As an owner-operator in Nebraska, you need to work on your bookkeeping regularly. You don’t want to stress out when taxes are due because you haven’t been doing what you should have been doing all year long.
To do so, you need to know what expenses you need to keep track of. Here are some more expenses that you need to keep records on.
Ways to stay in contact for your business. Not only can you deduct the cost of your CB radio, but you can also deduct your cell phone, any phone cards that you use, and internet. If you listen to satellite radio while you are on the road, that is also deductible.
Truck maintenance costs. Your commercial truck needs to be in the best working condition if you want to make money. For this reason, you can deduct any expenses that you have to keep your commercial truck running properly. This includes any maintenance, as well as repairs when it is not running properly. You can also deduct the labor costs unless you do your own work.
Meals, lodging, and other expenses. Owner-operators in Nebraska and other states can deduct the cost of their meals, lodging, and other expenses when they are driving. Because it can be hard to keep track of this, there is an amount that you can deduct for every day that you are on the road.
Uniforms. If you wear certain uniforms on the road (or even shirts with your logo on), you can deduct these costs too.
When you are an owner-operator, you need to keep track of everything. However, there is a daily amount that you can deduct for your meals, lodging, and other expenses so that you don’t have to keep your receipts every time that you eat while you are on the road.
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.