Company driver or owner/operator? That will make a MAJOR difference.
If you're a company driver, only any unreimbursed employee business expenses can be deducted, and then only if you itemize. For a trucker, that would normally be limited to some lodging and meals.
If you're an owner/operator you are self-employed. All of the reasonable and necessary costs that you incur would be deductible against your income. Those would include fuel, maintenance & repairs, interest on the loan to pay for the rig, tolls, permits, etc. Keep in mind that any fines or penalties such as moving violations, overweight, out of time, etc. are NOT deductible.
2007-12-25 03:49:38
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answer #1
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answered by Bostonian In MO 7
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When you travel, do you stay out overnight? Do you get a hotel room or do you sleep in the cab?
As an employee, you can deduct the money spent on hotel rooms (assuming you weren't reimbursed), but you need the receipts. With overnight trips (as evidenced by the hotel rooms), you may be able to take meals, but those will be discounted 50%.
2007-12-25 12:01:57
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answer #2
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answered by Anonymous
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