We offer Complete Business Services for Truck Drivers
My Tax Agency is unique because we are much more than just a tax and accounting firm. We can help you take care of all your trucking business needs including sorting and filing paperwork and receipts, keeping track of your expenses and revenue, creating a budget and profit plan, preparing and filing taxes, and providing unlimited consulting from trucking industry experts. This will allow you to spend less time worrying about your business, and more time driving.
We offer specialized tax and accounting services for truck drivers and logistics companies. We know you are on the road and have limited time to spend on these important matters. Our services help take the burden off of you.
We prepare your:
- Monthly or Quarterly financial statement, which provides an analysis of how well you are doing as an owner/operator.
- Federal and State quarterly income tax deposits
- Individual & Corporate Tax Returns (Federal & State)
- Heavy Road Use (Form 2290)
We also offer you a toll-free number you can call to get your tax questions answered by one of our staff.
What We Will Need From You Each Month
To prepare your financial statement and have the information we need to estimate your quarterly taxes and annual tax returns, we will need the following at the end of each month:
- Receipts for expenses that you paid for in cash or with your personal credit card. You can learn more about the items you can deduct as expenses.
- Settlement statements from the company to which you were leased.
- Any other information you need to have us store or document for you
You may submit a summary of your expenses using the online form or you may choose to include it in your monthly expense envelopes that you provide to us. Please be sure and include the number of days you were out overnight for the month you are reporting.
Your summary and receipts will be returned to you each month along with additional Monthly Expense Envelopes for future use. Please keep your envelopes, receipts and logbooks for three years in the event the IRS wishes to audit your records.
Keep More of Your Hard-Earned Money!
Over the years, My Tax Agency has worked with thousands of owner-operators to help them file their taxes and run more profitable businesses. From those experiences, we’ve developed a strategy to help drivers identify areas where they can save money on their taxes and keep more of what they make.
This outline below is just a glimpse of important deductions and commonly overlooked expenses that can significantly reduce your tax burden. Discover how the smartest owner-operators employ our top tax strategies to pay less in taxes each year!
Trucking Industry Expense Descriptions
Bank and CCIS Fees
Bank charges and CCIS fees for anything BUT cash advances. Cash advance fees are usually included on the settlement statement.
Payments made for occasional labor related to your truck – most likely for drivers.
Fuel for which you paid cash or charged to your PERSONAL credit card. This does not include fuel charged to your carrier as those charges will be picked up from the settlement statement.
Insurance for which you personally paid. This does not include deductions for truck, health, and workman’s compensation insurance which are reflected on your settlement statement.
Motels and Lodging
Motels and lodging expenses which were incurred while you were on the road or conducting business related to your truck (i.e. signing up as owner/operator). This also will include any charges that you paid and will be reimbursed by your carrier.
Any items related to record keeping of your truck (i.e. notebooks, pens, calculators).
Other expenses incurred while not on the road. We recommend that you not be tempted to put too much into this category as a large amount of expenses that are labeled “Other Expense” may put up a red flag for the IRS.
Other Road Expenses
Other expenses incurred while on the road (i.e. parking, showers, etc). If you have an expense and you don’t know where it belongs, we recommend using the other/comments field.
Permits and Licenses
(Any permit or license that you personally paid for, regardless of whether it will be reimbursed by your carrier.)
Postage and Courier Fees
Postage, Fax Machine, and Federal Express expenses.
Any telephone expenses related to the operation of your truck. This also includes monthly cellular phone charges.
Purchase and repair of tires.
Repairs, Parts and Service
Repairs including parts and labor, full service, oil, fuel additives, towing and general maintenance.
Any supplies used for your truck (refrigerator, cellular phone, microwave, CB radio, radar detector, cleaning supplies, and any other items related to the use of your truck). Do not include any items on the expense line or the accounting envelope that were charged to the Company store. That information will come from your settlement statement.
Truck and trailer washes, including coin washes.
Fuel for a refrigerated truck. This includes any fuel that you paid cash for or charged to your personal credit card, regardless of whether or not it is to be reimbursed by your carrier.
Unloading and Lumper
Expenses incurred for unloading which you paid personally, regardless of whether you are to be reimbursed or not.
Meals and Incidental Expenses
The number of days that you were on the road during the month or during the period of time that your accounting period would cover. This is a per diem allowance which includes meals and snacks. You do not need to send receipts for this as it is a pre-determined amount for each day you are on the road.
Questions about our services?
Do you have questions about our services?
Give one of our tax specialists a call or fill out the contact us form.
*Serving truck drivers with consulting, tax, and accounting services since 2012.
*Largest business services provider for owner-operators in the United States.
*MTA clients earn over $60,000 net income on average.