Year-End Tax Tips for Truckers
Whether you are an employee driver, owner-operator, or incorporated trucking business, year-end planning can significantly reduce your tax bill.
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Key Takeaways
- Truckers have unique deductions like meals and lodging
- Simplified meal method: $23 per meal, 3 meals per day
- Vehicle expenses are significant deductions
- Year-end planning can reduce tax significantly
Key Trucker Deductions
Meals on the Road
Simplified method: $23 per meal (3 meals/day = $69). No receipts needed—just track travel days.
Accommodation
Hotels, motels, and truck stop showers when away from home. Keep receipts.
Year-End Checklist for Truckers
- Review all meal and lodging expenses
- Calculate vehicle expenses (owner-operators)
- Review equipment purchases for CCA
- Check GST/HST filings are up to date
- Review incorporation benefits if high income
PSB Warning
Owner-operators working primarily for one dispatch company may be classified as a Personal Services Business, losing corporate tax benefits.
Protect Your Status
Multiple clients, own your equipment, control your schedule, and assume financial risk to avoid PSB classification.
Trucker Tax Specialists
Tax Punjabi understands the unique needs of truckers. Contact us for help.