Truck Owner-Operators
Trucking, often a thankless and difficult job, has proven to be one of the most critical roles in our logistics network country wide. Here at Fox Caliber, we thank you. While we cannot make traffic, bad drivers, and your hectic work schedule any less of a pain, we can certainly help your tax situation. Give us a call.
Taxation for truck owner-operators varies widely by business structure
Independent truckers and truck owner-operators can enjoy the flexibility of operating as sole-proprietors, LLCs, S-Corps or C-Corps; each with its taxation advantages and disadvantages. The most critical parts of taxation for truckers are proper personal and business expense classification, accurate estimated payments, and utilization of the most generous retirement plans available to reduce taxation income. Fox Caliber can support all of the above and more
Tax Opportunities:
Taxable income exclusions
Utilization of a lower state tax rate
Extensive list of deductions
Variety of retirement plans (per structure)
Tax Risks:
Improper tax home selection
Underpayment of quarterly taxes
Self-employment tax (S-corp, llc, sole prop)
Non-optimal utilization of business expenses
Possible multi-state complexities
Improper recordkeeping
Non-compliant travel deductions
Deduction of reimbursed expenses
Fox Caliber, A Professional Accountancy Corporation:
Our Services for Truck Owner Operators
Fox Caliber is dedicated to supporting truck owner-operators with comprehensive tax solutions
Federal & State Tax
We can prepare all the necessary tax forms for Federal and any states where you may also need to file.
Tax Planning
We can advise on how to complete a planned financial decision in a tax efficient manner. We also help with financial record keeping support; documentation is critical for professions with high travel expenses.
Tax Resolution
We can help you get organized and resolve any tax inquiries from the IRS and states regarding back taxes.
IRS Audit Support
In the case that you are audited, we will be there to represent your interests. We will also review your tax forms for any red flags that are common justifications for a full IRS audit prior to filing.
Amended Tax Filings
We can help fix mistakes in past tax returns and address the impact on all the subsequent tax returns.
Tax Consulting
What business structure makes sense for you and your family and business financial objectives? LLC, S-Corp? This is one among the many inquiries we can research and support as tax consultants.
We look forward to providing excellent service
We are ready to connect!
Fox caliber is one text, email or call away. Let’s schedule a time to chat. We are ready to solve any taxation problems you may have and help you make the most of the tax benefits available to you.
Let us help you achieve your financial objectives, one tax year at a time
Taxation is a critical part of achieving business and personal finance objectives. It is easy to make a mistake or to not reap the greatest benefits possible. Tax policy is constantly changing, many tax rules can feel grey, and the federal government is generally late in setting taxation rules for new investment vehicles and new ways of earning money that did not exist five years ago. When you are working with Fox Caliber, you’ll have a dedicated team that will remain alert for any tax changes that impact you and we will be ready to discuss advantages to use and risks to be wary of.