Try some add-ins for yourself and let us know what you think. Our latest Visual Basic program is our Fuel Tax Program version 3 , developed for the transportation industry. You will need to save your logbooks and all other receipts for a minimum of three years after the due date of the return, or the date that you filed, whichever is later.
The following is a list of the more commonly deductible items for OTR drivers. Tax Credits when you save for retirement. This is a special allowance for transportation workers. Do I claim all or half of the daily meal allowance for days I leave or get home after noon? This is a special rate for workers who are subject to federal hours of service rules.
My husband and I basically live in our truck. Adjusted basis is the cost of your truck less depreciation claimed. But you only recognize a gain or loss if you sell your truck for cash. I bought a 3-year maintenance contract, which I financed with my truck.
I did some work for a broker but never got paid. You can only take a bad debt deduction if the amount owed you was previously included in gross income. The tax code rationale is that it would be too easy for service providers to inflate their bills and claim large bad debt deductions -- and too hard for the IRS to catch them. The actual mileage for some of my loads is higher than the mileage used to calculate my pay.