Unlock Your $17,250 Tax Deduction: The Hidden Secret for OTR Drivers!
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Published on 03 Mar 2023

Unlock Your $17,250 Tax Deduction: The Hidden Secret for OTR Drivers!

Are you an over-the-road (OTR) driver who spends the night away from your main home? If so, did you know that you may be missing out on a huge tax deduction? The IRS allows you to claim a $69 deduction for every day you are working away from your home, provided you meet certain requirements. If you are an OTR driver who spends 5 days a week on the road for 50 weeks a year, you may be missing out on a whopping $17,250 deduction. This is calculated by multiplying $69 by 5 days per week and 50 weeks per year. If you are in the 22% tax bracket, this deduction could result in federal income tax savings of up to $3,795. In addition, it could also help reduce self-employment taxes by up to 7.45% and state taxes.

It’s important to note that there are certain requirements that you must meet in order to claim this deduction. You must have a regular place of business or work, and you must be away from that place for longer than an ordinary workday. In addition, you must need to sleep or rest to meet the demands of your work while you are away from home. If you meet these requirements, it is important to take advantage of this deduction. Many OTR drivers are unaware of this deduction and are missing out on significant tax savings. Consult with your tax professional for additional information on how to claim this deduction. It is also important to keep accurate records of your work-related travel expenses, including receipts for meals, lodging, and transportation. You should also keep a detailed record of your travel dates and locations. This will help ensure that you are claiming the correct amount of deductions and can help you avoid an audit from the IRS.

In conclusion, if you are an OTR driver who spends many nights away from your main home, you may be missing out on a significant tax deduction. By claiming the per diem deduction, you could save thousands of dollars every year in federal income tax, self-employment tax, and state taxes. Don’t miss out on this opportunity to reduce your tax bill and maximize your earnings. Consult with your tax professional today to learn more about this deduction and how you can take advantage of it.

Unlock Your ,250 Tax Deduction: The Hidden Secret for OTR Drivers!

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