Restaurant Stimulus Gives Truckers a Break

     Owner/operators are one of the beneficiaries of a measure enacted by the federal government to help restaurants recover from the pandemic. Instead of deducting 80% of the cost of restaurant meals on the road, truckers may now deduct 100% of such expenditures for tax years 2021 and 2022. Obviously, anyone who takes advantage of this deduction should retain proof in the form of restaurant receipts in case of an audit.

     ICSA does not give financial or tax advice, so we urge you to consult a tax accountant before you file your taxes to take full advantage of this change.