Filing truck owner operator taxes can feel daunting, but the process is painless if you stay organized. Here are three steps for maintaining your tax-related documents in an easy-to-track manner.
1. Use a Business Credit Card
Credit cards usually categorize the different expenses into easy-to-read columns or charts on your online accounts. For this reason, it can be helpful to use a credit card for all your business expenses in order to keep track of your expenses. Use one specific card for all purchases including insurance, truck repairs, diesel, lodging and other business-related items.
2. Organize Every Week
Place all of your business-related receipts into an envelope or other container as you receive them. Keep this container with you as you work, i.e. the cab of your truck. Then, once per week, remove the receipts from the container and place them into your storage system.
3. Create a Storage System
Use a series of file folders or scan your receipts into electronic folders organized by categories. These categories could include insurance, food, lodging, repairs, etc. Be vigilant about organizing these receipts each week so that when tax season comes, you aren’t overwhelmed.
These are three steps for organizing your truck owner operator tax documents in a way that makes sense. Stick to your system and tax season should be a breeze.
