Congratulations; You’ve either made the decision to enter into the Trucking business world or contemplating it! Now, besides for the money that is potentially there, the highlights of a life of Self-Employment accompanies fresh uncharted territory for some. The uncharted territory we are specifically addressing are the Federal and State tax related issues that come with operating a Trucking Company. At Wise Dispatching, in addition to providing a personalized Truck Dispatching service, we provide accounting and tax services to our trucking clients and compiled a guide of Federal and State tax related issues Trucking companies potentially face in operating their business.
12% Federal Excise Tax on New Tractors/Trailers
Depreciating Trucks & Trailers
Highway Vehicle Use Tax – IRS Form 2290
Reimbursed Meals – Wages or Non Wages
Drivers Standard Meal Allowance
Capitalize or Expense Truck Repairs
Trucking Company Penalties and Fines Tax Deductible
Taxable Implications on Rebates on Equipment
Sale or Exchange of Trucking Equipment
Depreciating Truck Tire Purchases
International Fuel Tax Agreement (IFTA)
State Taxation Issues Trucking Companies
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