Bookkeeping and Accounting for Bus Drivers

As a bus driver, there are several expenses you can potentially deduct on your taxes:

• Vehicle Expenses: If you use your own vehicle for work, you may be able to deduct expenses like fuel, repairs, insurance, and depreciation.
• Uniform and Cleaning: If your employer requires you to wear a uniform and does not compensate you for it, you may be able to deduct its cost and the cost to clean it.
• Union and Professional Dues: If you pay dues to a union or a professional organization, those may also be deductible.
• Equipment: Any equipment you need to perform your job that's not reimbursed by your employer could potentially be deductible. This might include things like a cell phone used for work, GPS units, safety equipment, etc.

Remember, tax laws and regulations vary widely, and what may be deductible in one situation may not be in another. It's always a good idea to consult with a tax professional or an accountant to ensure you're properly deducting work-related expenses.

As a self-employed bus driver, you need to maintain a variety of bookkeeping records to ensure accurate financial reporting and tax calculations. Here are some examples:

• Income Records: These include all records of the income you earned from your bus driving services.
• Expense Records: These consist of all costs associated with your bus driving business. It may include fuel, vehicle maintenance, vehicle insurance, license fees, parking fees, and other related costs.
• Tax Records: Keep track of all tax documents including any receipts or documents related to deductible expenses.
• Bank and Credit Card Statements: You’ll need these for cross-referencing purposes and they can also serve as proof of income and expenses.
• Vehicle Usage Log: As a bus driver, you should also keep a log of vehicle usage. The log should include dates, trip details, miles driven, and the purpose of each trip.

Remember, good record keeping is essential for accurate finances and can save you time and hassle during tax season.

While bus drivers themselves are not typically subject to specific financial regulations, the transport industry as a whole is heavily regulated. These regulations can indirectly impact a bus driver's finances. If you own a bus or transport company, your accounting may be concerned with specific regulations related to vehicle ownership, licensing, maintenance costs, employee benefits, and more. As these regulations can vary by locality, it can be beneficial to utilize a knowledgeable bookkeeper familiar with your industry.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.