Taxes

Owner-operator tax obligations start with required truck registration

Independents are responsible for their own registrations, likewise Form 2290 payments. Leased owners may have the option of doing it themselves or letting the company they are leased to handle it. Find resources for starting with state DMVs and more here.

January 1, 2025

Alabama Plate On Front Bumper

Income tax and other taxes: Understanding the importance of recordkeeping for deductions

Among the biggest challenges for a new business is understanding how you are taxed. This is an area where many new owner-operators run into problems. You can avoid any big surprises on April 15 by using good planning and recordkeeping throughout the year.

January 1, 2025

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The owner-operator's role in tax preparation: More than just bookkeeping

Avoid common mistakes seen in owner-operator tax returns by checking the major numbers your tax preparer uses. Doing this can save you thousands of dollars in taxes. Also: A smart way to 'play catchup' on bookkeeping if you get behind.

January 1, 2025

Ways to handle per-diem and depreciation deductions and cut against common tax myths

Owner-operators' standard per-diem deduction got a boost for the 2025 tax year, while options for depreciating equipment have narrowed back to tried-and-true practices.

January 1, 2025

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Truck lease v. truck purchase: A tax analysis

Generally, a purchaser will get higher deductions in the first two years that follow, with the fourth year not even close to the level of deductions available to the lease taxpayer. The effect is a tax delay for truck-purchasing owner-operators.

January 1, 2025

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How, and when it makes sense, to file as an S Corp to save on self-employment taxes

Filing taxes as an S Corp allows an owner-operator LLC to designate the owner an employee of the LLC, yet to still report the income of the business on their personal tax return. S Corp earnings are not subject to self-employment tax.

January 1, 2025

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Quick-hit tips for truckers to save on taxes and guard against IRS audit risk

The IRS usually has three years from the date of filing to challenge deductions or income stated on your return by requesting an audit, so you should keep your records for at least three years.

January 1, 2025

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Van Getting Loaded

Broker threatens to sue carrier over 'nonsensical' back-solicitation claim

Small fleet owner Leander Richmond was recently "offended" by a broker trying to tell him who he could haul for. He issued a scathing response and revealed the threat was a paper tiger.

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How military service set these trucking entrepreneurs straight on course to success

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Court pauses DOT rule seeking to push 200,000 non-domiciled CDL drivers out of commercial work

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Owner-ops adapt conservative approach to ever-expanding diesel service intervals

Garmin Delivers Big with Trucker-Trusted Navigators and Premium Wireless Headsets

Garmin Delivers Big with Trucker-Trusted Navigators and Premium Wireless Headsets

How military service set these trucking entrepreneurs straight on course to success

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