Owner Operator Tax Deductions
Do you know what my favorite word is... deductions. You work hard for your money and the last thing you want to do is give it away. Tax liability can be huge for owner operators. In my opinion, you have 2 choices. You can find legitimate expenses that will boost your business, comfort and overall success or you can give it to the government.
Most common deductible expenses are below, but they are not limited to these. Save your receipts and ask a professional if you are unsure!
Equipment Damage from accidents or bad weather
Home Office Deductions
Business Related Loans
50% of Phone and Internet
Bank, Credit Card and Services Fees
Satellite Radio, GPS, and Load Board Subscriptions
IRA’s or other Retirement Contributions
Repairs and Maintenance. Other than fuel, this will be your biggest expense.
Mileage and Tolls
Professional fees, Licenses and Permits
Meals Per Diem
Truck Lease Payments and Costs