The tax deadline for 2020 may have been pushed to July 15, but that doesn’t mean you shouldn’t start thinking about which deductions you’re eligible for. As a truck driver who owns and operates your own 18-wheeler, you are eligible for a wide range of deductions this tax season.
Deductions for Property Depreciation
All that time spent logging miles probably took a toll on your rig in the past year. As property loses its value, you gain tax benefits. You can deduct depreciable property like your truck itself, maintenance equipment, and computers.
Per Diem Deductions
If you’re an over-the-road driver, you spend a lot of time away from home. The per diem tax deduction allows you to deduct a fixed daily amount without having to save your receipts. Per diems cover your meals and other incidentals when you are away from home overnight.
If you don’t own your truck outright yet and make lease payments, you can deduct 100 percent of them on your 2020 tax form. However, any security deposits you paid are not deductible. These are some of the best tax deductions for owner operator truck drivers, but there are many more you could benefit from. An article by Western Truck Insurance Services outlines deductible expenses. Referencing it when you’re filing your taxes will help you get the most for your money.