Owner Operator Tips to Prepare for Tax Season

Post Date - Jan 29, 2024

Welcome to tax filing season, owner operator truck drivers! As you gear up to navigate the annual income tax filing process, here are a few tips to help you as tax season begins.

1. Tax Season Begins January 20, 2024:

For owner operator truck drivers, the 2024 tax filing season officially starts on January 20 and concludes on April 15. Stay informed about key dates to ensure you don't miss any deadlines at www.IRS.gov.

2. Gather Trucking-Related Documents:

As a truck driver, it's crucial to gather all relevant financial documents, such as 1099s, as well as records of deductible expenses related to your trucking business, like fuel costs and maintenance expenses. Possible deductibles for independent contract owner operators include the following:

• Cell phone plans dedicated to business
• Education
• Meal expenses
• Medical expenses
• Tools and equipment

For additional potential tax-deductible expenses, check out this blog.

3. Use Electronic Filing for Efficiency:

Consider using electronic filing. Your time is limited when you’re out on the road; make it easier on yourself and save time.

4. Check out the IRS Resources for Your Trucking Business:

Always stay up to date on specific tax considerations for owner operator truck drivers by accessing the specialized resources available on www.IRS.gov and their Trucking Tax Center at https://www.irs.gov/businesses/small-businesses-self-employed/trucking-tax-center