When you decide to become an owner-operator in Nebrask, it is important that you work on your bookkeeping regularly. This will help you when taxes roll around. You won’t have to panic because you already have your paperwork in order.
So, what are some expenses that you can deduct on your taxes? Here are some expenses that you need to keep records on.
Start-upcosts. Not only can you deduct your truck payments, but you can also need to keep records about the trips that you take as you visit dealers, banks, and travel to find people that you want to work with.
Home office. If you have a home office that you use for your business, you may be able to deduct a portion of your mortgage, electric, and other utilities.
Office supplies and equipment. You can deduct the cost of your computers, fax machines, and other equipment. You can also deduct the cost of the furniture in that room, as well as any pens, paper, and other supplies that you use for your business.
You should also keep track of any computer programs that you buy for your business.
Insurance costs. Not only should you keep track of your insurance premiums for your truck and trailer (including liability, bobtail, cargo insurance, and much more), your own health insurance may also be deductible. You may also want to consider getting physical damage and occupational accident insurance, which would also be deductible.
Though you may only think of your gas receipts, the truth is that you can deduct many of your start-up costs. If you have a home office filled with supplies and equipment, you need to keep all of your records for your taxes. Your insurance costs are also deductible.
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.