Tax for Truckers

Why Tax Preparation Is Complicated for Physicians and Physicians Group

When it’s time to file a federal income tax return for your Trucking business, there are a variety of IRS forms for Federal Tax Return and State Tax Return form to file your annual Business Tax Return , depending on whether you run the business as a sole proprietorship, which is easier or common in use, or in some cases as Partnership or use a separate legal entity such as a LLC or S or C Corporation.

Choice of Entity for Independent Trucking Business

A Corporation or Limited Liability Company (LLC) separates your liability for your business from your individual liability to afford protection of your personal or family assets but you have to keep more detailed and segregated records for which we offer bookkeeping services. But, for sole proprietorship side hustle business, you report your income on Schedule C and even your business details on Excel Sheet suffice to report on to Federal Tax Return and State Tax Return.

Most Independent Trucking business use a sole proprietorship form which allows them to report all of their business income and expenses on a Schedule C attachment to their personal income tax return. If you run the business as an LLC and you are the sole owner, the IRS also considers you to be a sole proprietorship that also uses the Schedule C attachment. However, if your business is organized as a S or C Corporation or you elect to treat your LLC as one, then we will prepare a separate corporate tax return using Form 1120 for C-Corporations or Form 1120S for S-Corporations. Multi-member LLCs are considered partnerships and typically file Form 1065.

The income of S Corporation or Multi-member LLC is passed through to your Personal Tax Return to avoid double taxation. A Corporation or Limited Liability Company (LLC) separates your liability for your practice from your individual liability to afford protection of your assets but you have to keep more detailed and segregated records for which we offer bookkeeping services .

Spry Associates Services for Independent Trucking Business

Spry Associates, CPA prepares appropriate Annual Tax Return< TaxesforTruckers> for your types of business entities for mandatory Federal and/or State Tax Return filing reporting your business revenue, cost of services, gross profit, expenses net income and expenses and your tax obligations for your business income either passing through to your individual tax return through IRS Form K-1 S or IRS form 1065 . Regardless of the form you use, we prepare your Tax Returns to calculate your taxable business income with all deductible business costs and expenses in compliance with Federal Tax and State Tax regulations.

Important And Unique Challenges for Tax Returns for Trucking Company

Remember, your business uses capital assets namely your van or car are Capital Assets, and sizeable investment in your business, for you to take accelerated Depreciation Expenses or expense write off to pay lower taxes in your earlier period of operation or Capitalize part of your expenses to compliance to IRS and FTB regulations and rules. You can have an option to charge per mile deduction of your business trips,

There are periodic revenue expenses like , gas, automotive insurance and gas and travelling expenses, , use of your home as office facility, even services of employees to claim as business expenses to reduce your taxable income and lower your business income tax in compliance to IRS and FTB regulations and rules.

The trucking services work with Freight Broker under a contract so contract management record for billing and collection is also challenging for Independent Truckers and also cash flow for collecting revenue and paying for bills, and reserve for contingencies.

Remember Tax Return Filing Deadlines

Be aware of different filing deadlines. When you use a Schedule C, it becomes part of your Form 1040 and therefore, no separate filing deadlines apply. It is generally subject to the same April 15 deadline.

If you are taxed as a C-Corp, you need to file a Form 1120, you must file it by the 15th day of the fourth month following the close of the tax year, which for most taxpayers is April 15 or the next business day if it falls on a weekend or holiday. If you are taxed as an S-Corp or as a partnership, you need to file a Form 1120S or Form 1065. These forms are due by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. You cannot send this form to the IRS with your personal income tax return on April 15.

Spry Associates, CPA Tax Preparation Services

Tax Services

Management Advisory Services for NEMT

Medical Billing

National Retailers Suppliers and Truckers

Medical Transportation

Physicians Services

Disclaimer: This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Spry Associates, CPA assumes no liability for actions taken in reliance upon the information contained herein.