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Trucking and freight

Trucking and freight: the tax questions worth asking early

Per diem, fuel, settlements, and equipment financing all carry their own record requirements.

Decisions that change the picture

  • Buying or leasing a tractor or trailer.
  • Running as an owner-operator under someone else's authority versus your own.
  • Adding a second truck and a driver.

Records worth keeping as you go

  • Settlement statements showing deductions taken out.
  • Days away from home for per diem purposes.
  • Fuel, IFTA, maintenance, and permit records.

Questions to bring to your tax pro

  • Is per diem being handled correctly for how I actually run?
  • Does buying or leasing the next truck fit better with my numbers?
  • What changes once I have a driver on payroll?
This guide is general information, not tax advice. Your tax professional decides what applies to your business and your filing.
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