Next Step Tax Pros

🚛 Tax Tips for Truckers: 10 Write-Offs to Lower Your Tax Bill! 💰

1️⃣ Fuel & Diesel Costs ⛽ – Gas and diesel purchased for business travel are fully deductible.
2️⃣ Truck Repairs & Maintenance 🔧 – Oil changes, new tires, brake repairs, and general truck upkeep can be written off.
3️⃣ DOT Physical & Medical Exams 🩺 – Any required medical exams or drug testing to maintain your CDL are tax-deductible.
4️⃣ Meal Per Diem 🍽️ – If you're on the road for work, you can deduct daily meal expenses using the IRS per diem rate.
5️⃣ Licenses, Permits & Truck Insurance 📋 – CDL renewal fees, truck insurance, and required business permits are all deductible.

6️⃣ Sleeping Berth & Bedding 🛏️ – If you sleep in your truck, you can write off expenses like a mattress, pillow, and blankets.
7️⃣ Showers & Laundry 🚿 – Many truck stops charge for showers and laundry services—these are deductible work expenses!
8️⃣ Work-Related GPS & Apps 🗺️ – Paid trucking GPS apps, subscription-based route planners, and weather monitoring tools qualify.
9️⃣ CB Radio & Communication Devices 📡 – Radios, headsets, and even cell phone expenses (if used for work) can be deducted.
🔟 Sunglasses & Safety Gear 🕶️ – Polarized sunglasses, work gloves, steel-toe boots, and high-visibility vests are often deductible.

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How to Deduct Your Vehicle for Business Use

Did you know that if you use your vehicle for business, you can only write off either your mileage or your actual expenses—but not both?

🚗 Mileage Deduction: The IRS business mileage rate for 2024 was 67 cents per mile. If you track your business miles, you can multiply them by this rate to calculate your deduction.

🛠 Actual Expenses Deduction: If you choose this method, you can deduct costs like:

• Gas

• Oil changes

• Repairs & maintenance

• Insurance

• Lease payments

• Depreciation

• Registration fees

If you use your vehicle for both personal and business, you must calculate the business-use percentage and only deduct the portion used for business.

Keep detailed records of your mileage or expenses to maximize your deduction and stay IRS-compliant!

If your dependent turned 17 in 2024, this could impact the tax benefits you're eligible for. The Child Tax Credit (CTC) is only available for dependents under 17 at the end of the tax year. Since your dependent no longer qualifies for the CTC, you may still be eligible for the Credit for Other Dependents (ODC).

The ODC provides up to $500 per qualifying dependent who doesn’t meet the age requirement for the CTC. This includes dependents who are 17 or older, as well as certain other qualifying relatives.

To claim this credit:

Ensure the dependent is listed on your tax return with a valid Social Security Number or Individual Taxpayer Identification Number (ITIN).
Check the IRS guidelines to confirm if your dependent qualifies.
While the ODC is less than the CTC, it still provides valuable tax savings. Don’t miss out—work with a tax professional or review the IRS rules to ensure you maximize your deductions and credits.

The deadline for taxpayers with extensions to file or taxpayers that have not filed is around the corner. If you have any questions give me a call at 214-444-5813.