.
The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.
Last year Your Tax Lady in Colorado Springs, Colorado indicated that this list was the most comprehensive she had seen............and she's been doing taxes for many years.
I found this list onTruck Driver Tax Deductions WWW.CB39.org. It includes everything from your fly swatter to your CB radio and GPS unit.
Hope this helps!
Getting a start on my bill for Uncle Sam this morning, and it occurs to me this time next year after going OTR , the last thing I'll want to do is just take the standard deduction. I'm thinking there'll be a lot to itemize to reduce my taxable income. What all do you typically deduct as business expenses?
Justin; if I understand you, you're preparing for school, and plan to be driving OTR for at least part of 2016. That said the things that you can deduct are supplies required for your job, meals, and hotel while away from home. The OOIDA explains it for company drivers.
Keep in mind if you opt of per diem you can then deduct meal expenses.... unless your company reimburses you.
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
OOIDA is an international trade association representing the interests of independent owner-operators and professional drivers on all issues that affect truckers. The over 150,000 members of OOIDA are men and women in all 50 states and Canada who collectively own and/or operate more than 240,000 individual heavy-duty trucks and small truck fleets.
The mission of OOIDA is to serve owner-operators, small fleets and professional truckers; to work for a business climate where truckers are treated equally and fairly; to promote highway safety and responsibility among all highway users; and to promote a better business climate and efficiency for all truck operators.
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
If you get per diem , can you also deduct things like a GPS and tools? Or is everything included in that per diem?
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
If you get per diem , can you also deduct things like a GPS and tools? Or is everything included in that per diem?
Per Diem means "for each day" and applies (in a tax sense) to food and lodging. All other work expense - things like straps and binders, gloves, boots, PPE, anything you need to do your job that your company does not pay for - you need to itemize. It really helps to have receipts for these other expenses.
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
If you get per diem , can you also deduct things like a GPS and tools? Or is everything included in that per diem?
yes you can deduct gps and tools. per diem is only meals and lodging... I'm not even sure it covers lodging... no way someone can eat out and pay for a hotel for $64 a day. one or the other sure but not both. I would either talk to a CPA or do some research on irs website 1st though to double check.
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
Thanks, makes sense. I'm not sure I spent more on deductible items than the standard deduction anyway, but I'm gonna try it both ways to be sure.
If you get per diem , can you also deduct things like a GPS and tools? Or is everything included in that per diem?
Actually - you can take the "standard per diem deduction" - even if you're not paid on a per diem basis by your company.
Companies like paying part of your pay as per diem, because being "tax exempt income", it also means they don't have to pay "matching funds" for FICA/etc. on the amount paid per diem.
If you DON'T get paid on a per diem basis, but take the standard deduction (as well as itemize non-reimbursed expenses), and do the standard deductions and exemptions - you should get a sizable refund when filing your taxes - because a good portion of the income you paid withholding on, will become non-taxable income.
You should of course KEEP PAY STUBS - RECEIPTS - LOGS (to be able to prove days OTR for per diem).
Rick
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
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Getting a start on my bill for Uncle Sam this morning, and it occurs to me this time next year after going OTR , the last thing I'll want to do is just take the standard deduction. I'm thinking there'll be a lot to itemize to reduce my taxable income. What all do you typically deduct as business expenses?
OTR:
Over The Road
OTR driving normally means you'll be hauling freight to various customers throughout your company's hauling region. It often entails being gone from home for two to three weeks at a time.