Trucking Expenses
Trucking Expenses
Trucking expense tracking with Expensify
Truckers: Don’t let expenses drive you off the road
Truck drivers spend a considerable amount of time on the road, making it crucial for them to maintain accurate records of their expenses. Tracking everything from fuel, lodging, meals, and maintenance, to various fees, is not only helpful for managing finances but also imperative when it comes to trucking taxes.
So, if you're wondering what's the best app for trucking expense tracking on Android or iOS, tailored for the robust needs of truckers who require seamless expense management, look no further. With a user-friendly interface, Expensify turns the tedium of tracking travel expenses, mileage, and other truck driver expenses into a hassle-free process.
Expensify: The truckers’ expense tracking solution
Expensify offers a comprehensive solution for truckers to easily capture and report their travel expenses, fuel purchases, maintenance costs, and more, directly from a mobile device. Whether you're an independent contractor, part of a larger fleet, or something in between, Expensify's easy-to-use mobile app ensures you can stay on top of your finances anywhere, any time.
Here are some Expensify features we know you’ll love.
Scan receipts on the road
Gone are the days of hoarding paper receipts. With Expensify, simply snap a picture of your receipt, and the app automatically extracts the relevant information, converting it into a digital record.
Automatically categorize expenses
Expensify intelligently categorizes expenses, saving truckers the hassle of manual sorting. Automatic expense organization simplifies the process for claiming deductions when filing trucking expenses for taxes.
Get reimbursed fast
Submit your trucker expenses for reimbursement, and your reports are instantly available for review and approval. Now, truck drivers can recoup their out-of-pocket expenses quicker than ever before.
Track your miles
Expensify's distance tracking functionality accurately logs each mile traveled for work, ensuring you have the necessary documentation when it comes to tax time.
Invoice your clients
Create and send professional invoices directly from Expensify, ensuring prompt payment and a smoother cash flow for your trucking business..
Credit card reconciliation
Expensify allows direct connections with credit cards, automatically matching expenses to bank transactions, offering a thorough and effective means of reconciliation.
What expenses can a truck driver write off?
So, what can a truck driver claim on their taxes? They can write off a variety of expenses that are ordinary and necessary to the profession. The best part? These deductions can significantly reduce their taxable income at year-end. Here are some of the common truck driver deductibles:
Fuel costs: A major expense, drivers can deduct the cost of fuel required for business-related travel.
Maintenance and repairs: Regular maintenance and necessary repairs to keep the truck in proper working order are deductible.
Meals and lodging: The truck driver per diem tax deduction allows drivers to deduct meal and accommodation expenses while on the road.
Travel expenses: Costs associated with business travel, including parking fees and tolls, can be written off.
Trucking taxes and licenses: Any taxes or fees paid to operate the truck legally are deductible.
Insurance premiums: Commercial insurance premiums for the truck are deductible as a business expense.
Supplies and equipment: Necessary items such as log books, gloves, and cleaning supplies used in the course of business are deductible.
Communication expenses: Costs for mobile phones and internet service, vital for job communication, can be written off.
“Everyone loves Expensify because it’s such an easy tool to use for capturing expenses and getting paid back. From our internal employees to our truck drivers on the ground, everyone loves how simple it is to capture their expenses and get reimbursed.” - Paul Baresh, Operations & Account Services VP at Turnkey
FAQs about tracking expenses for truckers
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Trucking expenses are broadly categorized as the costs incurred in the normal operation of a commercial truck. These expenses typically include fuel, maintenance and repairs, meals and lodging, trucking taxes, license fees, insurance premiums, and equipment and supplies.
Additionally, travel expenses such as tolls and parking fees, along with communication costs for mobile phones and the internet essential for job coordination, also come under truck driver expenses for taxes.
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The standard meal allowance, also known as the "per diem" rate, for truck drivers is set by the IRS to cover daily food and beverage costs while on the road. It simplifies tax preparation by providing a predetermined deduction amount without the need to save every meal receipt. For 2024, truck driver per diem tax deduction is $69 per day for travel within the U.S. and $74 per day for travel outside the U.S.
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Yes, as a depreciable asset, an 18-wheeler can be written off for tax purposes, which means its cost can be gradually deducted over its useful life as specified by IRS guidelines. The process, called depreciation, allows for the truck’s cost to be spread across several tax years, potentially reducing the taxable income each year.
The Section 179 deduction also enables truckers to deduct a significant portion of the 18-wheeler’s cost in the first year of service, subject to certain limitations and requirements.
Ready to track your trucking expenses easily with Expensify?
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