Tax Planning Tips From Experienced Trucking Specialists
Tax Planning Tips From Experienced Trucking Specialists If you’re an owner-operator or run a small fleet, you probably know the financial side of trucking isn’t just about fuel and freight rates. Taxes play a massive role in what you actually get to take home. The challenge? Trucking taxes are not straightforward. Between per diem rules, depreciation on equipment, multi-state filings, and self-employment taxes, it can feel like trying to navigate a highway with no GPS. This is where insights from an experienced trucking tax specialist become incredibly valuable. They’ve seen the tax traps, the overlooked deductions, and the planning strategies that make a real difference when it comes to saving money—and avoiding IRS headaches. Here are some of the top tax planning tips these pros swear by. 1. Start With the Right Entity Setup Before you even think about deductions, your business structure matters. Are you running as a sole proprietor, LLC, or S-corp? Each one affects ho...