We have previously written about Bookkeeping for Rental Properties and want to continue in the trend of focusing on accounting and bookkeeping for certain specialities. We found one such speciality with tons of challenges and have dedicated this week’s post to bookkeeping for truck drivers.
1. Use a Separate Account
Nothing will make your life easier than using a separate account for your trucking job. This includes everything you buy from gasoline to servicing your vehicle even down to your trucking uniform. This includes a separate bank account and credit card account for all business expenses. You should also use this account for any and all income from your trucking job. This is recommended whether you are the sole proprietor of your trucking business or work for one or several employers.
2. Use a Mileage App
Many employers require that you use a mileage app whenever making a run for them. This is often used to tally pay, as many truckers are paid per mile. With this app, you may show both your employer and the IRS where you went, when you went there, and how many miles it took you.
Click here to get a list of the Best Mileage Apps from Penny Hoarder.
3. Treat Your Truck Like an Office
Every expense you take during your route may be deductible or a credit. Be sure to keep each receipt, a log of all your trips, and any other paper that is relevant to your career. We recommend an expandable filing case where you can easily place each transaction where it belongs. We also recommend jotting down a few notes on each to remember what their purpose was. You may also use this to log per diem expenses such as meals, hotel rooms, and others.
4. Get a Bookkeeper
You spend a lot of time on the road and don’t have the time to go over the books. Truckers often experience fatigue, even on their off days. We can tell you from experience that lack of rest wreaks havoc on your ability to balance the books. We highly recommend you seek out the services of a qualified bookkeeper in your area who can keep track of every cent coming in and going out.
Bookkeeping for Truck Drivers in Houston
Finally, those of you who live and work in Texas should feel free to contact us to learn more on how we can help your truck driving business on top of its books and ensure you file your taxes accurately and with the least amount of liability. We proudly serve truckers and trucking businesses of all types who need payroll, reconciliation, and other bookkeeping services.
