Owner-Operator Truckers

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Owner-Operator Truckers *

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You Drive the Miles. We Handle the Math.

As a trucker, your office is the open road, not a desk piled with receipts. But in the transportation industry, tax compliance is a high-stakes game. One missed filing or incorrectly calculated deduction can lead to audits, heavy penalties, and even the suspension of your authority.

At myVault, we understand trucking tax law. Let’s help maximize your deductions and—more importantly—protect your tax-deductions from an IRS audit.

Why Work With Us?

  • We know what triggers the IRS in the trucking industry (like excessive "miscellaneous" expenses) and help you avoid those red flags.

  • We can assist in ensuring your Heavy Highway Vehicle Use Tax is filed and paid so you can renew your tags without delay.

  • We work with your existing technology (Motive, Samsara, KeepTruckin, etc.) to pull data seamlessly.

  • We don't just see you in April. We are available year-round to answer questions about equipment purchases, lease-purchase agreements, and scaling your fleet.

Got Questions? We Have Answers…

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Tax Solutions Designed for Owner-Operator Truckers.

    • The International Fuel Tax Agreement (IFTA) is one of the biggest administrative burdens for any carrier. Calculating fuel tax across multiple jurisdictions is a recipe for error.

      • What we do: We take your ELD data and fuel receipts to calculate exactly what you owe to each state.

      • The Benefit: We ensure 100% accuracy, filing your quarterly reports on time so you avoid interest penalties and stay audit-ready.

    • Trucking income is volatile. If you wait until April to pay your taxes, you could be hit with massive "underpayment" penalties from the IRS.

      • What we do: We analyze your year-to-date profit and loss to calculate precise quarterly estimated tax payments.

      • The Benefit: We help you manage your cash flow so there are no "tax day surprises." You’ll pay exactly what you owe—no more, no less.

    • For the independent driver, your personal and business taxes are often intertwined. We specialize in the Schedule C and all associated trucking deductions.

      • What we do: We prepare your full 1040 package, ensuring we capture industry-specific deductions like:

        • The Per Diem Standard Rate (Meal Allowance)

        • Section 179 Equipment Depreciation

        • Non-reimbursed travel and lodging

        • Occupational health and safety gear

      • The Benefit: We ensure you are taking every legal deduction available to the transportation industry to lower your taxable income.

  • Many successful owner-operators transition to an S-Corp to save on self-employment taxes. However, S-Corp compliance is rigorous.

    • What we do: We handle the complex Form 1120-S and the resulting K-1s for shareholders. We also provide guidance on "Reasonable Salary" requirements for S-Corp owners to ensure you stay compliant with IRS guidelines.

    • The Benefit: We optimize the balance between your W-2 salary and corporate distributions, maximizing your tax savings while protecting your corporate veil.


2025 Owner-Operator Checklist - DOWNLOAD

Start Filing Smarter with myVault’s Virtual Intake

  1. COMPLETE & SUBMIT VIRTUAL INTAKE FORM

  2. RECEIVE CONFIRMATION FROM YOUR ASSIGNED PREPARER

  3. COMPLETE VIRTUAL INTAKE INTERVIEW

  4. SIGN ENGAGEMENT LETTER

  5. RECEIVE PORTAL ACCESS

  6. REVIEW DRAFT TAX RETURN

  7. SIGN FINAL RETURN

  8. TAX RETURN E-FILED

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VIRTUAL INTAKE FORM
PRE-INTERVIEW GUIDE

Frequently Asked Questions

  • Answer: For the 2025 tax year, the IRS "Special Transportation Industry" meal and incidental expense (M&IE) rate is $69 per day for travel within the continental U.S.

    • Owner-Operators (1099): You can claim this for every night you are away from your "tax home" on business. You only deduct 80% of the total ($55.20/day).

    • Company Drivers (W-2): Under current tax law (Tax Cuts and Jobs Act), W-2 employees cannot deduct per diem on their federal tax returns. You only benefit if your employer has a non-taxable per diem reimbursement program.

  • Answer: Yes, but the rules are changing.

    • Section 179: You can still deduct the full purchase price of a new or used truck (up to certain limits) in the year you put it into service, provided the business is profitable.

    • Bonus Depreciation: For 2025, Bonus Depreciation has dropped to 40% (down from 60% in 2024). This means if you don't use Section 179, you can only take 40% of the cost in the first year, with the rest spread over the truck's useful life.

  • Answer: Carriers usually report your Gross Income on the 1099-NEC. This is the total amount before they deducted fuel, insurance, lease payments, and dispatch fees from your settlements.

    • The Fix: You must report the full 1099 amount as revenue and then list all those carrier deductions as expenses on your Schedule C. If you only report your "net" pay, the IRS will flag your return for underreporting income.

  • Answer: To avoid underpayment penalties, you must pay as you go. The 2025 deadlines are:

    • Q1: April 15, 2025

    • Q2: June 16, 2025

    • Q3: September 15, 2025

    • Q4: January 15, 2026courses.

  • Answer: Yes, if you use a specific area of your home exclusively and regularly for the administrative side of your business (bookkeeping, calling brokers, filing IFTA). You cannot claim your sleeper berth as a "home office," but you can claim a portion of your actual house/apartment expenses if that is where your "desk work" happens.

  • Answer: Absolutely. Any taxes or fees required to operate your business—including Form 2290, IRP plates, IFTA decals, and state-specific permits (like NY HUT)—are 100% deductible business expenses.

  • Answer: Generally, if your net profit (after all expenses) is consistently over $60,000–$80,000, an S-Corp may save you thousands in self-employment taxes. However, an S-Corp requires you to run payroll and file a separate corporate tax return (1120-S). You should consult an advisor to see if the tax savings outweigh the extra accounting costs.

  • Answer: If you are a self-employed owner-operator and have a net profit for the year, you can typically deduct 100% of the health insurance premiums paid for yourself, your spouse, and your dependents. This is an "above-the-line" deduction, meaning it lowers your Adjusted Gross Income (AGI).

  • Answer: You don't deduct "miles" directly (unless you are using the Standard Mileage Rate for a smaller vehicle like a van). Instead, you deduct the actual expenses incurred during those miles—fuel, tolls, and wear-and-tear. Whether the truck is loaded or empty, every business mile driven contributes to your total deductible expenses.

  • Answer: While bank statements prove you paid for something, the IRS technically requires a receipt showing the number of gallons and the location to support IFTA and fuel tax credits.

    • Best Practice for 2025: Use a dedicated fleet fuel card (like EFS or Comdata) or a receipt-scanning app. If you are audited, the IRS can disallow deductions that don't have a supporting receipt, even if they show up on your bank statement.