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The International Fuel Tax Agreement (IFTA) is a pact between the lower 48 states and the ten Canadian provinces that require all interstate motor carriers to report fuel taxes. The current IFTA reporting system simplifies the hassle of reporting fuel tax for trucking companies (including owner-operators) who operate across IFTA jurisdictions by reducing paperwork and minimizing the compliance requirements.
In order for me to get a better understanding of what life is like as a truck driver, ATBS sent me on a three-day road trip with longtime owner-operator and Team Run Smart Pro, Henry Albert. I was able to learn a lot and leave with a greater appreciation for what truckers go through each and every day.
If you are thinking about becoming a lease-purchase owner-operator, there are a few things to consider before signing any agreement. You will want to make sure you compare what different carriers have to offer and make your decision after doing some research. You don’t want to be locked into a contract that is too long, where you are paying too much money.
Tax credits can significantly reduce the amount you owe in taxes, so make sure your tax preparer is taking advantage of credit savings on your tax return. Below are the family and education credits you may be eligible for.
If you're a company driver, take advantage of these five tips on how to maximize your tax return this year. See which tax credits and expenses are relevant to you.
Life is full of all kinds of unexpected events. It’s because of these uncertainties that we need to make sure we are always prepared. Setting up an emergency fund can help to offset a financial strain, and protect you in unforseen circumstances.
In 2004, the IRS launched their Business Systems Modernization (BSM) Program in an effort to update its technology and related business processes. If you work with or are considering working with a tax preparer, you will want to review the following points.
On December 20, 2017, the United States Congress passed the largest reform to the Internal Revenue Service Tax Code since the early 1980s. This legislation will begin impacting taxpayers in 2018 and through December 2025. Although the legislation was originally expected to simplify the tax filing process, many of the changes have added complexity to the tax code and filing process.
Owner-operators are not just responsible for calculating and paying their own taxes, they’re also responsible for deducting expenses, which can significantly lower their tax burden. Because of this, we often get asked about the common tax deductions that owner-operators can take advantage of. In this article, we will help answer this question by discussing five of the most overlooked owner-operator truck driver tax deductions.