If you own your own truck, you will need to claim your actual expenses on your tax return. You won’t be able to use the standard rate for mileage. To deduct your actual expenses, you will report the exact number of miles you drove on the job, plus your vehicle-related costs. Those costs include things like: 1. Insurance premium payments 7.
See full list on taxslayer. Any equipment you use for your business that depreciates over time can be deducted. These items include trucks, trailers, computers and electronic devices, office equipment, and furniture. There are different methods that you can use to depreciate your truck and trailer.
Trucks with an attached cargo unit are depreciated over five years for regular tax, and 5th wheel tractors are depreciated over three years. The IRS allows self-employed drivers and owner-operators to deduct certain costs under the category of “travel expenses. These include a per diem for meals, plus accommodations, tolls, and parking.
To be eligible to write off travel costs, both of these statements must be true: 1. (more…)