Your paperwork is extremely important when you are an owner-operator in Illinois. You need to keep up with it, so you don’t have a mess when it comes time to do your taxes.
You need to keep all of your receipts and other records to make sure that you can keep as much of your hard-earned money. While you may remember to keep your gas receipts, there are plenty of expenses that owner-operators are quick to forget.
Here are some of the most commonly missed expenses that you need to remember.
Any casualty financial losses that you occur. This covers any damage that your truck may occur from hail, wind, theft, and accidents.
Depreciable property. This includes any property that can be depreciated, including your truck and trailer. It can also include buildings that you may house your truck and trailer in. Computers and machines that you use in your home office can also be deducted.
Any licenses and permits that you need to have. You can deduct any costs that are associated with your commercial driver’s license as well as any permits.
Governmentfees. You can deduct half of your self-employment tax.
Retirement plans. If you are trying to save for your future, it does more than help you prepare to retire. You can deduct any money that you put toward retirement plans, such as SEP (simplified employee pension), IRA, and other plans.
It is important that you track all of your expenses (and work with a qualified tax professional) to make sure that you can keep as much of your hard-earned money as possible. You might forget to account for your depreciable property and casualty financial losses.
Don’t hesitate to contact us for all of your commercial truck insurance needs. We offer insurance for commercial trucks in Florida, Georgia, Texas, North Carolina, South Carolina, Tennessee, Illinois, Iowa, and Nebraska.