How to Save on Taxes as Incorporated Truck Drivers
Incorporated truck drivers in Canada know that there are a few deductions and expenses that you can make during tax season. You are also not exempt from filling out special forms and being subject to regulatory changes by the Canada Revenue Agency.
If you find that you are struggling to organize your financial information just in time for tax season, it may be time for you to take advantage of knowledgeable tax consultants in your city so as to prevent from spending more for your taxes than you need to. Working with tax accountants that has years of experience with the trucking industry will help you optimize your profits by maximizing your deductions. You will find the reasons as to why you may need to utilize the skills of a tax accountant as an incorporated truck driver in Canada.
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.
Incorporated truck drivers in Canada can take advantage of plenty of deductions that may be hard to make a list and keep track of. As a truck driver, you can subtract half (50%) of your food and beverage costs, and as a long-haul truck driver, you can deduct 80% within eligible travel days and also some expenses from lodging and accommodations.
Other expenses that you can claim include:
Tools and equipment
Cleaning materials and expense
Uniform/ clothing expense
In-truck housing expense
Keeping file of invoices throughout the year may be taxing and is prone to being lost at one point. Hiring an experienced tax accountant can help you organize and keep track of every single receipts from the expenses listed above.
Being on the road for most of the time prevents you from being able to take the time to make a neat file of all of the receipts that accumulate on a daily basis. It’s easy to get caught up on the day-to-day operations that you forget to keep track of your expenses or even make the time to file your taxes. Tax accountants that have in-depth understanding of the trucking industry can work around your busy schedule and take care of your tax preparations by keeping track of all your monthly expenses and conduct an up-to-date bookkeeping.
As they fiscal year-end approaches, being constantly on the road could be an obstacle when trying to find time to meet with a tax consultant. It is important to seek tax accountants that can be flexible with your schedule and can get familiarized with your business better and gather all tax information needed in one or two meeting.
A tax accountant that has an in-depth knowledge of the Canadian trucking industry can maximize your savings for the long-term. They will be able to detect loopholes when it comes to regulations that you can take advantage of to reduce your taxes and get your returns as early as possible.
Top Calgary Accountants for Canadian Truckers
As business owners juggling different tasks in all areas of our lives, it may be easy to overlook certain areas during tax-preparation. It may be deductions, expenses, tax laws, or keeping track of GST and HST. Local tax accountants in Calgary such as A1 Accounting and Business Solutions and Calgary EZTax have worked with Canadian truckers for over 15 years in the areas of payroll, bookkeeping, and taxes, software training, incorporation, and more. They have contributed in the success of thousands of entrepreneurs in Calgary and surrounding communities. With their services, you can focus on creating the best service for your clients while confidently delegating certain responsibilities, such as accounting and payroll, to A1 Accounting’s and EZTax’s highly experienced and certified accountants.
If you need help with tax preparations, book an appointment with us via +1 (403) 460-3095, send us an email at firstname.lastname@example.org, or book online at your convenience. If you liked what you read, feel free to give us a thumbs up and share us on Facebook.