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2021 Tax Tips for Owner Operators March 26 2021

Post by: K&J Trucking

 

Disclaimer: the article below is for informational purposes only. Make sure you talk to a tax professional for advice that fits your particular situation.

Tax season is a time that many of us dread, and it is upon us yet again. If this is your first year as an owner-operator, it may seem particularly overwhelming as you are looking at a major change from when you were a company employee. Instead of taxes being taken automatically from your paycheck, you now have the daunting task of calculating and paying taxes to both State and Federal agencies yourself. And if this isn’t your first rodeo, you may still not be looking forward to gathering the necessary information to prepare your 2020 taxes.

But never fear; we have prepared some quick tips for helping this process go smoothly for both new and veteran owner operators.

 

Disclaimer: the article below is for informational purposes only. Make sure you talk to a tax professional for advice that fits your particular situation.

Tax season is a time that many of us dread, and it is upon us yet again. If this is your first year as an owner-operator, it may seem particularly overwhelming as you are looking at a major change from when you were a company employee. Instead of taxes being taken automatically from your paycheck, you now have the daunting task of calculating and paying taxes to both State and Federal agencies yourself. And if this isn’t your first

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Four Owner Operator Tips for Preparing for an Audit March 29 2019

Post by: K&J Trucking

There is a saying out there that we've heard, "You will get sued." It is a bit dark and depressing, but in a litigious industry like trucking, it can be more accurate than we would like to admit. The point behind the saying, of course, is that it is better to prepare for the worst in case the worse should happen.

For owner operators or owners of trucking fleets, we would like to add to that saying.

"And you might get audited." 

An audit can be terrifying if you haven't maintained healthy bookkeeping habits. And unfortunately, if you're holding an audit notice from the IRS it is a little late to start good habits. There are, however, plenty of things you can do to proactively prepare for the possibility of an audit in case you are selected by the IRS. 

There is a saying out there that we've heard, "You will get sued." It is a bit dark and depressing, but in a litigious industry like trucking, it can be more accurate than we would like to admit. The point behind the saying, of course, is that it is better to prepare for the worst in case the worse should happen.

For owner operators or owners of trucking fleets, we would like to add to that saying.

"And you might get audited." 

An audit can be terrifying if you haven't maintained healthy bookkeeping habits. And unfortunately, if you're holding an audit notice from the IRS it is a little

more...

Trucking App Review: Stride Tax February 12 2019

Post by: Carrie Anderson

Tired of trying to keep track of a bunch of receipts while on the road? It is no fun using your downtime organizing piles of receipts and punching numbers into Excel spreadsheets—unless that's your thing, in which case, carry on!

But if you're the type who doesn't love the tracking side of the trucking business, the Stride Tax app might be a good fit for you. Keep reading for our review of the positives and negatives of this free smartphone app.

Tired of trying to keep track of a bunch of receipts while on the road? It is no fun using your downtime organizing piles of receipts and punching numbers into Excel spreadsheets—unless that's your thing, in which case, carry on!

But if you're the type who doesn't love the tracking side of the trucking business, the Stride Tax app might be a good fit for you. Keep reading for our review of the positives and negatives of this free smartphone app.

more...

Which End of Year Purchases Make the Most Sense for Your Trucking Business? December 21 2018

Post by: Carrie Anderson

We all want to pay fewer taxes, right? Well, if recent conversations with your tax accountant have you concerned about your tax burden in 2018, this is the list for you.

We've gathered up some of the best year-end trucking purchases we'd recommend you get in before tax season. 

We all want to pay fewer taxes, right? Well, if recent conversations with your tax accountant have you concerned about your tax burden in 2018, this is the list for you.

We've gathered up some of the best year-end trucking purchases we'd recommend you get in before tax season. 

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The 2018 Tax Law – What does it say about Equipment Depreciation? August 14 2018

In previous blogs we've explained the changes to per diem deductions for company drivers in 2018. Today we are taking on the changes to depreciation for owner operators. In order to fully understand depreciation changes in the new tax law, we had Eric Maas, a trusted CPA who works with trucking clients go over the old rules and explain how things are going to change under the new law. Take it away, Eric!

In previous blogs we've explained the changes to per diem deductions for company drivers in 2018. Today we are taking on the changes to depreciation for owner operators. In order to fully understand depreciation changes in the new tax law, we had Eric Maas, a trusted CPA who works with trucking clients go over the old rules and explain how things are going to change under the new law. Take it away, Eric!

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Three 2018 Tax Changes and What They Mean May 24 2018

Post by: K&J Trucking

Trump's 2018 tax plan comes with plenty of questions, including how it will affect truckers. We talked to Tara Thompson, a tax preparer who regularly works with truckers to get her thoughts on three of the most talked about or confusing changes and how they may affect your taxes over the next year. 

Trump's 2018 tax plan comes with plenty of questions, including how it will affect truckers. We talked to Tara Thompson, a tax preparer who regularly works with truckers to get her thoughts on three of the most talked about or confusing changes and how they may affect your taxes over the next year. 

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How to Find the Right Tax Preparer For Your Trucker Taxes February 27 2018

Post by: K&J Trucking

Unfortunately, when you are a trucker, getting your taxes done isn't as simple as stopping by the local H&R Block. Here are some tips on finding the right tax preparer for you, written by a tax preparer!

Unfortunately, when you are a trucker, getting your taxes done isn't as simple as stopping by the local H&R Block. Here are some tips on finding the right tax preparer for you, written by a tax preparer!

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2018 Per Diem Deductions Changed, Here Are the Details - Trucker Taxes January 13 2018

Post by: K&J Trucking

It’s that time of year already, tax time.  Hard to believe! But with the first of the year comes another change thanks to Congress. The Miscellaneous Itemized Deduction category was eliminated for all company drivers. For all the details on how this change could affect you, we turned to trucker taxes expert, Tara Thompson.

It’s that time of year already, tax time.  Hard to believe! But with the first of the year comes another change thanks to Congress. The Miscellaneous Itemized Deduction category was eliminated for all company drivers. For all the details on how this change could affect you, we turned to trucker taxes expert, Tara Thompson.

more...

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