Instagram LogoAs an owner-operator in the trucking industry, your tax situation is unique. You benefit from special allowances for meals, are allowed very large write-offs for tractors and other equipment, must pay additional taxes and permit costs, and may have special reporting requirements in addition to your tax returns. The following is an overview of the tax issues that may apply to owner-operators. • Meals Away from Home • Lodging • Other On-The-Road Expenses • Vehicle (Tractor) Cost Write-Offs • General Business Expenses • Heavy Highway Vehicle Use Tax • Subcontractor Payments • Nondeductible Expenses Ultimately, it's a decision that needs to be carefully considered as a business owner and taxpayer. A few crucial considerations must be kept in mind if you're actually looking to save on tax liability, increase cash flow for your business, and build a solid financial portfolio by hiring a good accounting firm to manage your tax compliance and accounting. Call us at (832) 831-3907 or stop by our office at 7324 Southwest Frwy. Ste. 604, Houston, Texas 77074. If you enjoyed this article, 💾Save it for later use. 📨Share with a friend. 💟Follow https://www.instagram.com/aefinancialservices 👍Like AE Financial Services LLC on Facebook. #aefinancialservices #truckingbusiness #truckingjobs #truckdrivers #trucks #trucker #transportation #taxes #cloudaccounting #accounting #bookkeeping #accountingservices #accountingsoftware #smallbusiness #business #taxplanning #taxfiling #accountant #financialaccounting #accountingtips #finance #accountingproblems #accountingandfinance #quickbooks #accountingsolutions #accountingservice #accountingstudent #bookkeepingservices #accountingteam #selfemployed