If you are involved in the trucking and transportation business, most or all of the trailer parts and supplies that you purchase should be tax deductible. Of course, it’s always best to have a professional help you in order to get the most deductions possible. But here are just a few tips to get you started in the right direction when it comes to taxes and the parts and supplies that you buy.
Tis’ The Season
With colder temperatures come thoughts of the holidays and, hopefully, increased business. Gift buying and giving encourages bigger, more frequent loads. But as the end of the year nears, thoughts also may turn to tax time. As a trucker or delivery driver, you will likely file as either a carrier employee or an independent contractor that is self-employed. Exactly what you file as will make all the difference in what kinds of deductions you will be privy to.
Supplies that self-employed truckers purchase are deductible. These supplies can be made up of everything from in-cab electronics to protective clothing – and everything in between
For the most part, it’s your federal taxes that you have to be concerned about when it comes to business deductions. That’s why it is vital that you understand regulations on a federal level. Nobody wants to make the IRS mad.
Independent Contractor Filing
If you operate your own business and are self-employed, you are an independent contractor. Depending on your relationship with the people or company you deliver for, there may be some gray areas there. That’s why tax professionals are in business. But if you qualify as an independent contractor, virtually anything and everything you purchase that is related to your business is tax deductible. Load flags, straps and chains, truck tarps, you name it.
If you need to purchase a hard hat and steel toed boots in order to qualify for the hauling of certain loads; as long as you use that equipment solely for that purpose, those purchases are tax deductible. It is, after all, an investment that you had to make in order to work for the people needing that load transported. Hand tools, GPS units, and so on all qualify as tax deductible.
File As An Employee Of A Company
On the other hand, if you file as an employee of a company, your deductions could be markedly fewer. Even if you have to buy supplies; if you are reimbursed by your employer, you cannot claim the purchase as a deduction. But if you buy anything that is work related, and your employer does not reimburse you for your purchase, those purchases could be tax deductible. Likewise, you cannot deduct the price of anything that your employer supplies you with or gives you. And meals, even when on the road, are not tax deductible.
Get Your Trailer Parts & Supplies From Mickey
For over 100 years, Mickey has been supplying quality parts and service. Everyone involved in our family owned and operated business knows that staying focused on what matters, our customers, is what keeps us at the forefront of the industry. Buy your trailer parts and supplies from Mickey to install yourself, or make an appointment at one or our conveniently located service centers throughout the United States. We also have a courteous, helpful customer service staff to answer your questions and help you with your trailer and transportation needs. Contact Mickey today.