So, you are an owner/operator?
Yes I'm doing my taxes for the first time and there are alot of questions I'm not finding answers for. I have heard from other truckers that they have took a deduction for the labor on their own trucks. I have heard you can and you can't. Ive looked on the IRS website and a few other sites to no avail. If I can deduct for labor I would need to know where to claim it on my tax forms and how to calculate Thanks in advance
Hi Kelly, we don't deal with many O/O questions here, and I don't know the specific answer to your question.
You may be better off to ask your question at the OOIDA website.
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.
The easiest way is to basically open your own business as a maintenance shop. Doing a little work on the side and then being able to bill out your own work. You will gain more deductions that way but I believe your business will need to be able to show a profit for it to work with the IRS. You will have to remember that if you are wanting a deduction with the IRS the money has to go somewhere so you will have to show a profit somewhere else so money wise if you are only working on your own truck it is a wash ( not worth doing ).
You need to talk to a CPA.
You need to talk to a CPA.
If you are an O/O, maybe you need to talk to a bankruptcy attorney. (Just kidding)
Kelly, don't try doing your own taxes. Get a CPA to make sure they're done correctly. Chances are you will miss some deductions and lose a bunch of money or take deductions you shouldn't have and get yourself in trouble. You're not going to guess correctly with your business filing when the tax code is 2,600 pages long. Getting a CPA is one of the best investments you can make if you're running a business.
And Kelly, if and when you get a CPA, try to get one who has some experience with truckers/trucking. For example, the CPA I use has a lot of clients in the construction business and gives me very good advice in that area.
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Does anyone know if I can somehow write off working on my truck? I know I can write off parts I buy but is there a deduction for my labor? Ive been told by other truckers that work on their own trucks that there is a deduction for the labor.I cannot find anything on the IRS website to answer that question or instruct me how Thanks in advance for any info