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How You Can Turn Your Truck into a Tax Office
Paying your truck taxes can be a confusing and time-consuming process, but it doesn’t have to be. If you’re an active owner-operator-driver, you spend more time in your truck than you do anywhere else. So why wait until the end of the year to get started on your truck tax? When you partner with Your Truck Tax, you can turn your truck into a mobile tax office. In today’s blog, we’ll look at a few ways that you can get a jump start on your truck taxes today.
Truck Tax Tip #1: Find an Organization System That Works
The first thing to consider for doing your taxes on the go involves your record keeping system. When your entire life is in the cab of your truck, it can be difficult to keep track of receipts, mileage records, maintenance tracking, and other key documents. Avoid the need to shuffle papers around because shuffled papers get lost. By establishing an organization system that works for you (and your team, if applicable), you can streamline all documentation and have them ready for your annual truck tax form 2290. While many trucking organizations have moved to digital mileage logs, the same might not be true for maintenance records. We would recommend that you scan or take a photo of any paper records you receive while on the road.
This will create a digital copy of these items and make it easier to collect them at tax time.
Truck Tax Tip #2: Protection from Audits and Penalties
The second suggestion is an offshoot of the first one. By maintaining good, clean, and accurate records, you are adding protection to your trucking business in the event of a tax return audit. According to the IRS, about 4% of all tax returns filed by self-employed people earning at least $100,000 will be subject to an audit. Keeping your expenses and tax credits appropriate, accurate, and truthful will protect you in the event of such an audit.
Maintaining all records for three to five years is best, as the IRS can question your tax documents up to three years after you file them. Using a digital repository for your documents and filing your returns with Your Truck Tax will add a level of security to the entire tax/audit process. In most cases, self-employed audits are a matter of verifying eligible expenses.
Truck Tax Tip #3: Being a Member of Your Truck Tax Makes It Easy
The third tip for a successful experience in filing truck taxes remotely is becoming an active member of the Your Truck Tax family. Filing taxes is hard enough without added snags and complications. In the digital age, it has never been easier to get your business taxes done. When you purchase a subscription to Your Truck Tax, you get the added expertise of our tax experts throughout the process. This means that you can submit documents online at any time and get your taxes started, finished, or filed whenever and wherever you are. Our members enjoy two levels of annual membership depending on the size of their fleet: $199.99 if you own 1-24 trucks and $349.99 if you own 25 or more trucks. When you file your return, a small filing fee will be added, but that’s it. Taxes are done, with no surprises.
As an added bonus, members are able to file their personal tax returns with us for free.
Truck Tax Tip #4: Safe, Secure, Accurate, Every Single Time
The fourth reason to start filing your taxes remotely with Your Truck Tax is that our staff lives and breathes tax code. When you submit your documents with us, they are triple checked by our in-house accountants. These folks understand exactly how complicated trucking taxes can be and they keep up to date on all tax codes. Partnering with us can really relieve your anxieties and worries about the tax process. It will also save you a ton in late fees and other penalties.
Many taxpayers don’t realize that truck tax due dates fluctuate depending on when you purchased or started leasing your truck. Your IRS form 2290 is due on the last day of the month on the first month after you started using your truck. This would mean that if you bought your truck in July 2020, your tax forms would be due by August 31, 2020.
Truck Tax Tip #5: You Are Not Alone
The final thing to bear in mind about using Your Truck Tax to file your taxes remotely is that you are not alone in this. While trucking can be a very lonely profession, we’re available to help with filing your documents at any time. Navigating complicated tax codes can be troublesome but doing the work correctly cannot be discounted. Saving yourself thousands of dollars in penalties and hours of headaches couldn’t be easier.
Your Truck Tax: Start Your Taxes from Your Truck Today
Now that you’ve learned a bit more about commercial truck taxes, we’re here to assist you in finding a solution. The team at Your Truck Tax understands how hard you work. The last thing you should have to worry about is your tax payment. When folks like you become subscription members, it’s even easier for you to file your taxes with us year after year. When you’re ready to find the best possible truck tax solution, contact us today!