Forms Used for Filing Truck Owner-Operator Taxes

Corporate Woman on her desk with a calculator and a bookkeeping recordOwning and driving a truck comes with unique circumstances. One of the areas that affect your operations as a truck owner-operator is your taxes. They will consider you as a sole proprietor when filing tax returns.

Apart from this, there are various rules you should comply with when filing your taxes. The forms used in tax preparation for truck drivers, for instance, are different from others.

Tax expert Equinox Business Solutions enumerates some these forms.

Form 2106

Form 2106 is an employee business expenses form. They use this form to report all work expenses for truckers. These include per diems and travel expenses including meal allowances, gifts, lodging and incidental expenses. The form allows you to take advantage of various itemized tax deductions.

Your business and travel expenses go in column A while your per diem goes to column B.

Form 1040

You use this form in filing your income tax return. The form has several sections including payments, refunds, adjusted gross income and tax credits. The totals from your form 2106 transfer to form 1040 to take advantage of any deductions.

There are different categories of form 1040, but the short form, which is 1040Z, has no room for tax deductions meant for the trucking industry.

Form 2290

This is the heavy highway vehicle use tax form. All vehicles weighing over 55,000 pounds and driven on public highways for over 5000 miles {or logging vehicles which have clocked over 7500 miles}should complete this form.

You can also use this form to claim tax credits for trucks stolen, sold or destroyed before clocking 5000 miles.

The filing of tax returns involves more than merely filling out the above forms. Any mistakes or omissions in your tax returns, unfortunately, come with hefty fines, which might cripple your business. It is hence prudent to get a truck tax service company to handle your taxes and ensure you do it right.