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ACCOUNTING FOR OWNER-OPERATORS
Accounting services for Owner-Operators and Small Fleets
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Tax accountant for truck drivers
Fleet tax management can be tricky. Filing owner-operator taxes and trucking taxes, in general, is a tiring process that takes a lot of time you could’ve spent on developing your trucking service. Instead, tax preparation for owner-operators and reporting taxes for trucking companies can be done by owner-operator tax accountants. A tax accountant specialist can be a huge relief if you struggle with tax paperwork.
Filing all the trucking taxes and keeping an increasing number of financial records, such as quarterly tax estimates, receipts, settlement statements, profit and loss statements, and budgets, as well as all the original information and keeping everything under control – that is what FleetCare does for you, giving you more time to develop your business.
Owner-operators, commercial truckers, and small fleets get assistance with their more profitable accounting service than hiring a truck tax accountant inside. There is a solution; a comprehensive package of owner-operator tax services that can assist you in lowering accounting costs, obtaining professional assistance, and current legislative information, and achieving confident results. In general, tax preparation for truckers and everything that comes along can be done by owner-operator tax preparer.
Tax services for truckers from FleetCare
Weekly trucking tax services
You will receive expert, private, and genuine tax advice. You will pay only for what you owe; allow us to handle your income tax reporting and minimization, warranty issues, maintenance information, and monthly profitability while you focus on running your business effectively. We understand that you work hard for your earnings, so our trucking tax specialist will assist you in keeping them.
Direct billing to customers, brokers, or factoring companies
FleetCare Group’s professional team of truckers and tax accountants will provide you with high-quality accounting service and carry on the responsibility of compiling and invoicing the brokers for carrying out operations for cargo transportation. The customer will be charged either directly or through a factoring company.
Accounts receivable control
Our accounts receivable specialists are committed to seeing an immediate, measurable reduction in your aging invoices. If the invoice is yet to be paid, we will contact the other party and ensure that the payment is received. Our aim is simple: to boost your receivable performance. We deliver results faster and more efficiently than an in-house tax accounting staff.
Fuel expense accounting
Fuel is the highest cost for owner-operators, and it increases your operational costs. As a result, you lose money. 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. Fleet tax services also have a fee.
Service fee: $20 per week for 1 truck
Truck Taxes
A dedicated tax preparer will guide you as an owner-operator through the entire process and filing procedure at the end of the year. Our tax specialists work across all the states.
Heavy Vehicle Use Tax
The annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your form 2290 filing deadlines is August 31, 2021. Taxes on the full tax period must be filed and paid in advance.
IFTA
Under IFTA, you are required to file quarterly fuel tax returns with your base jurisdiction, showing all miles traveled, and all fuel consumed during the quarter by qualified vehicles, including the miles traveled and fuel consumed in each IFTA jurisdiction. The amounts listed for each jurisdiction on the report are used to calculate a net balance. Any additional tax due is remitted to the base jurisdiction, or a credit or refund is issued.
Permits
Carriers that operate within Kentucky, New Mexico, New York, and/or Oregon may be subject to additional state permits. The requirements and monthly fees are different for each state. All permit account holders must file a Quarterly Return where the tax amount is calculated based on miles traveled during the reporting period. The filing process varies by state. Returns are required to be filed even if no mileage was accrued. Failure to file timely may result in late fees and penalties.
Our owner-operator tax accountants will give you the details and guide you through the available benefits.
Our truck tax services
FleetCare will improve your company’s profit margins and, at the same time, reduce operational costs. We don’t help; we do that for you instead. You will get tailor-made solutions for your business, and we will be able to provide you with:
Tax planning, analysis, and structuring
Detailed financial statements
Cash flow monitoring
Accounting for fuel costs.
Control of receivable accounts.
Why choose us
Experts with years of experience in the accounting field.
We are always up-to-date on the latest changes in tax law across all states.
We are always ready to give and offer advice on what is best for tax purposes.
You save your time while earning money.
WHAT OWNER OPERATORS SAY ABOUT FLEET CARE
Brian M.
Guys, I am in business for more than 10 years, I changed my accounting company 5 years ago and that was the best decision. I get high-level services, they do a lot of my job.
Andy L.
Accounting and paperwork don’t bring me much pleasure so I use Fleet care. They check everything so I know that I don’t pay more than I have to, my tax return is submitted on time, ensuring I avoid penalties, that’s important for me.
Jeffrey L.
I like them because they reduce my paperwork and save my time, that’s helpful. There is no need to think about tax planning or analyzing, they do this for me. I am satisfied and always recommend other drivers.
Frequently Asked Questions
A tax preparer may possess a variety of basic tax knowledge. A competent accountant can prepare accounts and tax returns for sole traders and basic self-assessment returns.
You can usually deduct business expenses from your taxes if you’re self-employed. Here’s a rundown of some of the things you might be able to write off: Tolls, parking, maintenance, fuel, registration fees, tires, and insurance are all examples of vehicle expenses—dues to trade associations or trade magazine subscriptions.
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. They’re due on January 31, April 30, July 31, and October 31. You can also send us your trip sheets, and we’ll do your fuel tax reports for you.
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