Tax Day Tips for Truckers
Tax day is coming up quickly and for most drivers, especially owner-operators, it can be confusing on what and how to report business expenses. Our focus at Konexial is more than just ELD’s – we are working to provide better opportunities and better LIFE for truck drivers. Truck drivers are able to claim a variety of deductions on the road. If you are filing taxes on your own, be sure to follow these 4 quick tax day tips for truckers to prepare for April 15:
Organize your paperwork
Whether you’re filing taxes for your business or personal taxes, it is important to make sure your paperwork is organized. Many tax filing platforms (Turbo Tax, H&R Block, etc) will request detailed information found on your w2 or 1099 tax forms. Be sure to have your paperwork organized to quickly input the information requested.
Utilize a user-friendly platform for submitting your taxes
If you are filing taxes on your own without an accountant, make sure to use an authorized tax filing company that is user friendly. Platforms like H&R Block and TurboTax offer step-by-step filing systems to make filing taxes for you and your business easy.
Verify all available deductions
Many times, people don’t know what they can and can’t deduct from their taxes. Surprisingly, there are several different deductions available for truck drivers. Business operating expenses, travel expenses, and meal allowances are all examples of deductions available to truck drivers.
Don’t miss the deadlines!
Tax Day is Monday, April 15th. Make sure to complete your filing prior to the April 15th deadline. If you need more time, you can file for an extension through the IRS website. IFTA tax filing is also coming up. April 30th is the deadline to complete IFTA filings for the first quarter. The My20 Tower subscription provides full IFTA reporting for you and your fleet.
For questions about IFTA reporting or My20 ELD, contact our support team! Stay safe and #DriveLIFE.