Make The Most Of Your Truck Driver Job With Tax Deductions

If you've just landed a job as a truck driver or are planning to, you may be wondering what kind of deductions you can claim on your taxes. Truck drivers often have to cover many expenses out of pocket, so knowing what deductions you can take advantage of to get the most money back each year is important.

Take a look at some of the common deductions that truck drivers can make on their taxes.

Unreimbursed Business Expenses

Truck drivers often have to pay for essential items and services out-of-pocket, such as truck maintenance, uniforms, and tools needed for the job. Any unreimbursed business expenses required for your job are tax deductible up to a certain percentage of your total income.

This includes things like gas for your vehicle, cell phone bills related to work calls or texts, lodging costs incurred while away from home overnight, and meals if you're traveling for work.

These unreimbursed expenses should be documented and tracked throughout the year. Make sure to keep all receipts, bills, and other forms of proof that you incurred these costs during the course of your job.

Union Dues

Many truck drivers are often part of a network of unions or associations that represent them and look out for their best interests. These unions include organizations such as the Teamsters, ATA (American Trucking Associations), and OOIDA (Owner-Operator Independent Drivers Association).

Usually, if you're a member of such a union, you may be able to deduct your union dues from your taxes. This includes things like initiation fees, monthly membership dues, or other related costs. While the amount you can deduct varies, it's a good idea to track these costs throughout the year and keep any relevant receipts or invoices for tax season.

Licensing Charges

Truck drivers must often pay for licenses, registration fees, and other related costs to work. You can't always plan for these costs but can deduct them when they occur. Licensing and registration fees are tax deductible if your truck driving job requires them. You may also deduct any fees you pay for renewing your license or registration, even if you paid these charges before you began your truck driving job.

Just make sure to keep all relevant documents, including any invoices or receipts you receive, as proof of your expenses. This can help you get the most out of your deductions during tax season and ensure you're not paying more than you need to.

If you're actively looking for a new truck-driving job, this guide should help you understand how to manage the wages you earn in the most optimal way. By familiarizing yourself with deductions that you can take advantage of, you'll be able to get the most out of your truck driver job and maximize the money you make.

For more information on truck driver jobs, contact a company near you.


Share