Tax Preparer for Truckers: What Should You Look For?

We can help evaluate state tax matters with an income tax nexus analysis and explore state and local tax incentives. We can assist with financial projections; business valuations; calculation of value; financial statement audit, review, and compilations; and due diligence, including quality of earnings reporting. Our experts can also advise on estate and succession planning, transactions, mergers and acquisitions, and ESOP formation. If you own a trucking company in the US, you know how difficult it can be to manage your finances and taxes. Maintaining good financial records is essential to the success and expansion of your trucking business, from bookkeeping to tax compliance. That’s where a certified public accountant (CPA) specializing in trucking accounting comes in.

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.

CPA Tax Professionals

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 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.

• Having a knowledgeable trucking tax specialist nearby is helpful in the unfortunate case of an IRS audit or disagreement.
• You need a team of business advisors and accountants who can help you tackle the issues of today while laying a solid foundation for a better tomorrow.
• KSMTA provides executive-level guidance to deliver data-driven, technical advice and expertise that is transportation-specific.
• We stay current on the ever-changing tax code that impacts the industry.
• Although each company has its own set of struggles, many challenges within the transportation industry are universal and impact companies of all sizes, from owner-operators to large organizations.
• If you own a trucking company in the US, you know how difficult it can be to manage your finances and taxes.
• They bring with them new opportunities but also challenges, making understanding and managing finances to cut costs and maximize profits more crucial than ever.

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. Good tax preparers will ask for all your W-2, 1099 and 1098 forms as well as other records and receipts to verify income, expenses and credits.

Benefits of a Specialized Trucking CPA

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 https://www.bookstime.com/ 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.

From records of your profits and losses, to tax estimates, profit planning, and other budgeting resources, our bookkeepers will scan and document your critical business information. Instead of asking a preparer what their fees are, ask how they determine their fees. For taxpayers with more complex returns that require several forms, it is normally better to select a firm that charges a set fee for the type of return (1040, 1065, 1120S, 1120), rather than one that charges by form. Check this page from time to time for specific employment opportunities for Certified Public Accountants, Tax Attorneys, small business accountants, and administrative staff. With ATBS, a dedicated consultant will walk you through the entire process of preparing and filing your taxes so you can be confident everything is accurate. Guys, I am in business for more than 10 years, I changed my accounting company 5 years ago and that was the best decision.

Year-End Planning for Individuals: Top 10 List

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.

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.

Welcome to NVT CPA PLLC

For trucking companies, picking the appropriate business structure is crucial. You can get assistance from a local trucker CPA when you set up your company as a sole proprietorship, partnership, LLC, or corporation. They will consider variables including responsibility, taxes, and development potential to provide the best recommendation for your particular needs. Making data-driven decisions requires understanding the financial performance of your trucking company, which is why financial analysis and reporting are so important.

Unfortunately, the tax preparer industry has not remained immune from the ever-increasing problem of security breaches. 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. There is no doubt that the transportation and logistics industry is a crucial part of our economy. Transportation companies are the link between suppliers and consumers, truckers bookkeeping service with companies in every market relying on transportation services to deliver materials and ship goods. Although each company has its own set of struggles, many challenges within the transportation industry are universal and impact companies of all sizes, from owner-operators to large organizations. Over a year ago, the TruckingOffice team made a commitment to go beyond simply providing the very best bookkeeping and record keeping services available.

One of the primary benefits of choosing a trucking accountant near me is their comprehensive understanding of the financial subtleties of the trucking business. They know the tax laws, credits, and deductions that are unique to the trucking industry and can greatly impact your company’s bottom line. With their knowledge, they can assist you in maximizing your financial plans so that you can reduce tax obligations while maximizing profits.

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.

This allows you to deliver exceptional customer service to your paper invoice customers while expanding your opportunities to manage new customer relationships. But be sure to ask a CPA if they specialize in the trucking industry. For over 80 years, KSM has been a partner to those in this industry and a leader in providing solutions that help improve profitability, financial reporting, and tax efficiency. Our work with over 150 publicly and privately held transportation companies throughout North America has given us a profound understanding of the issues and regulations unique to the industry. We know that this is a low-margin business, so we strive to find solutions for enhancing your performance and monitoring costs.