Transportation and automotive · Tax · Books · Insurance

Tax, books and insurance for limousine companies

Your clients expect a spotless ride. We handle livery insurance, chauffeur payroll and fleet books so you can focus on service.

Black car services, limousine fleets and party bus operators rely on our office for livery coverage, driver payroll, gratuity handling and year-round bookkeeping.

Reviewed by Orkun Ozkaymak, CPA, MBA·Clients in all 50 states and abroad

Limousine and chauffeured transportation

Premium service with fleet-sized costs

Limousine companies carry expensive vehicles, high liability limits and a payroll where gratuities and chauffeur classification both need care. Insurance is often the largest bill after the vehicles themselves.

Limousine insurance is one of the lines our agency is best known for. Combining it with your tax and accounting means your vehicle schedule, your depreciation and your policy all match.

Special needs

What makes limousine work different, and how we help

The questions we hear most from livery owners.

01

High liability limits

Airports, hotels and corporate accounts often require limits well above personal auto levels, and interstate passenger carriers seating 15 or fewer need at least $1.5 million under federal rules.

How we helpWe quote livery coverage with the limits your contracts require and keep your vehicle schedule current as cars come and go.

02

Chauffeur classification

Treating chauffeurs as independent contractors when you control their schedule and vehicle can bring payroll tax assessments and workers compensation audits.

How we helpWe review how your drivers actually work, set up payroll where it fits and make sure your workers compensation matches.

03

Gratuities and service charges

Tips paid through your booking system and mandatory service charges are treated differently for payroll tax.

How we helpWe map gratuities in your booking and payroll systems so tips are reported correctly and your chauffeurs are paid on time.

04

Vehicles that depreciate fast

Stretch limos, SUVs and buses are big purchases, and choosing between Section 179, bonus depreciation and regular depreciation shapes your tax for years.

How we helpWe plan each vehicle purchase with you before year end and track depreciation vehicle by vehicle in your books.

Calendar

Filings we keep on schedule

The recurring deadlines limousine operators face most often. We track them for you and send reminders before anything is due.

  1. March 15S corporation and partnership returnsForm 1120-S and Form 1065 for calendar-year companies.
  2. QuarterlyForm 941 and state payrollWithholding and unemployment returns for chauffeur payroll.
  3. January 31W-2 and 1099-NECWage statements and 1099s for affiliate drivers.
  4. At renewalVehicle schedule reviewConfirm every vehicle, driver and limit before the policy renews.

Dates shown are for calendar-year filers. When a due date falls on a weekend or holiday, it moves to the next business day.

QuickBooks Online

Books built for limousine operators

Your QuickBooks shows revenue and cost per vehicle, so you know which cars earn their insurance.

Our office sets up QuickBooks Online with a chart of accounts designed for your industry and your entity type, mapped line by line to your tax return. Your books are ready for filing season all year.

Questions

What limousine operators ask us

Why is limousine insurance so expensive?

Livery carries passengers for hire, often at night and in busy traffic, so carriers price it as a higher risk and contracts demand higher limits. Clean driver records, good vehicle maintenance and shopping multiple carriers make the biggest difference.

Should chauffeurs be employees or contractors?

It depends on control. If you set schedules, provide the vehicle and direct how the work is done, the IRS and Illinois will usually see an employee. We review your setup and help you stay on the right side of the rules.

Can I write off a new limousine in one year?

Often, yes, through Section 179 or bonus depreciation, but a big deduction now means less later and can affect a sale. We run the numbers before you buy.

Next step

Let's talk about your business

Request an insurance quote, or start your company with our office. Prefer to talk first? Book a time, virtual or in person.

Call the office773-536-9272Mon to Fri, 9:00am to 5:00pmtax@ozfield.cominsurance@ozfield.com