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.
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
As 2022 quickly approaches, many are wondering what the immediate future holds for the freight market. It’s especially hard to predict the future right now, with uncertain economic conditions, the Covid-19 pandemic is still a factor and supply chain issues are affecting the nation. However, it’s possible to make some educated forecasts based on current data and conditions. Read more
Guest post contributed by ATBS, the largest tax and accounting firm for owner-operators. ATBS was founded in 1998 and has helped over 150,000 truck drivers with their business and tax needs. Original article published Nov. 28, 2021 here.
2021 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 begin doing now to make filing your tax return as easy as possible and reduce the amount you owe. Let’s take a look at a few of the most important tax moves to make before 2021 comes to an end. Read more
