No matter what career you’re in, you’re probably dealing with a lot of paperwork. Unfortunately, trucking is no exception to this rule.
Although truckers spend their time on the road, they accumulate a lot of paperwork. That can be trip records, large fuel receipts, or even a $1 candy bar receipt.
However, all of the receipts truckers get on the road are incredibly important, no matter how small they are. They’re important to company drivers and especially to owner-operators.
If you’d like to find out why you should hang on to every receipt you get on the road, then continue reading below.
Tax Deductibles
The reason you want to keep every insignificant receipt you get is to be able to deduct as many costs as possible. However, changes in the tax code recently made it so that only independent owner-operators can deduct expenses from trucking.
For owner-operators, that means that every receipt you get could be tax-deductible. The most common of which are:
- Cell phones and computers
- Association dues
- Safety gear
- Tools and equipment
- Food
- Travel costs like hotels, tolls, and parking
- Vehicle expenses
- Personal products for your truck
Of course, this isn’t an exhaustive list of tax-deductible items. It does show that you can basically get a tax break on just about anything related to your truck—so keep those receipts.
Per Diem
Now, company drivers are likely familiar with per diem pay. Per diem pay is when companies will reimburse drivers for meals and other expenses while out on the road.
However, that means that drivers will still need to provide documentation for those expenses. Basically, you need to keep every little receipt you get and will likely need to hand them over to the company accountant.
Likely, company drivers are already keeping track of various documents, so a few extra receipts should be no problem.
Expenses
Perhaps the best reason for truck drivers to keep all their receipts is to see what their expenses actually are. This can be beneficial for company drivers but crucial for owner-operators.
If you’re an owner-operator, you’ll want to see if your trucking is profitable. You’re likely already going through operating costs, invoices, and much more.
However, once you look at all the small expenses, they can add up. This can also be a shock to company drivers who are going way over their per diem expenses.
Of course, you may have no choice but to spend this money when you’re out on the road. The thing is, it’s a great way to see where your money is actually going and if you can cut down and start saving.
Keep Your Receipts In One Place
The easiest way to keep track of your receipts is to keep them in one place and make a habit of putting them there. Many truckers are also doing away with paper and maintaining a digital copy of their receipts.
Simply take a snap and put the picture in a folder on your phone. That way, you can easily and quickly provide proof when it’s needed.
Remember, small expenses add up over time, and the more aware you are of them, the more you’ll save.
