Company Van Trailer (65% of 100%) no weekly trailer rental fee; A Truck Driver is the most common job in 29 of the 50 states in the United States according to a report released by NPR.. Owner-Operators have to deal with many of the same commonly-occurring business expenses. Visit PayScale to research truck owner / operator salaries by city, experience, skill, employer and more. Understanding these expenses, and figuring out how to minimize the amount of money coming out of your pocket, is an important task for any business owner. . Owner Operator and company drivers alike can lower their tax liability by creating a truck driver tax deductions worksheet that includes all of the expenses you incur in the course of doing business. Many independent truck drivers sign with a carrier to get consistent work. Owner-operators pay will vary depending on whether you haul with your trailer or lease a trailer from Landstar. Recommendations to make this business more profitable. Income Estimation Tool. A: It is possible for an owner-operator to qualify for a home office deduction, however, you need to meet two tests: For more trucking industry news, information and high paying trucking jobs, continue to visit CDLjobs.com for up-to-date information and job postings. How much does an Owner Operator Truck Driver make in the United States? The average salary for a Truck Owner / Operator is $97,587. Increased control over your income. If you can hustle well, master and monitor the industry trends, and negotiate effectively, then owning a trucking business can be a fruitful venture. There are two common owner operator income programs: “percent of load” or mileage. ATBS is here to help, as we identify five of the biggest expenses faced by owner-operators. The average Owner Operator salary is $85,319 as of February 26, 2021, but the salary range typically falls between $75,005 and $95,450.Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Q: Can I claim the home office deduction? Thus the average owner operator pay drops to around $50,000-$60,000 take-home. How much does an Owner Operator make? Forums > Owner Operators > Ask An Owner Operator > Owner Operator Income Discussion in ' Ask An Owner Operator ' started by Letsgetreal , Sep 12, 2017 . Drivers should keep good records and receipts to substantiate any deductions taken. Owner operators can earn up to $221,000 per year. Contractor Revenue. Consider the following suggestion to continue improving your net income in your trucking business now that you have more information you can run with realistic expectations your profitable owner operator business.Continue educating yourself and be aware of new ideas that experience truckers are doing. Self-employed or statutory employees generally file tax deductible business expenses on Schedule C with reported income. It’s a tool you can use to plug in estimates of your business income and expenses to see how much you can expect to make, and how changing your various business costs impacts your bottom line. On the Rigbooks site, one of our most popular resources is the Owner-Operator Income Estimation calculator. A: Yes, fuel tax is a part of the cost of fuel, so it is deductible as an outgoing owner-operator fuel expense. Below is an example of how to calculate load revenue with a company trailer. Tax deductions for owner operators reduce the amount of self-employment tax and income tax associated with the income reported to the IRS. So if you are thinking about getting into truck driving, or you are already a driver and are considering becoming an owner operator then you need to think through how much income you can generate as an owner operator.