New Tax Laws for Truck DriversPosted by Lundgaard Allred on February 3rd, 2021 If you are in the truck driving profession and have always submitted your tax return the same standard way each year, you may be surprised to learn that truck drivers qualify for special deductions when submitting their tax returns for the applicable tax period. Knowing what deductions these are can help to reduce the amount owed by you and can even help you gain extra returns on your taxes that you may not have been aware of. Here are some aspects to consider that may be useful in your tax preparation before submitting your tax returns this year: Submitting your truckers' taxes correctly entails keeping a detailed record of all your expenses and is important to determine the most accurate amount that should be deducted in line with these tax-deductible expenses. New tax laws that were implemented in 2015 stipulate that you can increase your tax savings by depreciating the truck/s that you own for a period over three years. If you happened to purchase your truck during this year, you can depreciate the full amount even if you acquired financing for this. There are many items concerning truck tax that are deductible and many things that aren’t. To avoid incurring any penalties in the future for erroneously deducting things that are not tax-deductible visit the Trucker Tax Service website for a comprehensive tax deductibles list. new tax laws for truck drivers It is most advisable however to get the right advice from an accountant or tax advisor who services the trucking industry to determine what your company truck driver deductions are as they can provide the advice you need without you having to figure it out on your own. For more helpful tips and advice about the trucking industry or if you require additional finances to cover your expenses, contact Triumph Business Capital to find out how truck factoring can help you with short-term financing.Like it? Share it! |