At 2290Tax.com we help owner operators, companies, and paid preparers complete the necessary unpleasantness of paying the IRS as quickly and painlessly as possible. We’re also big believers in never paying the taxman more than you legally have to, so we thought we’d share some advice on what truckers can, and cannot, deduct on their taxes.
Truck drivers tend to be an independent-minded lot and sometimes filling out a truck log book can seem like a hindrance. Such rules are often vital, however, as a means of preventing driver fatigue and overwork. It’s for this very reason truck drivers are required to fill in Department of Transportation logbooks. It’s a means of making the trucker responsible for monitoring his or her own on and off-duty hours.
What do you mean by “New EIN”?
Were you issued your Employer Identification Number just under 2 weeks ago? If the answer is yes, then your EIN is what we like to call “new.” As the IRS states in the picture you can not file your 2290 electronically until the 2 weeks pass. The reason is that it takes two weeks for the your Employer Identification Number to become part of the IRS e-file records.
A border crossing can seriously delay travel time, and in the trucking industry, time is most definitely money. Fortunately, a well-prepared trucker can usually cross the US / Canadian border with a minimum of delays (barring, of course, heavy traffic through customs).
Paid preparers make life easier for many truck drivers who need help submitting their 2290 tax forms, or who simply want to pay someone else to do the paperwork. And if you run a large fleet, a paid preparer is absolutely essential. Paid preparers are the unsung heroes of the trucking industry, quietly submitting tax forms and arranging for Stamped Schedule 1 forms so truckers can focus on the highway and not the IRS.
As a fleet manager you may be responsible for a handful of trucks, or you may be tracking thousands of vehicles spread out across the nation. You might work with a dedicated company fleet, be responsible for monitoring truck status for owner operators under contract to your company, or, quite often, a combination of these possibilities.