top of page

DEDUCTIBLE BUSINESS EXPENSES CHEAT SHEET



Here's a handy list of tax deductible business expenses to get you started tracking. Scroll down if you're a trucker... there's a bonus personalized list for you!

  • Cost of Goods to Re-sell

  • Accounting/Professional/Legal Fees

  • Advertising

  • Auto & Truck Expense (includes repairs, gas, insurance, & licenses but not loan payments)

  • Banking Charges (checking acct, etc.)

  • Charitable Contributions

  • Dues and Subscriptions

  • Employee Benefits (such as health benefits, but only if you have a plan established)

  • Equipment & Furnishings Purchases

  • Fuel (Equipment, not auto)

  • Gifts to customers

  • Insurance (do not include auto insurance or health insurance here)

  • Interest & Finance Charges

  • Licenses & Permits

  • Loan Payments

  • Meals (Business)

  • Miscellaneous (use this category sparingly; try to fit the expense into a named category)

  • Office Supplies, Postage

  • Outside Services (subcontracts, etc.)

  • Owner Draws

  • Rent Paid

  • Repairs & Maintenance

  • Supplies

  • Small Tools & Software

  • Taxes (payroll, sales, property)

  • Telephone

  • Training, Seminars, Continuing Ed.

  • Travel (Business)

  • Uniforms

  • Utilities

  • Wages

Business Expense Categories for Truckers

  • Banking charges

  • Cell Phones

  • Chain saws to trim loads (loggers)

  • Computers (if used for business)

  • Days gone away from home overnight qualify for meal allowance

  • Fuel

  • Insurance (for business equipment & liability insurance)

  • Interest (truck/trailer/vehicle loans)

  • Office expenses (postage, printing supplies, etc)

  • Permits and Licenses

  • Personal vehicle mileage (when used for errands such as buying parts, banking, etc)

  • Property Maintenence (gravel for driveway, may deduct part of lawn mower/weedeater cost if large yard around shed/parking area, tractor and blade to maintain driveway)

  • Power Washers (including soap & supplies)

  • Repairs & Maintenance on trucks (including tires)

  • Road tax

  • Storage shed for power washer, tools, etc.

  • Substitute Driver Pay

  • Supplies (gloves, paper towels, etc)

  • Tax Prep fees (we can look them up in our file)

  • Tools (if purchased before trucking business started they can be added in at fair market value)

  • Uniforms (welder work boots, raincoats, etc)

  • Trucks are depreciated over 3 years and trailers 5 years (scales are 3 years because they are part of the truck).

  • Watch for deductions from pay for workers comp and uniforms

If you'd like to print these lists, go to the business tools section of our Forms & Tools page.


7 views0 comments

Recent Posts

See All

Comments


bottom of page