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Apr 2, 2016

TRUCKERS' TAX * USA: Mistakes

* The biggest tax mistake fleet drivers make

-- Most fleet drivers are leaving hundreds, perhaps thousands of dollars in tax deductions on the table because they've been given wrong information by their companies... While owner-operators are usually savvy about taking deductions – and lowering their tax bill – most fleet drivers believe they're not entitled to similar tax-cutting deductions. "That's a costly mistake," says Jim O'Donnell, CEO and Founder of Trucker Tax Service. "Most fleet drivers do not realize that they’re entitled to pretty much everything that an owner operator is entitled to. The only difference is that the owner-operator is going to have some major expenses," he says... One of the main problems is confusion over per diem payments... "With 300 nights on the road – and I realize that's an aggressive number - a driver would qualify for $14,000 in per diem deductions. So now, he’s already offset the $13,500. He already has an additional $500 in standard deductions that’s he’s entitled to and he hasn’t started to account for everything else that he’s entitled to deduct" ... O'Donnell stresses the importance of never throwing out a receipt. "The big items like satellite radio, a GPS or CB radio were probably paid for by a credit card, so you'll have a record, but keep a receipt for all cash payments like laundry, small batteries and showers. The only receipt you can ever throw away is if it’s 100 percent for food, because we’re going to capture that with the per diem " ... The general rule is if you’ve purchased something to go on the road with you or if you purchased it while on the road, most likely, it’s a deduction that you’re entitled to... He concludes: "Drivers have never been educated on the fact that they are at the same level, in the eyes of the IRS, as an owner-operator or lease operator, in what they get to deduct while on the road..." 
 NY, USA - Fleet Owner, by Larry Kahaner - Mar 25, 2016

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