Tax write offs?

Question

What all can a company driver for a transport company write off? What about if your an owner operator?

Answer 1

Pretty much most of your expenses related to being a driver for a transport company, and also being an owner operator. Now, if you've gotten speeding tickets, or fines for having an overweight vehicle, those are not deductible business expenses. But uniforms, supplies, gas, repairs, excise taxes, vehicle loan interest, equipment rental, professional accounting fees, etc, are all examples of business expenses. Also, the cost of the vehicle as well. I have attached a link to quickbooks website where they discuss typical expenses for a trucking business.

Answer 2

An owner-operator can deduct most expenses that he/she incurs in the operation of the truck that is not reimburse by the company he/she contracts for. An owner-operator CAN NOT use the standard deduction for miles driven. Nor can a company driver. Anything that the company pays for CAN NOT be deducted by the driver. If the company requires receipts to reimburse a driver for expenses incurred and the driver does not turn in the receipts (for whatever reason) those expenses can NOT be deducted. If you are audited by the IRS you will have to provide a statement from the company you work for detailing what expenses they pay for and what is the drivers responsibility.
An owner-operator can deduct those expenses that are ordinary and necessary to operate the truck. Satellite TV is not necessary for the truck...however a CB radio could be. Fuel is necessary, a $300 coat is not even though it is worn when opening and closing the trailer doors. Use common sense when deciding what is ordinary and necessary....of course your common sense and a revenue agents common sense may not be the same if you are audited.

Regardless of whether you drive for a company or you are an owner-operator, keep receipts and a logbook to show where you were and when.

Answer 3

Anything required for the job, such as a uniform. Also any meals or necessary lodging can be written off partially

An owner operator can actually write off almost anything as he files as a business.

Answer 4

most of the things that both will be able to write off are the same:
-its called "personal expenses for business use"--as a driver you can write off meals, miles traveled, lodging.
-Basically anything that you pay money for in use of the business that is not reimbursed by the company. Most likely everything that is not reimbursed.

Answer 5

Make an appointment with a CPA as soon as possible. Ask them to tell you what items you can deduct, and what records you need to keep.