For many truck drivers this time of year can really place an undue burden on your financial well being. But it doesn’t have to be that way. You can fight back. You can save money, but first you have to learn about the various tax deductions for truck drivers, and then you have to apply them.
Saving With Your Unique Opportunities
Before I share with you some of the great tax deductions that will save you $100’s of dollars on your yearly taxes, I want to share with you the mind-set of saving with your unique opportunities, and how it can mean the difference between financial freedom or financial bondage.
I want to teach you this mind-set through the use of an example. Then I want you to pour over it with your mind, picking it apart and seeing how you can personally apply it in your life, and within your unique situations. Many truck drivers spend a lot of money on the various meals that they eat when their on the road. So, with that in mind, let us now see if we can save money with this unique situation. Let’s say you’re spending an average of $5 dollars (although it could be much higher than that) for the basic 3 meals throughout the day that’s $15 dollars a day. Now, what if you do that 5 days a week for two months. That’s $600 smackers every two months, or $3,600 dollars every year, that’s a lot of money! So, you’re probably wondering, how do I save some of that money? Well, the answer is simple; learn to pay attention to your unique saving opportunities and then act.
Instead of buying those $5 dollar meals whenever you go on the road, start making your own. And you will be surprised at the amount of money you can save. I would even suggest that you cut-out some grocery store coupons from your local newspaper and save even more on the lunch meat, vegetables, fruit, bread, eggs and other things you buy to make your “travel meals” with. And if you really want to have a prosperous financial future, you will save or better yet, use the money that you have saved by making your own meals and apply it to your unique investment opportunities. But remember, be wise and do your research before you invest.
Truck Expenses – This is one of the most powerful tax deductions that you can use as a truck driver. For example, did you know that you can get a tax deduction for every time that you have to get engine work done on your truck. You can even get tax breaks for things like new antennas, new lights, CB’s and CB repairs, scanners, tires, or even repairs on your AC or heater.
Equipment Expenses – Here’s another great opportunity to save with your taxes. We’ve discussed how you can get tax deductions for your tuck, but did you know that you can even get them for things like hand tools, log books, pencils, calculators, flashlights, coveralls, tarps, tool boxes, gloves, maps… this list could go on forever! But you get the idea.
I hope that you liked the principles, ideas, and tips that I’ve shared with you today. Now remember, nothing will happen if you don’t apply the things you’ve learned. Applied knowledge is true power, and you can use it to save money!