Tax Tips for Truckers

While it's not time to pay taxes just yet - it's also not a bad time to start thinking and assessing your 2009 return. Truck drivers and owner-operators are privy to unique deductions per their job description. Meals, truck-related expenditures, and travel costs are a few of several items you'll want to pay attention to on your Form 1040 or Schedule C (for sole proprietors), From 1065 (for partnerships) or Form 1120S (for S-Corporations).

Before you start thinking back over the last twelve months about what you ate on the road, and what improvements you made to your truck, the first thing you want to do is find your records - you know...receipts.

Having proof of potential deductions is imperative for truck driver, and anyone claiming deductions. In addition to furnishing receipts, having an up-to-date log book is your pudding in proving how many days you were on the road during the the course of the year.

If you're an employed truck driver and were not reimbursed for some or all work-related expenditures, you can deduct on these expenses on Form 1040 Schedule A and Form 2106, which should be included with your personal 1040 tax return.

Some of the more common deductions include meal-related ones. As a truck drivers, you know you can receive a standard meal allowance. However, if your lunch route includes a swing by your home, you'll likely need to pro-rate the total deduction.

Have a home? You'll be able to qualify for travel-related expenses. However, in order to deduct travel related expense, have proof of rent, mortgage and insurance to prove you do not maintain a residence in a truck.

If you've made any purchases for your truck in 2009, be sure to deduct those as well (just have receipts to prove it!) Whether you bought antennas, batteries, new chrome, shipping-related items, ropes, bedding, uniforms, and more - claim them.

Tax season doesn't have to hurt. Plan ahead, provide the necessary documentation, and come April (or before) you'll be smooth sailing (or driving rather).