6 overlooked tax deductions
Greetings, TruckingOffice members, and Happy Tax Cutting! We are proud and privileged to be a member of the TruckingOffice Family and we’re excited about getting to share these tax-cutting ideas with you over the next few weeks. Our first priority is to keep as much of your hard-earned money in your pockets as possible. Can you believe that the 2014 tax season is just over a month away?! We want to give you a huge head start on getting your expenses together this year.
So lets get down to business! One of the ways that we help drivers all across the country is by finding overlooked deductions. Following are six of the most overlooked deductions that we see every day:
- Supplies– Whether purchased at home or on the road, everything from tarps and tie downs to logbooks and linens. If you don’t have receipts, at least write it down in your logbook.
- Mileage at home
- Work-related miles you drive to buy supplies, check on parts, repairs, etc.
- Work-related miles driven by your spouse or dependent for supplies or any other work-related miles.
- Road Expenses– These are often paid by cash. Again, if no receipt, write them in your logbook. Hotels – Truck Supplies – Laundry – Weigh fees/scales – Parking – Prepass – Showers – Rental Car – Tolls – Airfare
- Business Furnishings– In your sleeper or at home: -File Cabinets -Desk -Furniture -Chairs
Believe it or not…
- Fuel– Every driver obviously has fuel expense. It’s the biggest single expense for every owner-operator. Yet 1 out of 2 drivers understates their fuel expense because of lost receipts.
- Repairs– Probably the second most understated expense. This should include the following, purchased on the road or at home:
Parts
Washes
Repairs
Maintenance
Tires
Even a minor improvement can easily cut your tax bill by thousands, year after year.
Click here to check out a very special package we’ve put together especially for our friends at TruckingOffice.
Or if you have questions, give us a call at (770) 984-8008.
And be sure to tell Kristin you’re a TruckingOffice Member!
We’ve got your back,
Dennis Bridges
and the team at
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