Yes, per diem works very differently depending on whether you’re an owner-operator (independent contractor) or a company driver (W-2 employee). Understanding this distinction is critical, because using per diem the wrong way can lead to missed deductions or tax issues. Per Diem for Owner-Operators and Independent Contractors If you are self-employed, per diem is generally taken [...]
As a truck driver, saving for retirement can feel challenging, especially if you're self-employed or an independent contractor. However, there are several tax-advantaged retirement accounts that can help you save while reducing your tax bill. Here’s a quick guide to the best options for truck drivers. Why Retirement Planning Matters for Truck Drivers Unlike traditional employees [...]
It’s a common question for truck drivers, and the answer depends on your situation. Purchasing equipment before year-end can offer a tax benefit, especially if you’re an owner-operator or self-employed, because many business-related purchases may be deductible. That said, the decision shouldn’t be based on taxes alone. If you genuinely need new equipment, have the cash [...]
The holiday season can be one of the most exciting and most expensive times of the year. Gifts, travel, special meals, and year-end events can add up quickly. For truck drivers, managing these costs is even more challenging. Long hours, time away from home, and the convenience of on-the-road purchases can make December feel like a [...]
Between long hauls, tight schedules, and holiday deliveries, the holidays can sneak up fast. But before you shift into full Thanksgiving mode, wherever the road takes you, it’s worth carving out a little time for tax planning. Good tax planning isn’t just about filing on time — it’s about setting yourself up for fewer surprises and [...]
Great question, and you’re not alone. Many people wonder where they stand taxwise as the year wraps up, especially if their income has changed or they’ve had unexpected expenses. That’s exactly where Abacus! can help. Our Quarterly Estimate Program is designed to give you clarity and confidence when it comes to taxes. We use your actual [...]
Great question. Cash jobs, like helping at a pumpkin patch or running a seasonal delivery route, can seem informal, but the IRS still considers this taxable income. Whether you are paid in cash, by check, or electronically, you are required to report the earnings on your tax return. How Cash Income is Reported The way you [...]
Fall is one of the busiest seasons in the transportation industry. From hauling grain during harvest to keeping shelves stocked for the holiday rush, seasonal work opportunities are everywhere. For many drivers, these short-term gigs are a great way to earn extra income, test out new routes, or even get a foot in the door with [...]
On the road, staying organized isn’t just about keeping your cab tidy. It’s about keeping your records ready. When tax season hits, the drivers who are prepared get their returns filed faster and stress a whole lot less. Fall, especially September and October, is your prime time for a mid-year paperwork tune-up. You’ve got most of [...]
Great question. Per diem is one of the most valuable deductions available to truck drivers, but it is also one of the most misunderstood. Per diem allows you to deduct a set daily amount for meals and incidental expenses while you are away from home for work. To claim it properly, the IRS requires clear and [...]
