Are you an owner/operator or considering purchasing your own truck? Do you understand all of the details of record keeping that you will need to handle? Probably not…but that’s ok. I’m here to make sure that YOU DRIVE and let me make everything else successful for your business. How can I ensure this? My husband and his father were owner/operators with multiple trucks leased on to a major bulk tank hauler for over 25 years. I handled their bookkeeping, payroll, highway use tax, business taxes, and more. I’m am intimately familiar with the trucking industry.
What type of business should I have?
Many owner/operators start out as a sole-proprietorship. But personally, I recommend setting up a separate company entity to protect yourself and reduce your tax liabilities. When we talk, we will discuss the types of businesses you have to choose from: C-corporation, S-corporation, LLC’s, Partnerships, etc. Read more detail about each entity type.
How do I set up my business?
Once we discuss the type of business that is best for you, I would be happy to show you what steps you need to take to set up your business or, if you prefer, I can do it all for you for a small fee. Read more detail. I then take care of any or all of your bookkeeping for you so you don’t have to sweat the details. Even better, I monitor your income and make sure that you minimize your tax liability at the end of the year by paying out un-reimbursed expenses or bonuses. Read about my bookkeeping services.
What about payroll?
Once you set up a company, you’ll want to pay yourself payroll so that you are regularly contributing payroll taxes and don’t get hit with big bills and penalties at the end of the year. I can handle all of the details of payroll checks, tax withholdings, monthly/quarterly/annual payroll tax reports, W2’s, and more. Read more about payroll.
What about Highway Use Tax?
I will handle your highway use tax reporting for you as part of my bookkeeping services. For more information, visit the IRS Trucking Tax center.
What about IFTA and fuel cards?
If you are looking to use discount fuel cards to save money but don’t want to have to deal with the detailed IFTA reporting, I am investigating the option of handling this for you as well. I will keep this updated as I continue my research.
How about having my taxes prepared?
Of course, I would love to prepare your business and personal tax returns, whatever your situation. If you run your company as a business, I will need your end of year Balance Sheet and Profit & Loss Statement. These will be produced by me if you have me handle your bookkeeping. If you run your business as a sole-proprietorship, please fill out my Self-Employed Questionnaire for Truckers.