Issue link: https://read.dmtmag.com/i/112433
OWNER OPERATOR SOLUTIONS it accordingly.��� This doesn���t mean you can���t deduct satellite radio if you also listen to your favorite bands and shock jocks on there. As long as the satellite radio is for your truck and not a personal automobile or other non-work location, write it off and save a few bucks. 4 - Mobile Phone Your mobile phone is also tax-deductible, provided that it is used for business purposes. Keep all phone records to verify that your phone is used to make business calls. During an audit, the IRS may ask for proof to back up your deductions. To illustrate, trucker Hatem Elsayed lost a tax court case involving mobile phone deductions. He substantiated his claim of paying for the phone, but did not keep detailed logs of his calls. Thus, he was denied a mobile phone deduction because he couldn���t prove the business use of his phone. 5 - ATM, Bank and Credit Card Fees Fees for your various ���nancial transactions ��� 150+ Owner Operators Needed for Large nursery operation based out of York, S.C. ��� Class A CDL ��� 2000+ miles April-June weekly ��� 1000+ miles July-Nov. weekly ��� Paid Weekly ��� Round Trip Miles, Stop Pay, Cart Recovery Pay ��� 100% Tolls Paid ��� Regional Fuel Surcharge ��� Bonus paid if driver stays from April 8 ���May 26 1-888-875-8406 are also tax-deductible. These include ATM fees, bank charges and credit card fees. As with any other deduction, such fees must be for business purposes. Therefore, it is a good idea to separate your business and personal expenses. Keep separate bank accounts and credit cards to use exclusively for business. Then, during each tax season, you���ll be able to calculate your deductions more easily instead of sifting through a combination of business and personal expenses. If Uncle Sam comes knocking, you can simply show your statements as proof instead of explaining each item individually. The Bottom Line While taxes are a fact of life, drivers can minimize them by claiming these often-overlooked deductions. You may be able to do so retroactively, as well, as EQUINOX OwnerOperator Solutions will review previous tax returns and help drivers claim missed deductions. Keep the mentioned deductions in mind as you complete your tax return this year. For speci���c advice, consult a tax professional. Don���t pay any more taxes than you have to. Claim every deduction possible - unless you like funding food stamps for millionaires! OO EQUINOX Owner-Operator Solutions is a privately held technology and business services company headquartered in Salt Lake City, UT. EQUINOX offers technology-driven business services designed to lower the cost and increase the pro���tability of contractors in the transportation industry. To learn how EQUINOX can help, go to http://www.equinoxlife.com / OWNER OPERATOR/ MARCH 2013 / / 46 OO 0313_text.indd 46 2/5/13 11:21 AM