How to Deduct Trucking Tax & What are the Top 10 Tax Deduction Areas?
The trucking industry is having little problem with trucking tax. However, truck taxes may be reduced if you know the tax deductible areas.
TOP 10 TAX DEDUCTION AREAS
• Real Estate Expenses – You should put mortgage interest, penalties of early withdrawals, mortgage prepayment penalties, real estate taxes and points on principal residence financing. These real estate expenses reduce your trucking tax.
• Postage Fees – Include your postage fees in your tax form. You will be allowed deduction for expenses in mailing invoices and bills of lading.
• Office Supplies – Deductions are allowed for your office supplies whether it is pens, pencils, envelopes, paperclips, rubber bands, folders, etc.
• Uniforms – Allow for purchase price and cleaning and alteration cost of uniforms.
• Access Fees – Deduct for internet and satellite access fees.
• Cell Phone Charges – Show your cell phone, wireless and other business landline charges.
• Association Dues - Deduct for association dues.
• Administrative Fees – You should deduct for your ATM fees and other reorder fees.
• Loans – Show your business and trucking industry loans to your tax department. They will reduce your tax.
• Medical Exams – You can deduct your medical exams fees.
These are the top ten tax deduction areas. The trucking companies and truckers should use these tips to help reduce their tax.
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