All posts by Stephanie Rowan

Owner-Operator Tax Benefits

General Trucking, Tax

Starting and owning your own trucking business can be exciting. You are beginning your own “business venture” that offers you financial independence, keeps overhead costs low, choose the equipment you want, and have the flexibility to be with family.

However, owning and operating your own business can have its challenges. As an owner-operator, one of these challenges is that you must consider expenses that go along with running your truck. Some of these expenses are fuel, insurance, and licenses. Since you are considered self-employed, these expenses fall into your hands.

However, there are some tax benefits that you can take advantage of as an owner-operator. Continue reading below to learn more about these benefits.

Owner-Operator Tax Benefits

Owner-operators must file their business taxes as an individual. This means that you must pay self-employment taxes on your net income. However, there are some tax benefits you should be aware of. Some of these include being able to deduct certain expenses or what tax breaks you may be eligible for. It is important to stay up to date on these tax breaks and cuts, especially if you are doing your own taxes. Below are some tax deductions you may take advantage of as an owner-operator

  • Depreciating Property
  • Casualty Financial Loss
  • Home Office
  • Business Related Loans and Mortgages
  • Phone and Internet Access Fees
  • ATM, Bank, and Credit Card Fees
  • Satellite Radio Subscriptions
  • Maintenance Costs
  • Fuel Costs
  • Licenses, Permits, and Government Fees
  • Per Diem Costs
  • Retirement and Insurance Plans
  • Truck Lease
  • Meals and Lodging

To take advantage of these tax credits, you must stay up to date with the latest tax code, and the best way to do that is to follow the IRS. You may also consult with a tax professional to ensure you receive all the eligible benefits and tax breaks.

This article is for information purposes and should not be taken for legal or financial advice. If you need tax help, consult a qualified legal or financial professional before making any tax decisions on your own.