It’s tax time again, Americans! Time to break out the calculators, and dig through the receipt drawers. The holiday high’s wearing off just in time for our financial day of reckoning.
Many truckers are also small businesses, and adroitly navigating the tax code can make the difference between writing a check or cashing one when that day of reckoning comes. When in doubt, definitely retain the services of a certified tax professional, but making the most of your monetary obligations to the government doesn’t have to be a nightmare. Here are some hot tips:
DID YOU KNOW?Owner operators who fall under DOT regulations (most), can deduct eighty percent of their food expenses while they’re on the road. The IRS assumes that a person can eat for $59 per day or less, so as long as you can prove you were on the road (not able to eat at home), you can write off 80% of that $59, even if you don’t have food receipts.