{"id":3711,"date":"2011-12-06T03:50:49","date_gmt":"2011-12-06T03:50:49","guid":{"rendered":"http:\/\/findfreightloads.com\/blog\/?p=3711"},"modified":"2011-12-06T03:50:49","modified_gmt":"2011-12-06T03:50:49","slug":"tax-deductions-for-owner-operator-log-truck-drivers","status":"publish","type":"post","link":"https:\/\/findfreightloads.com\/blog\/tax-deductions-for-owner-operator-log-truck-drivers\/","title":{"rendered":"Tax Deductions for Owner-Operator Log Truck Drivers"},"content":{"rendered":"<p>As the <a href=\"http:\/\/www.findfreightloads.com\/\">owner-operator of your own rig<\/a>, you are an independent business owner. Congress has written a number of provisions into the tax law to enable you to more accurately assess your income so that you can be assessed a fair income tax. If you operate as a sole proprietor, you will deduct your business expenses on Schedule C of your personal income tax return. If you are taxed as an S-corporation, then you will account for expenses on your Form 1120S.<br \/>\n<strong><br \/>\nSection 179<\/strong><\/p>\n<p>        Section 179 of the U.S. tax code allows businesses and individuals who put large dollar amounts of capital equipment, machinery or vehicles into service in a profit-making enterprise to take a first year tax deduction of up to $500,000. Certain limits and conditions apply for smaller passenger vehicles. However, large log trucks will generally qualify for the full deduction.<\/p>\n<p><strong>Loan Interest<\/strong><\/p>\n<p>        If you are carrying a note on your truck or on any other business-related equipment, the interest is a tax-deductible expense. This can be a significant line item for <a href=\"http:\/\/truckerhunt.com\/\">truckers<\/a> operating large rigs. You can also deduct interest on a personal home loan, on loans up to $1,000,000 secured by your primary residence, or on home equity loans of up to $100,000 secured by your primary residence.<\/p>\n<p><strong>Communications Expenses<\/strong><\/p>\n<p>        You can deduct the costs of a dedicated cell phone and the costs of all business-related transmissions. You can also deduct the costs of a CB radio you use for business purposes, Internet fees, global positioning system fees and satellite phones.<\/p>\n<p><strong>Lodging and Meals<\/strong><\/p>\n<p>        You can deduct any lodging costs you incur on the road. You can also deduct a standard meal allowance, or per diem, for any days you spend on the road away from home. For most areas, you can deduct up to $46 per day for meals. Some higher expense areas allow for higher deductions. You should keep your <a href=\"http:\/\/www.findfreightloads.com\/\">drivers<\/a> log books for up to three years, however, to document your travels, in case you are audited.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the owner-operator of your own rig, you are an independent business owner. Congress has written a number of provisions into the tax law to enable you to more accurately assess your income so that you can be assessed a fair income tax. If you operate as a sole proprietor, you will deduct your business [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3712,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,3],"tags":[],"_links":{"self":[{"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/posts\/3711"}],"collection":[{"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/comments?post=3711"}],"version-history":[{"count":3,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/posts\/3711\/revisions"}],"predecessor-version":[{"id":3715,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/posts\/3711\/revisions\/3715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/media\/3712"}],"wp:attachment":[{"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/media?parent=3711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/categories?post=3711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/findfreightloads.com\/blog\/wp-json\/wp\/v2\/tags?post=3711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}