Tax Laws Offer Incentives to Become Truck Drivers

Feb 15, 2021 at 03:50 PM CST
If you’re a truck driver, you’re also a business concern, and eligible for a number of money-saving tax deductions. Whether you’re a truck owner/operator or an employee of another firm, you can deduct your cell phone charges, licensing fees, and other expenses from your declared taxable income. “Trucking isn’t just a job,” says Advanced Training Systems CEO John Kearney, “it’s a profession, and treated as such by the Internal Revenue Service. My advice to drivers, whatever their employment category, is simple: learn the rules, keep orderly records, and get your returns in on time.” The IRS requires you to keep receipts and for your business expenses for at least 3 years after the date of filing your return and longer in certain circumstances.

Feb 15, 2021 at 03:50 PM CST

If you’re a truck driver, you’re also a business concern, and eligible for a number of money-saving tax deductions. Whether you’re a truck owner/operator or an employee of another firm, you can deduct your cell phone charges, licensing fees, and other expenses from your declared taxable income. “Trucking isn’t just a job,” says Advanced Training Systems CEO John Kearney, “it’s a profession, and treated as such by the Internal Revenue Service. My advice to drivers, whatever their employment category, is simple: learn the rules, keep orderly records, and get your returns in on time.” The IRS requires you to keep receipts and for your business expenses for at least 3 years after the date of filing your return and longer in certain circumstances.