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May 31, 2019
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I own a tractor trailer, it's leased to a company. I dont have a company. I will be paying a driver to operate the truck. Are his wages deductible from my taxes?

  • May 31, 2019
  • 3 replies
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I am employed in another field. I purchased the truck as a second income generator.
    Best answer by TaxGuyBill

    Yes, your employee's wages are deductible.

    Because you are providing both a truck and driver, it sounds like you aren't really "leasing" the truck out, but the Company has hired your business as an Independent Contractor for Trucking.

    This is a business that will go on Schedule C (assuming you have not incorporated your business), and "wages" is one of the items it will ask for.

    It sounds like the driver is probably your employee, so you will need to file quarterly payroll returns, file a W-2/W-3, Federal Unemployment, State Unemployment, Worker's Compensation, and possibly other State requirements.  TurboTax does not do any of those items.  You want to can hire out payroll or use Quickbooks for payroll.

    As your first year of business, I would highly recommend a tax professional for at least the first year.

    http://taxexperts.naea.org/



    3 replies

    Lisa995
    May 31, 2019
    You lease it to a company AND provide the driver?
    ♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
    May 31, 2019
    Yes, I provide the driver. I did it that way so I could be sure driver meets my own standards.
    May 31, 2019

    Yes, your employee's wages are deductible.

    Because you are providing both a truck and driver, it sounds like you aren't really "leasing" the truck out, but the Company has hired your business as an Independent Contractor for Trucking.

    This is a business that will go on Schedule C (assuming you have not incorporated your business), and "wages" is one of the items it will ask for.

    It sounds like the driver is probably your employee, so you will need to file quarterly payroll returns, file a W-2/W-3, Federal Unemployment, State Unemployment, Worker's Compensation, and possibly other State requirements.  TurboTax does not do any of those items.  You want to can hire out payroll or use Quickbooks for payroll.

    As your first year of business, I would highly recommend a tax professional for at least the first year.

    http://taxexperts.naea.org/