Truck drivers who are owner-operators are responsible for paying their taxes. This means you need to keep accurate records of your deductions as well as your earnings. If you don’t deduct all your expenses, you could end up paying significantly more taxes than you need to.
Let’s look at some important and often overlooked tax deductions that owner-operators for trucking businesses can claim.
A fuel card can help your trucking company save money. They also provide a convenient way for drivers to pay for fueling. If you decide you want to use a fuel card, you have many choices. Let’s
look at how to compare fuel cards and find the one that works best for you.
The main reason for trucking companies to use a fuel card is to save money at the gas pump. With energy prices fluctuating and the prospect of higher prices, a trucking business needs to save money in every way possible. Fuel cards offer cash discounts as well as rewards based on usage. Read more
New business owners have many tasks to manage. One essential element they don’t always consider right away is the importance of small business accounting. Even if you’re a startup, it’s best to learn how to manage your books as soon as possible.
Owners of trucking companies may not have a background in finance, but it’s important to have a basic understanding of accounting. Even if you have a professional bookkeeper or accountant handling your books, you should be familiar with basic accounting terms and principles. This knowledge will help you understand the health of your business and warn you of problems that may be on the horizon.
In order to better understand your finances, it helps if you’re familiar with the terminology. The following are some accounting terms that are relevant to your business. Read more
The transportation industry is going through a volatile period, with various factors such as the economy, weather, foreign conflicts, and long-term supply chain issues all playing a role. The spot freight market can always be unpredictable but has been especially unstable recently. In this article, we’ll look at some factors that are affecting the freight industry along with some tips on preparing for future uncertainty. Read more
