Accounting and tax preparation for Truck Drivers
I have seen that most tax preparers are not aware of all the needs of the Over-the-Road or Long Haul Driver. It is important to this special class of tax payer that they are aware of the many aspects of using techniques to legally avoid paying taxes. Judge Learned Hand declared, "Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor, and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced extractions, not voluntary contributions. To demand more in the name of morals is mere cant."
- Lease or purchase the tractor and trailer.
- The number of days and nights on each trip.
- The differences of being an employee or owner-operator.
- Considerations of what is needed in the cab.
Having someone prepare financial statements for a driver is important for many reasons. They are often needed to obtain financing, for the purchase of homes, and often to partner with others. The most obvious reason is to prepare taxes in the most advantageous manner.