Know all about Truck Driver taxes and their claims


Posted February 18, 2023 by irstaxtrouble

At Mitchell Tax Law, we focus on owner-operator truck driver taxes. Consult our tax professional to discover how to take tax deductions on whatever is tax-deductible.

 
Every business depends on the trucking industry for fast and safe delivery of material. Truck drivers have to drive for long hours and sleeping time is also not fixed. They get a good sum of money. When the amount is good, it is sure to pay taxes.

Like every other business, truck drivers also have to pay taxes. With long night drives, they have to keep the invoice, a stack of receipts and bills managed to avoid the last-minute hassle. It helps to save thousands of bucks at the time of tax audit. If the record is properly itemized, they can save 80% of the tax. The problem arises when the computer is not handy on the road and record keeping becomes difficult.

The IRS gives claims only on documentation. The best way is to keep a record of each day you are away from home. Keep the receipts, cancelled checks, and other valid documentation for a minimum of three years. You can also pay quarterly and keep a record of your expenses to avoid the last-minute hassle. The IRS does the audit in two ways. If they suspect dishonesty that does not adhere to tax law. The second is a random audit to check tax compliance.

Truck driver taxes are different when you are a truck owner or an independent contractor. If you have your own trucking business, you have to pay on your own. If you are a driver in the company taxes are taken out of your paycheck automatically. Along with this, the company has to pay:
• Depreciation and tax payment.
• Truck maintenance
• Fuel expense
• Tool and equipment
• Business Insurance
• License cost
For truck drivers and self-employed truck drivers, you can get credit for necessary truck parts and auxiliary power units.

If you are planning to file your tax this year and want the IRS audit to go smoothly and without charging much, take the help of Mitchell Tax Law in Houston. We have been dealing with tax issues for decades and have all the up-to-date tax research tools. We use these tools to give customized tax advice to our clients. We share every single tip and trick to save most of your hard-earned income. We use some advanced tax planning that can help to lower their tax bills.

For any query on tax deduction or problems with the IRS, give us a call. You can also contact us online to schedule an appointment.

Get some useful information on Truck driver taxes. Visit https://irstaxtrouble.com/irs-collections/truck-driver-tax-problems/ to know more about truck driver taxes in Houston.
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Issued By Mitchell Tax Law
Phone (713) 909-4906
Business Address 6671 Southwest Freeway, Suite 820
Country United States
Categories Legal
Tags truck driver taxes , truck driver taxes in houston
Last Updated February 18, 2023