TRUCKING BLOG

When was the last time your CPA or tax professional updated you on the current Per Diem rates you are entitled to? Have they ever explained why you need to deduct actual expenses instead of using the standard mileage deduction? Did you know that you can deduct expenses for your dog as security for your truck in many cases? Taxes, in general, are complicated, but taxes for owner-operators are even more complicated. It’s crucial to have a tax professional who knows the trucki

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 some of the most overlooked owner-operator truck driver tax deductions. Are you a self-employed truck driver who needs h

As an owner-operator truck driver, your tax situation is unique. You file and pay taxes like a business owner while also being eligible for deductions that are specific to truck drivers. If you’re looking for more information on how to file and pay taxes as an owner-operator truck driver, we’re here to help. Below is a brief overview of how to handle and manage owner-operator taxes. Are you a self-employed truck driver that needs help with your taxes, accounting, or bookkeepi

Bookkeeping is an important part of running your business as an owner-operator truck driver. It allows you to keep your financial statements organized and gives you an idea of how your business is performing. As a truck driver, you may have a hard time keeping good records while on the road. That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. There are many benefits that come with usin

Accounting is the process of recording, measuring, and communicating information about the financial transactions taking place in a business. Accounting often helps determine the financial position, results of operations, and cash flows of a business. As an owner-operator truck driver, accounting is an important part of running your business. With this information, you’ll be able to tell how your business is performing and if you’re profitable. Are you a self-employed truck d

Per Diem (per day) is one of your largest tax deductions as an owner-operator, but what is it exactly? The Per Diem deduction is a tax deduction that the Internal Revenue Service (IRS) allows to substantiate ordinary and necessary business meals and incidental expenses paid or incurred while traveling for business while away from home. In this article, we address the specific rules around using this significant tax deduction. As a result of the Tax Cuts and Jobs Act, W-2 emp

Every year there are changes to tax laws that may go under the radar for some 1099 truck drivers. Not knowing what these changes are may...

The last thing any trucker wants to think about is filing their taxes or wondering if they have found a good tax preparer who knows specifically about trucking taxes. But it’s better to conduct this search as early as possible. The closer you get to tax day, the harder it is to find a quality tax preparer. The following are various points to consider when choosing a tax preparer for truckers: Are you a self-employed truck driver that needs help with your taxes? Click here! P

Tax season is here which means it’s time to start thinking about filing your 2024 taxes. Before you start, we’re here to make sure you’re...

Get a head start on gathering the things you’ll need to file a successful tax return. Consider using this information to help you be...

2024 is almost over which means it’s time to make sure you have minimized your tax bill for the year. There are many things you can...

Per Diem (por día) es una de tus mayores deducciones fiscales como un camionero propietario-operador, pero ¿qué es exactamente? La...

As an owner-operator, it’s critical to understand the business structure options available to you and when each is most appropriate for...

Tax law is complicated and can be confusing. It can also be overwhelming to catch up on past-due tax liabilities when you’ve fallen...

So, you want to take advantage of home office tax deductions on your tax filing? With more and more Americans conducting work from home,...

Back on March 31st, 2023, representatives Mike Gallagher (R-Wisconsin) and Abigail Spanberger (D-Virginia) reintroduced legislation to...

Owing taxes to the Federal Government is never intended to be part of the plan, yet we can find ourselves in this position for a number of reasons. Whether a truck broke down, a mortgage needed to be paid, or an unexpected health emergency occurred, it is not uncommon to be placed in a position where you are choosing to sacrifice the funds you would have otherwise paid towards your tax bill just to stay afloat personally. In 2022, nearly 58.2 million taxpayers were in a posit

As an owner-operator, you are responsible for paying taxes and calculating the net profit for your business. You can minimize tax...

Historically, the Internal Revenue Service has always seemed a little bit scary, slightly out of reach, and shrouded in a sense of...

Section 179 doesn’t increase the total amount you can deduct, but it allows you to get your entire depreciation deduction in one year,...