Tips For the Tax Season when you work in the trucking industry

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.

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Accounting For Truck Drivers

Four Common Trucking Business Mistakes

The trucking industry is constantly changing, and for truck drivers, truck companies,  and owner-operators that means that you also have to be constantly changing. 

Aligning with local legislation, maintaining records, and being your own trucking accountant while still meeting the demand of your business is a hard line to tow; however, it’s necessary nonetheless.

Here are four of the most common mistakes fleet owners and owner operators make when it comes to finances and how TranspoCFO can make sure you avoid them all. 

Not saving receipts or tracking expenses

                Perhaps the easiest of them all, we see this mistake happen time and time again. Fleet owners and owner operators need to keep track of receipts for all trucking expenses including: fuel, lodging, meals, parking fees, truck maintenance, and more. 

Finding a simple and convenient way to keep receipts organized and at the ready will make both bookkeeping and tax preparation for truck drivers a breeze. Even better, having a safe place to store receipts can also make any potential audits error-free which means you won’t have to pay any penalty fees. 

Using traditional tax preparation services

                Taxes for fleet owners and owner operators are very different from the average Joe’s taxes – and that’s where the mistakes happen. Fleet owners and owner operators need to take into account things like special tax, 1099 trucking forms, owner-operator tax write-offs, and truck driver tax deductions.

With all these financial aspects when it comes to taxes, drivers and owner-operators need to work with tax professionals specialized in the trucking industry. Using a traditional independent tax service can leave you overpaying on taxes and more prone to errors – which means more audits for you.

TranspoCFO is the ultimate tax preparer for truck drivers. We’ll not only check all the boxes you need for easy tax-filing, but we’ll also work with you every step of the way to make sure your trucking business is covered in case of any errors.

Putting off trucking bookkeeping

                While no one loves reconciling their books every month, it’s absolutely critical to maintaining your business! 

Our bookkeeping services not only allow you to stay on top of your finances and track your cash flow, but it also gives you a snapshot into how your business is performing overall within the trucking industry. You can find exactly where you’re spending money (and even where not to spend your money!) which will help you make more educated, financially-smart decisions in the future. 

Bookkeeping softwares for trucking companies is a strong start for those trying to manage finances on their own, but no one manages trucking bookkeeping better than TranspoCFO. 

 Not forecasting financials or cash flow

With so many changes constantly impacting the trucking industry, fleet owners and owner operators need to be forecasting their finances, expenses, and cash flow every month.

Forecasting financials combined with scheduled bookkeeping can show you both how business is performing and what to expect in the coming months. Forecasting makes it easy for you to stay on top of bills, payments, and any other expenses while preparing you for the tax season. 

TranspoCFO delivers top-notch truck driver tax preparation and accounting services for truck drivers. We’ll cover everything from pesky receipts and bookkeeping, to forecasting and tax preparation. 

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Keep Your Books On Track And Your Truck On The Road

Why You Need A Bookkeeper In The Trucking IndustryWhile people see plenty of trucks on the road, people don’t see the processes that go into getting that truck on the road.
In fact, most trucking businesses will fail within the first year. One of the most complex, yet crucial aspects of trucking is financials. From tax preparation and determining deductions to reconciling books and managing P&L’s, it can all get a little overwhelming –especially for owner-operators and drivers.
Bookkeeping for truck operators is the ultimate solve for those looking for financial support. However, not all accountants or tax services will understand the ins and outs of the industry and what works best for you and your truck. That’s why finding a seasoned and experienced tax professional for truck drivers is a foolproof way of streamlining your financials, letting you save time, money, and peace of mind.

  • TranspoCFO can help with all of truck operator’s most common concerns including:·
  • Tax deductions for fleet owners and owner-operators· 1099 truck driver taxes·
  • Truck operators bookkeeping services·
  • Cares Act for owner-operators

