Transportation and automotive · Tax · Books · Insurance

Tax, books and insurance for trucking companies

You keep freight moving. We keep IFTA, Form 2290, driver payroll and your cargo coverage current, all from one office.

Owner-operators, small fleets and growing carriers work with our office for fuel tax, heavy vehicle use tax, per diem planning, bookkeeping and commercial trucking insurance.

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

Trucking

A business that runs on miles, fuel and paperwork

Trucking has more recurring filings than almost any small business. Fuel tax by jurisdiction, heavy vehicle use tax, registrations, driver payroll and insurance filings all run on their own calendars, and a missed one can park a truck.

We have been in insurance since 2004. The same office that prepares your IFTA return also knows your policy, your equipment list and your books, so nothing falls between the cracks.

Special needs

What makes trucking different, and how we help

These are the issues carriers bring to our office most often.

01

Fuel tax in every state you drive

IFTA returns need miles and gallons by jurisdiction every quarter. Missing trip records turn into estimated miles, penalties and audit risk.

How we helpWe collect your mileage and fuel data each quarter, reconcile it to your fuel card and file IFTA on time, with records kept ready for an audit.

02

Heavy vehicle use tax

Every truck at 55,000 pounds or more needs Form 2290 and a stamped Schedule 1 before plates renew. New units added mid-year have their own due dates.

How we helpWe e-file Form 2290 for your whole fleet, deliver the stamped Schedule 1 quickly and file for trucks you add during the year.

03

Per diem and driver pay

Drivers away from home can deduct 80% of meal per diem under the DOT hours of service rules, and company drivers need an accountable plan to receive it tax free.

How we helpWe set up per diem the right way for owner-operators and company drivers, and run payroll so W-2 and 1099 drivers are paid and reported correctly.

04

Coverage that keeps you on the road

Brokers and shippers want proof of liability and cargo coverage before they load you, and a lapse can stop your authority.

How we helpOur agency shops trucking coverage across multiple carriers and issues certificates fast, so a new load is never waiting on paperwork.

DOT safety and compliance

One monthly price per truck

Driver files, your drug and alcohol program, Clearinghouse queries and log reviews, kept current by the same office that files your IFTA and insures your trucks.

$49per truck, per month
$75 monthly minimum
$149 one-time setup

Drug and alcohol tests are billed at the lab's cost. Filings are billed on their own:

  • IFTA quarterly return $85 per quarter (Illinois)
  • Form 2290 $49 per year
  • UCR registration $83 per year
  • IRP apportioned plates $380 (Illinois)
Calendar

Filings we keep on schedule

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

  1. Jan 31Apr 30Jul 31Oct 31IFTA returnsFuel tax by jurisdiction for the prior quarter.
  2. August 31Form 2290Heavy vehicle use tax for trucks on the road in July.
  3. Before January 1UCR registrationAnnual Unified Carrier Registration for interstate carriers.
  4. January 31W-2 and 1099-NECWage statements for employees and 1099s for contract drivers.
  5. QuarterlyForm 941 and state payrollWithholding and unemployment returns for driver payroll.

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 trucking companies

Your QuickBooks tracks cost per truck, so you can see which units and lanes actually make money.

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 trucking companies ask us

When is Form 2290 due?

The tax year runs July 1 to June 30. For trucks on the road in July, Form 2290 is due August 31. For a truck first used later, it is due by the last day of the month after the month of first use.

Can owner-operators deduct per diem?

Yes. Self-employed drivers subject to the DOT hours of service rules can deduct 80% of the federal meal per diem for days away from home overnight. Good trip records are what make the deduction hold up.

Do I need occupational accident insurance?

Owner-operators are usually not covered by a carrier's workers compensation, and many motor carriers require occupational accident coverage before leasing you on. We can quote it with your other trucking coverage.

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