Tax Deduction Categories
Income: Copies of checks and statements from sales, service, commissions and bonuses
Truck Expense – Repairs and maintenance: general repairs, tires, oil changes, parts and mechanics
Mileage or Vehicle – There are two ways to take a vehicle expense. One is to take the mileage
you use when picking up product, supplies, office supplies, meetings, handing out advertising or business cards, meals and entertaining clients, etc. The other way is to take the expense of using the vehicle: fuel, parts, mechanics, oil changes, etc. Along with taking expenses, you can also depreciate the vehicle
Insurance – Liability, cargo, bob tail, bonds, etc.
Licensing and Taxes – Truck and trailer license, authority, IFTA, heavy highwayroad tax, individual state fees
Meals – While away from home, you can take $52 a day or actual expense for meals
Meals and Entertainment – Meals with clients, potential clients, and associates. Also tickets to movies or events with or for clients
Supplies – Cleaning supplies, Armoral, paper towels, gloves, hard hats, straps, chains, bungee cords, etc.
Contract Labor – Labor paid to independent drivers or lumpers
Fuel – Diesel and refer
Permits, Tolls, and Scales – Tolls for roads, fees paid to scales to weigh loads, one time trip permits, overweight or oversize permits, etc.
Factoring Fees – Money factoring companies charge to pay you right away or collect your money
Broker Fees – Money paid to or withheld from your pay to find loads for your truck
Tools & Equipment – Refrigerator, television, CB, screwdrivers, sockets, chains, strap sets, etc.
Advertising – Business cards, newspaper ads, information packets you hand out, free samples, flyers, product testing, videos and CD’s
Accounting – Receipts for your accounting kit, computer programs and tax preparation
Children – Money paid to children for helping with such things as delivering flyers, product, stuffing envelopes, cleaning office and car, etc.
Dues and Subscriptions – Dues to professional organizations and magazines
Educational Expense – Classes or seminars that you take to improve your business
Gifts – Gifts to clients and associates
Laundry and Cleaning – This includes uniforms and protective clothing and also your clothing when you are out of town
Legal and Professional Services – Attorneys, accountants, inspectors, appraisers, etc.
Lease – Lease for tractor or trailers, uniforms and protective clothing, boots, gloves, coveralls, hardhats, jackets, and clothing with company names or logos
Office Expense – Office supplies, forms and receipt books, computer supplies, internet, printing, day planner, palm pilot, bank charges, faxes, etc. Also repairs to equipment such as computers, and other office equipment
Rent – Rental fees for equipment, technical equipment, office, etc.
Telephone – Cell phone, long distance calls on home phone, extra phone lines into home for business, fax or internet
Home Office – A separate room in your home to do business and accounting. A percentage of utility bills, home owners insurance, property tax, mortgage interest, refinance fees, repairs and maintenance, cleaning supplies, office decor, etc. are deductible
Purchases – Any equipment, office furniture, computers, vehicles that cost over $200