Trucking Accountant Near Me: Expert CPA Services for the Trucking Industry

A paid preparer must have a Preparer Tax Identification Number (PTIN) and if they prepare and file more than 10 returns for clients they must file electronically. The client copy of the tax return should show the preparer’s name and PTIN in the signature area of page two of the Form 1040. Never agree to do business with a tax preparer who does not provide this information and/or refuses to provide their clients with copies of their tax returns.

• Our experts can also advise on estate and succession planning, transactions, mergers and acquisitions, and ESOP formation.
• It is our job to make sure that the numbers are correct, so you don’t have to risk costly financial mistakes.
• Owner-operators, commercial truckers, and small fleets get assistance with their more profitable accounting service than hiring a truck tax accountant inside.
• If you’ve been using trucking software such as TruckingOffice, the process of filing Federal taxes will be much less frustrating and a lot more accurate.

We are frequent speakers and thought leaders for various industry events and publications, hosting a number of webinars and events. Our popular Trucking Owners and Leaders Roundtables provide a forum for trucking owners and executives to share current ideas, discuss challenges, and explore solutions. How much owner operators have to pay in taxes depends on how their business is structured and ranges from 10% up to 37%. Arrange consultations with possible trucking CPAs in your area to go over the requirements and objectives of your company. Examine their communication approach to see if you can cooperate with them. The effectiveness of your financial management depends on having a solid working connection.

How to Choose a Tax Preparer for Truckers

Trucking CPAs are also helpful in monitoring regulatory compliance to make your life easier. SSB recognizes that federal and multistate tax issues are a major concern of the trucking industry and stays on top of the ever-changing tax laws. We understand that each state considers different factors in determining truckers bookkeeping service whether a trucking company has nexus in the state. Companies that operate trucks must pay for various charges, including fuel, maintenance, permits, and tolls. A nearby trucking CPA will thoroughly understand these costs and can assist you in appropriately classifying and recording them in your books.

For vehicles that are in use at the beginning of the tax period, your form 2290 filing deadlines is August 31, 2021. Unenrolled preparers often have limited training and are allowed limited representation on behalf of their clients in IRS proceedings. Furthermore, without regulation, it may be difficult to check their background history. EAs and CPAs must not only pass rigorous testing requirements to achieve their designations but they must regularly complete a required number of continuing professional education hours to maintain these designations. Because these tax professionals are regulated, it is easy to verify if they have a questionable history by checking with the IRS Office of Enrollment for EAs, and the state board of accountancy for CPAs. To calculate tax on your rental income, you add up all the rent that you’ve received, plus any property-related costs, and subtract the expenses from your gross income.

Our Tax and Accounting Services Focus on Key Transportation Needs

Owner-operators, commercial truckers, and small fleets get assistance with their more profitable accounting service than hiring a truck tax accountant inside. In general, tax preparation for truckers and everything that comes along can be done by owner-operator tax preparer. We specialize in audit, tax and business consulting to transportation companies and fleets of all sizes. Haynie & Company https://www.bookstime.com/ provides peace of mind that you have a team of experts handling your accounting needs. With our experience serving transportation and tucking clients, we are familiar with your day-to-day operations. We understand your need for unique reporting on key performance indications as revenue per mile, empty miles, fuel costs per mile, tractor and trailer maintenance cost per mile, and more.

• Through our personalized Trucking CPA services and focus on building a lasting relationship with your trucking company, we help you make well-informed financial decisions.
• Never agree to do business with a tax preparer who does not provide this information and/or refuses to provide their clients with copies of their tax returns.
• For tax tips, insights, and more, curated to help your business grow.
• Many of our CPAs have dedicated their careers to finding ways to save truck drivers money and time.
• At some point, every business owner leaves the company, either voluntarily through retirement or otherwise.
• For trucking companies, picking the appropriate business structure is crucial.
• SSB CPAs can also look at your balance sheet and make sure you’re not incorrectly writing things off.

To help you prevent expensive shocks during tax season, they will work with you all year to plan and optimize your tax status. Each year, over 20,000 owner-operators trust ATBS to help them earn more money, reduce stress and improve their trucking business. To file your IFTA fuel tax reports, you have to keep track of where you drove, how many miles you drove, fuel receipts or fuel tickets, and odometer readings. You have to file for IFTA four times a year, and you have to keep the records on file for four years. You can also send us your trip sheets, and we’ll do your fuel tax reports for you. Accounting and paperwork don’t bring me much pleasure so I use Fleet care.

Truck Taxes

It makes your job much easier because you know the financial part is handled. Fuel is the highest cost for owner-operators, and it increases your operational costs. At the same time, it’s not easy to keep track of all the fuel taxes in different states. It’s critical to prioritize the routes, figure out the cost per mile, and keep track of fuel costs because it will allow us to forecast fuel expenses and implement fuel-cutting strategies. Our expert will take care of it for you, and everything will be in your annual tax report. The customer will be charged either directly or through a factoring company.

• Any additional tax due is remitted to the base jurisdiction, or a credit or refund is issued.
• When running a fleet, smaller expenses could potentially be overlooked.
• Never hesitate to ask a preparer how they safeguard client confidentiality in the form of physical and electronic security of their clients’ information and records.
• We can help evaluate state tax matters with an income tax nexus analysis and explore state and local tax incentives.
• That’s where a certified public accountant (CPA) specializing in trucking accounting comes in.

We began a search for the very best in other important services that all professional drivers need, like factoring, insurance, and tax services. Learn how 1-800Accountant can help you navigate the complexities of truck driver taxes, from form 2290 to owner operator tax deductions. Trucking industry specialists can handle all your bookkeeping needs from payroll to financial statements to tax prep/execution and more.