If you’re an incorporated commercial truck driver, you understand that there are several different expenses and deductions you can make.
There are also special forms that need to be filled out when you file your taxes. At the same time, you need to be aware of any changes the Canada Revenue Agency makes.
Failing to stay on top of everything means you’re probably not taking advantage of everything you could, which also means you’re paying more in taxes than you should be. Hiring a tax consultant that works with truckers ensures you’re maximizing your tax deductions and keeping more of your hard-earned money.
Below are some reasons why it’s important to hire a tax consultant that specializes in working with truck drivers to help with your bookkeeping, accounting, and tax preparation needs.
Deductions and Expenses
There are a number of specific tax deductions that incorporated truckers can make. There are also some specific deductions that long-haul truck drivers can make. The fact is, it can be difficult to keep track of them all.
For example, if you’re a truck driver, you can deduct 50% of your meal and beverage expenses. If you’re a long-haul trucker though, you can deduct 80% of meal and beverage expenses during eligible travel periods. Long-haul truckers can also deduct lodging and shower expenses.
Some other eligible expenses truck drivers can claim include:
- Cleaning supplies
- Company issued uniforms
- Dry cleaning fees
- In-cab living expenses
- Load securement
Instead of stuffing all your receipts in a shoebox in your cab or under your seat, let an experienced tax consultant help you keep track of everything.
Being a truck driver means you’re on the road…a lot. It’s easy to forget about your expenses, deductions, filing for taxes, and compliance. Tax professionals that understand the ins and outs of the trucking industry can make sure your bookkeeping is up to date and life is less taxing.
Finding time in your busy schedule to meet up with a tax consultant when you’re out of town and on the road is difficult at the best of times. Make sure you use a tax consultant that understands your schedule; tax consultants that will arrange their schedule around yours will meet up with you to collect your tax information and get to know your business better.
A tax consultant with a comprehensive understanding of the Canadian trucking industry can actually help you save money in the long run. They can show you all the legal loopholes you can take to reduce your taxes and get your money back to you as soon as possible. An inexperienced tax consultant on the other hand, will end up costing you.
FBC—Helping Truckers Reduce Their Tax Burden
It’s easy to forget or overlook things when it comes to preparing your taxes; whether its expenses, deductions, or tracking GST/HST appropriately, it all adds up. FBC has worked with Canadian truckers since 1952, helping them with their taxes, bookkeeping, payroll etc. Over that time, we have helped tens of thousands of customers from B.C. to Nova Scotia prepare and file their taxes. You take care of driving your truck and let FBC take care of your financial health.
For more information on FBC and the services we offer, call us today at 1-800-265-1002 or submit an online form and an FBC tax specialist will contact you at your earliest convenience.