Per diem deductions, IFTA fuel tax reporting, and Heavy Vehicle Use Tax compliance for owner-operators and small fleets.
Trucking and transportation businesses deal with per-diem rules, heavy vehicle taxes, and fuel cost tracking that most bookkeeping systems are not built to handle correctly by default. Hasco Tax Advisors works with owner-operators and small trucking fleets on the specific deductions, mileage tracking, and multi-state tax exposure this industry runs into constantly.
Drivers subject to Department of Transportation hours-of-service rules can deduct a per diem meal allowance for days spent away from home, at a special transportation industry rate rather than the standard per diem rate. This is one of the largest and most commonly under-claimed deductions for owner-operators.
Trucks with a gross weight of 55,000 pounds or more generally require an annual Heavy Vehicle Use Tax filing, due by the last day of the month following the vehicle's first use on public highways during the tax period. This is a distinct filing from your income tax return and easy to miss if it's not on your calendar.
Interstate carriers must file quarterly International Fuel Tax Agreement (IFTA) reports, reconciling fuel purchased against miles driven in each state you operated in. This requires accurate mileage-by-state tracking, which most owner-operators do not have a clean system for without dedicated bookkeeping support.
Owner-operators leased to a carrier are frequently misclassified in either direction, sometimes treated as employees when they should be independent contractors, sometimes the reverse. Getting this wrong affects both the driver's and the carrier's tax obligations.
Days away from home tracked accurately to maximize the transportation industry per diem deduction without overclaiming.
Fuel purchases and miles driven reconciled by state for accurate quarterly IFTA filings.
Form 2290 tracked and filed on time, kept separate from and coordinated with your annual income tax return.
Trucks and trailers depreciated correctly, coordinated with Section 179 planning for major purchases.
IFTA reporting, Heavy Vehicle Use Tax, and per diem tracking handled correctly, whether you run one truck or a small fleet.