Truck Driver Tax Preparation 101
Tax season isn’t just a season, it’s a year round process! Keeping receipts, maintaining steady bookkeeping, and checking finances throughout the entire year ensures a smooth tax filing process.
But for those who are constantly on the go, holding onto every receipt is easier said than done – especially for truck drivers and owner-operators in the trucking business. While $5 snacks may not seem like something you need a receipt for, it can start to add up come the end of the year.
Tax preparation for truck drivers is never easy, but with a few helpful tips and tricks, it can be a breeze this filing season.
Begin Your Tax Preparation Process Early
Don’t have every receipt lying around? You’re not alone!
The best tip for the tax season is to start early. Give yourself a little extra time to track down lost receipts and records, look into expenses and transactions made throughout the year, and make sure your cash flow all checks out.
Filing for an extension is always an option, but the best way to keep your trucking business on track is to file your taxes timely and accurately.
Research Tax, Deductions, And Write-Offs For Fleet owners and Owner operators
Don’t wind up missing owner-operator tax write-offs because you didn’t know the most common truck driver tax deductions. When going through your finances, be sure to keep an eye out for potential tax deductions including:
- Truck maintenance
- Fuel
- Trucking association fees
- Home office
- Tools and equipment
- Truck depreciation and insurance
- And more!
Not only are there several tax deductions for owner-operator truck drivers, but there are also options for tax credits. The Cares Act for owner-operators as well as recent legislation regarding owner-operator LLCs may impact trucking taxes, so be sure to be up to date and current with local legislation.
Call In Expert Tax Professionals For Truck Drivers
Keeping track of local legislation, company driver per diem, and what truck drivers can deduct on taxes is tedious and tiresome. CPAs for truck drivers can be a huge unlock when it comes to your trucking business tax preparation.
Enlisting a trucking tax account with TranspoCFO means you have an expert in your corner who knows everything from how to fill out and file the 1099 form for truck drivers to current tax deductions for owner-operators, and how to file taxes for self-employed truck drivers.
TranspoCFO is the ultimate tax service for the trucking industry. It provides the best tax preparation for owner operators and fleet owners. They know the ins and outs of the trucking industry and offer specific tax solutions for every kind of problem.
Bonus: Get Started With A Trucking Bookkeeping Service
Since tax season requires year-long prep, now is the perfect time to set a game plan for the upcoming year.
The easiest way to keep all your finances clear and organized is to use a trucking bookkeeping service. Bookkeeping for truck drivers not only makes keeping track of your daily and monthly finances simple, but it’s also the key to seamless tax filing for fleet owners and owner operators.
TranspoCFO can help with all this and more! From tax professionals for truck drivers to trucking bookkeeping and accounting services, TranspoCFO is the one-stop-shop for anyone in the trucking business.