Bookkeeping and Accounting for Truck Drivers

As a self-employed truck driver, there are several expenses you can potentially deduct from your taxes. These include:

• Vehicle expenses: This can incorporate either actual expenses related to your truck (like gas, repairs, maintenance, and depreciation) or the standard mileage rate set by the IRS.
• Travel expenses: If your work requires overnight travel, you can deduct expenses like lodging, meals, and incidental expenses.
• Insurance: Premiums for business insurance on your truck can be deducted.
• Licensing and regulatory fees: Fees related to operating your truck, such as licenses, permits, and regulatory fees, can be deducted.

Keep in mind this is not a comprehensive list and the specifics may vary based on your unique circumstance. It's always best to consult with a tax professional or a bookkeeper experienced in trucking industries to ensure you're maximizing your deductions.

Bench Accounting can truly be game-changing for those with an inconsistent income from irregular hauls. Our highly skilled bookkeepers understand the intricacies and challenges of managing unpredictable revenue streams and will work closely with you to keep your finances organized and up-to-date.

We provide real-time income tracking and offer actionable insights into your cash flow. This will not only give you a clear understanding of your current standing but will also help you forecast your income and plan strategically for the future.

In addition, we can assist with preparing your taxes and ensure you're taking advantage of all possible deductions. At Bench Accounting, we aim to make managing your finances easier and stress-free, so you can focus on your work without worrying about the state of your books.

Truck drivers often grapple with a unique set of accounting challenges. These include tracking numerous expenses related to their vehicle (maintenance, fuel, insurance, etc.), managing irregular income streams, understanding per diem tax deductions, handling out of state taxes, and more.

Bench Accounting is aware of these challenges and can provide specialized support for truck drivers. Our team of professional bookkeepers can help track and categorize expenses, manage your books, ensure accurate tax filings, and provide invaluable financial reports. This way, truck drivers can focus on the road and leave the complex facets of accounting to us.

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.