2023 tax season - tips for truckers

Mar 09, 2023 in Regulations and road rules

As a truck driver, you work hard to make sure that goods are delivered safely and on time. Along with the challenges of the job, you also must deal with taxes. Tax season is fast approaching and can be stressful for anyone, but truck drivers face unique challenges due to their profession. Here are some tax tips for truckers to help you make the most of your tax deductions and minimize your tax liability.   

  1. Keep Track of Your Expenses 

One of the most important things you can do as a trucker is to keep correct records of your expenses. This includes expenses such as fuel, meals, lodging, and other related expenses. Keep a logbook that records the date, amount, and purpose of each expense. This will help you decide which expenses are tax deductible.  

Here is a list of most common expenses for transportation companies: 

- Insurance 

- Repairs and maintenance 

- Fuel 

- Truck Parking 

- Truck wash 

- Tolls 

- Scale and Pre-pass fees 

- DOT fees and drug testing 

- IRP registration 

- Highway Vehicle Tax – form 2290 

- IFTA tax  

- Permits 

- Equipment (truck and trailer) rent 

- Interest on truck and trailer and business loans 

- Legal and accounting fees related to the business 

- Office expenses 

- Expenses for business use of your home 

- Suppllies 

- Expenses for business use of personal vehicle 

- Hotels 

- Meals and entertainment with business associates 

- Safety shoes and clothing 

- Misceleneous business related expenses. 

  1. Deduct the cost of your equipment using Special Depreciation and Section 179 deduction. 

Per IRS.gov for the year 2022: 

- Special Depreciation:  

The special depreciation allowance is 80% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2022, and before January 1, 2024 (other than certain property with a long production period and certain aircraft). 

- Sec 179 deduction: 

For tax years beginning in 2022, the maximum section 179 expense deduction is $1,080,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,700,000. Semi-trucks and trailers are exempt from the limits on passenger automobiles. So subject to other limitations for 2022 you can deduct the full cost of semi-trucks that were placed in service during the tax year. 


  1. Know Your Per Diem Rates 

Per diem is a daily allowance for expenses such as meals and lodging. As a truck driver, you are entitled to per diem if you are away from home for more than 24 hours. The per diem rate for 2022 is $69 per day for travel within the continental United States and $74 per day for travel outside the continental United States. 

  1. Keep Receipts for Your Expenses 

Keep receipts for all your expenses. This includes receipts for fuel, meals, lodging, and other related expenses. You will need these receipts to prove you incurred the expenses you are deducting. 

  1. Get Professional Tax Help 

Truck drivers face unique tax challenges that can be difficult to navigate on your own. It is important to get professional tax help from a qualified tax preparer who understands the trucking industry. They can help you take advantage of all available tax deductions and ensure that you comply with all tax laws and regulations. 

  1. Plan Ahead 

Finally, it is important to plan for tax season. Don't wait until the last minute to start preparing your taxes. Keep accurate records throughout the year and review them periodically to ensure you are on track.  

In conclusion, as a truck driver, you face unique tax challenges that require careful planning and attention to detail. By keeping correct records of your expenses, deducting your mileage, knowing your per diem rates, keeping receipts, getting professional tax help, and planning, you can make the most of your tax deductions and minimize your tax liability. 

Disclaimer: Of course, this blog post is for general information only and is not intended to provide tax or legal advice. We are not tax professionals. You should consult your professional advisor in any matter concerning your taxes or any other business matter.