- If your income falls under certain limits, you may be entitled to free help with your tax filing. A number of community organizations provide free tax help to people with a limited income, so check for any free help that may be available in your community. For instance, older transportation workers can check with AARP regarding such services. The IRS has teamed up with AARP to provide free tax advice and filing services for low-income seniors, including those who work in the transportation industry. If you are a younger transportation worker, you may be able to find tax help in your area by going to the IRS website or contacting the organization by telephone.
- If you work in the transportation industry, you may be able to deduct a number of expenses related to the operation of personally owned vehicles for business purposes. In order to take those deductions, however, you will need to keep excellent records and make sure all vehicle expenses are properly categorized.
One of the best ways to categorize your expenses and keep track of your transportation costs during the year is to use a spreadsheet program like Microsoft Excel. If you do not have Microsoft Office installed on your computer, you can use the free spreadsheet program that is part of the Open Office suite. Create a spreadsheet and use it to record all of your vehicle expenses, from fuel to maintenance and repairs. Having this information available will make it easier to complete your taxes at the end of the year. - Even though keeping a computerized spreadsheet is an important part of tax planning for transportation workers, it is just as important to keep meticulous handwritten records. One of the best ways to keep those records is to place a small notebook in the glove box of the vehicle you use for business purposes. Each time you incur any expense that could be used as a tax deduction, record it in the notebook. You may also want to tape any receipts to the appropriate page in the notebook. This will make it easier to reconcile your expenses and justify any vehicle-related expenses you are claiming.
previous post
next post