Here's a handy list of tax deductible business expenses to get you started tracking. Scroll down if you're a trucker... there's a bonus personalized list for you!
Cost of Goods to Re-sell
Accounting/Professional/Legal Fees
Advertising
Auto & Truck Expense (includes repairs, gas, insurance, & licenses but not loan payments)
Banking Charges (checking acct, etc.)
Charitable Contributions
Dues and Subscriptions
Employee Benefits (such as health benefits, but only if you have a plan established)
Equipment & Furnishings Purchases
Fuel (Equipment, not auto)
Gifts to customers
Insurance (do not include auto insurance or health insurance here)
Interest & Finance Charges
Licenses & Permits
Loan Payments
Meals (Business)
Miscellaneous (use this category sparingly; try to fit the expense into a named category)
Office Supplies, Postage
Outside Services (subcontracts, etc.)
Owner Draws
Rent Paid
Repairs & Maintenance
Supplies
Small Tools & Software
Taxes (payroll, sales, property)
Telephone
Training, Seminars, Continuing Ed.
Travel (Business)
Uniforms
Utilities
Wages
Business Expense Categories for Truckers
Banking charges
Cell Phones
Chain saws to trim loads (loggers)
Computers (if used for business)
Days gone away from home overnight qualify for meal allowance
Fuel
Insurance (for business equipment & liability insurance)
Interest (truck/trailer/vehicle loans)
Office expenses (postage, printing supplies, etc)
Permits and Licenses
Personal vehicle mileage (when used for errands such as buying parts, banking, etc)
Property Maintenence (gravel for driveway, may deduct part of lawn mower/weedeater cost if large yard around shed/parking area, tractor and blade to maintain driveway)
Power Washers (including soap & supplies)
Repairs & Maintenance on trucks (including tires)
Road tax
Storage shed for power washer, tools, etc.
Substitute Driver Pay
Supplies (gloves, paper towels, etc)
Tax Prep fees (we can look them up in our file)
Tools (if purchased before trucking business started they can be added in at fair market value)
Uniforms (welder work boots, raincoats, etc)
Trucks are depreciated over 3 years and trailers 5 years (scales are 3 years because they are part of the truck).
Watch for deductions from pay for workers comp and uniforms
If you'd like to print these lists, go to the business tools section of our Forms & Tools page.
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