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IRS Publication 529

IRS Publication 529 contains the rules and regulations governing miscellaneous tax deductions, many of which apply to truck driver taxes. IRS Publication 529 is important because many of the unreimbursed employee business expenses that may or may not be deducted are listed inside this document. Although the tax deductions listed in IRS Publication 529 are somewhat general, IRS Publication 529 contains very important guidelines that help truck drivers determine whether a given work-related expense is tax deductible. For example, as of this writing, wristwatches are listed in IRS Publication 529 as an expense that CANNOT be deducted. Wristwatches were always a borderline personal expense, but IRS Publication 529 specifically made wristwatches unallowable tax deductions, even if they seem to meet other tests for a deductible expense.

The wristwatch tax deduction example is a perfect example of how a trucker or owner operator should go about determining if an employee business expense is tax deductible.


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