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Truck Driver Tax & Accounting

Are you a truck driver or do you own your own truck for business? What about the forms, permits and tax considerations?

Truck Driver Tax & Accounting

If you own or operate a commercial truck, are you aware of the special forms, expenses and deductions you need to properly file your taxes? Olaru's Premier Tax Services specializes in helping truck drivers with their taxes and accounting.

For example, did you know:

  • What the IFTA tax is and do you have to file?

  • What permits do you need to operate in your state?

  • Do you know why the Heavy Highway Vehicle Use Tax Form 2290 needs to be filed?

  • What expenses and deductions should you be claiming?

  • What accounting should be done throughout the year to make tax filing easier?

What is the Heavy Highway Vehicle Use Tax Form 2290?

The heavy highway vehicle use tax is a fee assessed annually on vehicles that operate on public highways with registered gross weights of 55,000 pounds or more. The weight includes the motor vehicle, any trailers and the maximum load carried by the truck-trailer combination. If you own a motor vehicle with a taxable gross weight of 55,000 pounds or more, you are required to file the Heavy Highway Vehicle Use Tax Form 2290 with the IRS. The tax period begins on July 1 and ends on June 30, each year.

For more information: Trucking Tax Center

What is the International Fuel Tax Agreement?

The International Fuel Tax Agreement (or IFTA) is an agreement between the lower 48 states of the U.S and Canada to simplify the reporting of fuel use by motor carriers that operate in more than one state. Alaska, Hawaii, and the Canadian territories do not participate. An operating carrier with IFTA receives an IFTA license and two decals for each qualifying vehicle it operates. The carrier files a quarterly fuel tax report. This report is used to determine the net tax or refund due and to redistribute taxes from collecting states to states that it is due.

Here is more general information, but each state is different for filing: IFTA Information

Tax Deductions and Expenses

There are some specific tax deductions and expenses for truckers. To check if you are claiming all you should, read this:

Tax Deductions for Owner Operated Truckers

Need some help sorting through all these rules and regulations for Truck Drivers? Olaru's Premier Tax Services has been helping truckers with their tax and accounting needs at reasonable rates. Make sure you are compliant with all Federal and State regulations. Give us a call at (360) 200-5706 to discuss your situation.

Let us take your tax and accounting needs off your hands today.

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