Do you wonder why you’re having trouble making ends meet as a truck driver? Do you dread tax season each year, knowing you have to find a way to figure out your income taxes?
There are more than 3.5 million professional truck drivers in the US today. Many of them struggle with their day-to-day record keeping.
Do you think you might need help with your finances? Here are some great reasons why a truck driver needs an accountant.
1. Accountants Are Professionals
Table of Contents
Instead of struggling to learn how to do your books, hire someone who has the training to perform the job. They will look after the bookkeeping details, leaving you to focus on your business.
2. Organizational Skills
As an independent owner-operator, you can contact an accountant to help you set up your trucking bookkeeping. Sometimes the sheer details can be overwhelming.
An accountant will help you find ways to keep your receipts organized. They can assist you with a simple record-keeping system that will allow you to keep on top of your accounts.
3. Payroll Can Be Complex
When you own your own trucking business, you will have employees. It takes time to learn how to calculate payroll correctly.
Taking care of deductions and submitting them to the government can be complicated. An accountant will take care of these tasks with ease.
4. Fuel Tax Reporting
The International Fuel Tax Agreement (IFTA) is an agreement that reduces the amount of paperwork and fuel taxes for drivers who cross multiple jurisdictions. If registered, you must submit returns and payments regularly.
The IFTA fuel tax calculation is based on how many gallons of fuel you burn in each jurisdiction. Your accountant will use your mileage to calculate the amount of tax you owe quarterly.
5. Prepare Your Income Taxes
An accountant understands the income tax act and knows what deductions are available for someone who has chosen a truck driving career.
They can find ways to save you money on your business taxes. Your taxes will be filed on time, avoiding late payment penalties and interest.
6. Find Better Truck Driver Jobs
What Are The Different Types Of Commercial Trucks That Exist Today? If you hire an accountant to take care of your bookkeeping, you can focus on finding lucrative truck driver jobs to expand your business.
When you are out on the road truck driving, you’re earning money instead of being stuck at your office doing your books.
7. They Will Manage The IRS
If the IRS wants to review your books, your accountant can be your business’s primary point of contact.
They will have your tax filings at their fingertips and can act as the go-between to answer any questions to the auditor’s satisfaction.
Hire An Accountant With Confidence
As a truck driver, when you know the benefits of hiring an accountant, you’ll be happy when you find the one that’s right for you. You will know your reporting is taken care of so you can focus on your job.
Did you find this article helpful? If so, be sure to use the simple search feature or check out our Business section for more.
