Call Us

(770) 703-5816

Monday thru Saturday

10am - 7pm
Sunday off

Mail Us

info@Lfanfinancial.com

70 Macon Street

McDonough, GA 30253

Truckers Need Love Too

Tax and Accounting for Trucking Business

Make an

Appointment

Tax Preparation For Truckers

Tax preparation for truckers and the trucking industry is more complicated than the average tax return. When you work with us you’ll be confident that you’re taking advantage of all possible deductions. We stay on top of any changes in the tax code and how they impact your industry.

Our Services

IFTA Reporting Expertise

Our services include meticulous International Fuel Tax Agreement (IFTA) reporting, ensuring accurate tracking and reporting of fuel usage across different jurisdictions, saving you time and ensuring compliance.

Per Diem Deduction

Benefit from our knowledge of per diem deductions specific to truckers, optimizing your tax returns by accounting for daily expenses incurred while on the road.

Depreciation for Commercial Vehicles

We specialize in navigating the complexities of vehicle depreciation for commercial trucks, helping you capitalize on this crucial tax strategy to enhance your financial position.

State-by-State Tax Compliance

With our expertise, navigate the intricate landscape of state-by-state tax regulations. We ensure that your tax filings align with the specific requirements of each state in which your trucks operate, minimizing potential compliance issues and maximizing your financial efficiency.

Monthly Bookkeeping

Experience the peace of mind that comes with Legacy financial advisor network and Accounting’s monthly bookkeeping services tailored for truck drivers, owner-operators, and trucking company owners.

For truck drivers, our detailed expense tracking includes meticulous recording of fuel, maintenance, and per diem expenses, ensuring comprehensive documentation for tax optimization.

Owner-operators benefit from profit and loss statements tailored to the nuances of the transportation sector, aiding in strategic decision-making.

Trucking company owners receive fleet-specific financial reporting, facilitating efficient budgeting and resource allocation.

Our services go beyond traditional bookkeeping, offering a personalized approach that aligns with the intricacies of the trucking business.

Embarking on your journey to start a trucking company and feeling a bit lost? Don't worry, we're here to help!

You likely have numerous questions about the ins and outs of the trucking industry. We’re here to provide quick and clear answers to ensure you don’t get lost in the maze of industry jargon.

Establishing your company involves several financial components, such as legal registration, permit acquisition, tax obligations, and insurance coverage. On average, setting up an intrastate company can range from $450 to $960, with costs varying depending on your operating state. For an interstate company with all the necessary permits, the investment typically falls between $1,100 and $1,300.

  1. Determine the desired company classification (Interstate or Intrastate).
  2. Secure the required regulatory permits.
  3. Fulfill tax and insurance obligations.
  4. Register and obtain the necessary licenses for your fleet of vehicles.
  5. Specify the individuals responsible for vehicle operation.
  6. Secure cargo loads in alignment with your company’s requirements.
  7. Maintain a meticulous and current accounting system.
  1. Determine the desired company classification (Interstate or Intrastate).
  2. Secure the required regulatory permits.
  3. Fulfill tax and insurance obligations.
  4. Register and obtain the necessary licenses for your fleet of vehicles.
  5. Specify the individuals responsible for vehicle operation.
  6. Secure cargo loads in alignment with your company’s requirements.
  7. Maintain a meticulous and current accounting system.
  • For Intrastate (local) operations, the necessary permits include:

    1. Secretary of State (SOS) Registration.
    2. Employer Identification Number (EIN) assigned by the IRS.
    3. USDOT number, registered through the Federal Motor Carrier Safety Administration (FMCSA).
    4. Annual Road Tax Form (2290), applicable to vehicles weighing more than 55,000lbs.
    5. Random Drug & Alcohol Testing/Clearinghouse if applicable (for commercial driver’s licenses and vehicles over 26,000lbs).
    6. Special permits specific to your operating state (e.g., TXDMV, CA#, MCP).
  • For Interstate operations, you’ll need:

    1. Secretary of State (SOS) Registration.
    2. Employer Identification Number (EIN).
    3. USDOT number through FMCSA.
    4. Motor Carrier Number (MC#) for out-of-state cargo transport.
    5. Blanket of Company (BOC-3) for legal representation out of state.
    6. Unified Carrier Registration (UCR) for annual transit taxes in 41 states.
    7. Annual Road Tax Form (2290) for vehicles over 55,000lbs.
    8. International Fuel Tax Agreement (IFTA) account for reporting fuel purchases outside your home state.
    9. International Registration Plan (IRP) for processing truck license plates.
    10. Random Drug & Alcohol Testing/Clearinghouse if applicable (for commercial driver’s licenses and vehicles over 26,000lbs).
    11. Acquisition of an Electronic Logging Device (ELD) for trucks manufactured after 2000 and traveling over 100 miles.

    Our professional and personalized support can help you avoid fines and ensure all paperwork is in order to facilitate your operations.

There are two options to start your company:

  1. Purchase your own vehicle, either in your name or the company’s name.
  2. Operate under a Lease Agreement by hiring a driver who already owns their vehicle (Note: Not applicable in California; specific conditions may apply).

The initial step involves registering the company with the Department of State, after which you can move forward with obtaining the required insurance. Contact us for tax preparation for truckers. Follow us on Facebook.

Let us navigate the complexities while you drive success.

Explore our specialized monthly bookkeeping services and experience a new level of financial clarity.
Drive confidently with Legacy financial advisor network 
and Accounting – Your Roadmap to Financial Excellence.

Contact us today to optimize your financial journey!