Being a successful trucker requires more than driving ability. As an independent contractor, you’ll also have to manage your own taxes and track your expenses, as well as the other tasks involved with running a business. As one of the Rochester, NY, area’s leading trucking schools, Professional Driver Institute believes in preparing their students for success in every aspect of the industry, from maintaining a vehicle to lowering your tax burden. Before filing your taxes, they recommend collecting receipts for all of your deductible expenses.

What Expenses Can Truckers Deduct on Their Taxes?

1. Vehicle Expenses

If you’re not itemizing your actual expenses, you can use the standard mileage rate instead. Otherwise, you can write off the costs of tolls, parking fees, maintenance and repairs, fuel, oil, and registration fees. Your insurance premiums are also deductible, as is depreciation, if you own your own vehicle.

2. Taxes & Fees

State and federal licensing fees, including the expense of renewing or applying for certification, can be deducted. Truckers are also exposed to flat-fee occupational taxes, heavy vehicle taxes, and other financial burdens. In some cases, you might be able to deduct the cost of additional training and certification at accredited trucking schools.

3. Travel & Meal Expenses

Truck drivers usually spend a great deal of time away from home, incurring significant travel expenses. Lodging costs can sometimes be deducted, as long as you keep detailed records of the time, location, and reason for the travel. You should also keep receipts from any meals you eat on the road.

4. Leasing Costs

If you don’t own your own truck or trailer, lease payments can be a significant expense. Fortunately, these expenses can be deducted, substantially lowering your tax burden and allowing you to keep more of your own money.

Since 1993, Professional Driver Institute has equipped over 5,000 aspiring drivers with all the tools they need to succeed in a fast-growing industry. Their student-centered approach streamlines the educational process so that you can get on the road in your own rig as quickly as possible. Visit their website now to learn more about what sets this trucking school apart, or call (585) 293-1203 to take the first step toward your future career.