01. Revolutionize your trucking journey with M7 Group solutions :
FOCUS MORE ON YOUR FLEET, LET US FOCUS ON YOUR FINANCIAL ROAD MAP
Expert tax filing, accounting & bookkeeping services for trucking.
Trucking Owners & Operators, over-the-road commercial truckers, and trucking companies of all sizes have a lot on their plate to run a successful business. Dealing with a box of receipts, or worse an audit, can drain valuable time and resources. If your accountant is not fully aware of how to record and report the many deductions available in the trucking industry, you could be paying thousands of extra dollars in tax. At M7 TAXES, our job is to make things easy for you and worry about the details so you can focus on the things that make your business great.
02. Accounting for trucking & logistics businesses :
We’ll identify practical ways to limit expenses and reduce tax liabilities in order to increase your profits. We’ll also perform specialized services that are unique to your industry like IFTA fuel tax reporting, mileage/highway use tax reporting, HOS Logbook Auditing and permitting, and licensing services.
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Is dedicated to making the process of getting all licensing and permit needs for the trucking sector as simple as possible, whether your firm is new or established.
03. Frequently asked questions:
Welcome to our comprehensive guide addressing the frequently asked questions about truck driver taxes in the US. Our goal is to provide clear and concise answers to common queries. Whether you’re a seasoned trucker or just starting in the industry, this guide aims to shed light on key tax-related concerns. If you have additional questions or need personalized assistance, feel free to reach out to our experts at M7 Group.
Truck drivers in the USA have tax obligations including federal income tax, self-employment tax, state income tax (if applicable), fuel taxes, Heavy Vehicle Use Tax (HVUT), International Fuel Tax Agreement (IFTA), and permits/licensing fees.
Truck drivers can claim various deductions, such as meal expenses, transportation costs, and vehicle-related expenses. Keeping detailed records and working with tax professionals like M7 Group can help maximize your eligible deductions.
The process involves gathering necessary documents, organizing receipts, and accurately reporting income and expenses. M7 Group specializes in assisting truckies with tax submissions, ensuring a smooth and efficient filing process.
Truck drivers in the US may qualify for general tax credits like the Earned Income Tax Credit, Child Tax Credit, and education-related credits. Additionally, those using alternative fuels may be eligible for the Alternative Fuel Tax Credit.
M7 Group specializes in catering to the unique tax needs of truck drivers. From personal tax submissions to handling business-related bookkeeping and compliance, our team is dedicated to ensuring your financial well-being on and off the road.
