As truck drivers, you fully understand the importance of planning ahead. A truck driver doesn’t just start out on a load without any idea where he’s going or what roads he’s going to take, does he? He doesn’t, and you shouldn’t start out on your taxes without any planning, either. Even though tax time is a ways away, you can begin preparing now.
As with other jobs, truck drivers are eligible to claim a whole bunch of deductions on their taxes. If you opt for itemized deductions, you might be overlooking quite a few items you regularly purchase for your truck driving job that can be written off on your taxes. CDL Life put together this infographic on everyday items that truckers may be able to write off, and we thought we’d share with you this Financial Friday.
Standard vs. Itemized Tax Deductions for Truck Drivers
There are two common types of truck driver tax deductions — standard and itemized. Writing things off like those in the list above is part of filing an itemized tax deduction. It requires keeping track of all the expenses throughout the year that you might want to write off. Tip: It goes without saying that if you opt to go this route, make sure you keep track of all your receipts! A mini pocket organizer like this would be a great way to file everything on the road.
Standard deductions are a base amount of income used to reduce your taxable income depending on your filing status, age, whether you’re disabled or claimed as a dependent on someone else’s taxes. Standard deductions are generally much more hassle-free than itemized and are usually greater than the amount you’d reach with itemized returns, but you should opt for whichever deduction gives you the largest tax break.
Obligatory Disclaimer: We are not tax professionals. Consult with a professional for tax and financial advice.
Check out these other financial tips:
- 4 Things You Should Know About Starting an Emergency Fund
- 3 Overlooked Ways to Save Money While Driving a Truck
- The Danger of Pay Advances
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