With the deadline to file taxes coming up quickly on April 15, 2019, here are some key tax tips to keep in mind if you’re an owner operator in the trucking industry.
Key Tax Tips to Keep In Mind:
- Get Organized – Before you start thinking about doing your taxes, you need to get organized and it’s critical if you want to make the process an easy one. Make sure you have a filing system in place of all your important documents (from receipts to invoices, W9’s, and other tax records) so you don’t have to scramble to find everything come tax time.
- Know What You Can And Cannot Write-Off – As an owner operator, there are certain purchases that you make that can be classified as business expenses. Be mindful of which ones you can declare a business expense and those that you can’t. For more information about deducting business expenses, visit the IRS website.
- Ask for help if you need it – If you’re having trouble doing your taxes, it never hurts to ask for help. You can reach out to other owner operators or take things a step further and make an appointment with a tax professional. See if the company you’re leasing on with has a financial counseling program or ask for a recommendation. If you’re a PTI Owner Operator, please reach out to your driver manager or email email@example.com for more information.
“Your taxes and wages are going to be a big change as an owner operator. Be sure to find a reputable accountant that deals with small businesses and trucking. Having someone with this knowledge to guide you and your business is crucial.” – Jay Brockway, PTI Owner Operator based in De Pere, WI talks about the importance of getting tax help.
Next year, make a commitment to do your taxes earlier rather than right before the tax deadline to avoid pressure to get them done and avoid getting stressed out. One main thing to remember is that these are only a few key tax tips to keep in mind as a truck business owner. Do your research online or reach out to a tax professional for help until you get a good grasp of doing your taxes on your own.
Not an Owner Operator yet? Find out if you have what it takes here.