While bookkeeping may not be your strong suit or passion, it’s an important aspect of managing your truck driving business. This means maintaining accurate records that detail operation and maintenance costs, income, and, of course, tax information. These tips can help you manage your records more accurately so you won’t be met with any unexpected financial surprises.

Accounting Advice for Truck Drivers

1. Save All of Your Receipts

Taxes are high enough without overpaying at the end of the year. Many of your expenses will be tax-deductible, but an accountant will only be able to deduct the expenses for which you have receipts. Even if a purchase seems irrelevant or insignificant, save that receipt and let your bookkeeper decide what can be added as a deductible expense.

2. Keep Your Personal Finances Separate

If you operate out of a single checking account for your personal and business expenses, you’re not alone. Many beginning entrepreneurs and small business owners do the same thing until it becomes a problem. You can avoid future headaches by separating your business finances now. Open a new business checking account and conduct all of your business from that account. In addition to helping you at tax time, it will also help you maintain better control over your day-to-day operating expenses.

3. Get a Business Credit Card 

Your business has a credit rating just like you do as an individual, so it’s important to build good credit for your business. The best way to do this is to obtain a business credit card that offers a good rewards program. Be sure to pay off your charges within each billing cycle, because the interest can otherwise eat away at your earnings. As far as tax help, your credit card’s online account and monthly statements will make it easier to itemize your deductions.

4. Save Log Books & Notebooks

You may also be able to deduct per diem expenses when you file taxes, but only if you have a record of those expenses. By logging your company’s trip expenses, such as meals, lodging, and incidentals, you’ll be able to provide an accurate accounting of your expenditures. Be sure to document expenses that didn’t generate a traditional receipt, such as truck washes and your monthly mileage. This will make it easier for you to maintain more precise bookkeeping records, which will help you generate reports and help you save at tax time.

JJR & Associates LLC is a tax and accounting firm serving the Atlanta, GA, area. Whether you’re a new owner-operator or you simply need professional and reliable bookkeeping services, the firm can help you manage your books more accurately. When tax time rolls around, you can also rely on them to help you get your taxes filed promptly and without paying more than you owe. Visit their website to learn more about their services and browse the free tax tips they offer. To schedule an appointment, call (404) 437-7748.