Spend Money to Save Money

As an owner-operator, you are a business. That means almost every expense related to your truck is a potential tax deduction. But you need the receipts to prove it.

1. Per Diem (Meal Allowance)

The IRS allows a standard daily deduction for meals and incidental expenses for every day you are away from home.
2025 Update: Ensure you are using the latest rates. Remember, the 100% deduction rule from the COVID era has expired; we are back to the standard 80% limit for most cases.

2. Operating Expenses

Don't miss the obvious ones:

• Fuel: Your biggest expense.
• Maintenance & Tires: Oil changes, new steers, washes.
• Insurance: Bobtail, liability, and cargo.
• Software: Yes, your subscription to FastIFTA is 100% tax-deductible as a business tool.

3. Depreciation (Section 179)

If you bought equipment this year, you might be able to write off the entire purchase price immediately using Section 179 depreciation, rather than spreading it out over years.

The "Bank Statement" Myth

Warning: Auditors do not accept bank statements as proof of purchase. You need the actual itemized receipt to prove what was bought, not just how much was spent.

Organize for Your CPA: FastIFTA's Instant PDF Reports organize your expenses by category. Hand your accountant a clean, digital file instead of a shoebox of faded receipts.