Focus on your business and leave the financials to us –the experts! Starting at the ground level, we look at factors from layovers, lumper fees, and everything in between. Keep your financials all in one place and at your fingertips. Here are five tips surrounding common questions and how TranspoCFO can provide the best tax service and accounting advice for fleet owners.
When to Prepare for Tax Season
Tax season can quickly become the worst season for truck drivers and owner-operators if you’re not fully prepared. Maintaining records, categorizing expenses, and tracking receipts all year long is an absolute must if you want to avoid delays, audits, and more. Let us deal with the 1099 for truck operators so you can get back to business.
How to Calculate Business Performance.
Money talks. Your financials are the window to how your business is performing. Organizing documents like P&Ls, balance sheets, and cash flow statements can give you a quick and easy look into overall business performance.
Where to Track Your Money
Knowing where you’re spending money means knowing where not to spend your money – we’ll analyze the ins and outs of your cash flow, making sure you’ll not only pay your bills on time, but also find ways to save for the future.
How to Follow Audits
While they may be annoying, they are at times necessary. With TranspoCFO, audits don’t have to be the headache they once were!
We’ll keep your financials accurate, organized, and readily available so you don’t have to get hit with additional taxes or penalty fees.
When To Reconcile Books
Reconciling your books on a scheduled cadence is the easiest way to avoid accounting errors down the road and spot fraud. We’ll track every penny and ensure all your statements line up with your books every month.
Keeping financial statements organized is crucial – not only for providing a snapshot as to how your business is performing but also to create a seamless and simple process come tax season.
With TranspoCFO, we have solutions for all kinds of owner-operator bookkeeping and businesses. From accounting services, outsourced CFOs, and tax preparation for truck drivers, let us focus on the financials so you can focus on your business. Schedule a call with one of our experts now!

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Quick Guide to Accounting Service for Trucking

Accounting services for truckers can take much time and can be difficult. Many truckers use accounting services to help them with their business expenses.

A trucker’s accounting services can keep track of much information while on the road, like how many miles they drive, how much fuel they use, where their cargo is, and how much they are paid.

Keeping your finances in order cannot be accessible when you are on the road for extended periods. But there are accounting services that can help.

There are many benefits of using truckers’ accounting services specifically designed for truckers.

A Simple Guide to Do Accounting for Trucking

You will need to know the basics of trucking accounting, even if you use a Certified Public Accountant (CPA) for most of your transportation accounting.

As a truck driver who works for himself, here is a general way to set up a trucking accounting system.

● Open Separate Accounts for Your Business

Every business owner should separate their business activities from their personal ones. This makes accounting easier. It is always better to get a new checking account and credit card that you only use for business.

Many business owners find that when they mix their personal and business funds, it is hard to tell which transactions belong to which category.

● Pick a Legal Structure for Your Business

Small business owners must also decide what legal structure they want to use. Sole proprietors are a default structure, so owner-operators who start a business without filling out paperwork will fall into this category.

Working in the trucking industry involves many risks. It is often better to take the time to form a limited liability company (LLC) or a corporation. Before you make that choice, you should talk to a CPA firm.

● Pick an Accounting Method

Truckers must choose between cash and accrual bases, the two main ways of keeping track of money. They significantly affect your tax return, so you might want to talk to an accountant before choosing one.

With cash, you count your income when you get paid and deduct your expenses when you pay them. Many small businesses like this method because it is easy to use.

● Keep Track of Your Expenses and Documents

You must be careful about keeping records if you are in the trucking business as they need to keep track of their costs.

Truck drivers can have many different costs, most of which may be tax-deductible. For example, when you are on long trips away from home, you should keep careful track of all the following costs:

  • Fuel
  • Meals
  • Lodging
  • Auto Washing
  • Parking fees and tolls
  • Vehicle maintenance

The IRS considers semi-trucks to be qualified non-personal use vehicles. To deduct the cost of your vehicle, you cannot use the standard mileage method. Instead, it would be best if you used the actual price of your vehicle. Keep track of the amount, date, place, and business reason for each purchase.

You should not only keep track of your expenses but also have receipts, trip logs, and account statements to show that they are real. Keep at least three years of account services worth these on hand. That is how long the IRS usually must check up on you.

● Keep up With Your Tax Responsibilities

All business owners, including truck drivers, must pay estimated taxes on their income and self-employment every three months. This is to cover their income and self-employment taxes. You will have to pay fines and interest if you do not meet your federal and state obligations.

Trucks often must pay more taxes depending on how long their trips are and how big their trucks are. These include the Heavy Vehicle Use Tax (HVUT) and the International Fuel Tax Agreement (IFTA).

The International Fuel Tax Agreement (IFTA) is a way to redistribute truck drivers’ fuel taxes in the 48 states and the 10 Canadian provinces. It ensures that your money goes to where you used your fuel, not where you bought it.


Accounting services for truckers can help you keep track of your money while you are traveling. When it is time to pay your taxes, you will not have to worry about surprises using these services.

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