Year-End Tax Preparation Checklist for Truckers

Owner-operators can deduct 80% of the federal per diem rate ($69/day in most locations, $74 in high-cost areas) for each day they spend away from their tax home overnight for business. Company drivers may no longer deduct per diem on personal returns (eliminated for employees by the Tax Cuts and Jobs Act), but many carriers provide per diem pay.

Strongly recommended. Trucking tax situations involve per diem, Section 179 depreciation, HVUT, IFTA, multi-state income, self-employment tax, and equipment depreciation that general accountants may not optimize. A trucking CPA typically saves more in tax optimization than their fee costs.

Keep all tax records for at least 7 years (IRS can audit up to 3 years back, 6 years for substantial underreporting). Retain: all 1099s, fuel receipts, maintenance receipts, insurance documents, truck payments, toll records, per diem logs, and quarterly estimated payment records.