Many trucking and freight companies make use of freight bill factoring companies to assist with collecting the correct payments on time. Payment collections are really just one concern for a freight company. Freight companies must also be concerned with their tax and how it is prepared. Tax laws these days, especially for freight companies and trucking companies, can be a little confusing. Sometimes what looks like a simple tax return can turn into a complicated process. Many trucking companies commonly make the mistake of overlooking a variety of deductions and credits that they are entitled to. It is vitally important to choose the right tax preparers for the task so that you either receive the refund that you are entitled to or do not pay more than you should.
How to go about selecting the right tax preparer:
- Seek out a tax accountant or team that has experience in dealing with trucking companies.
- Before you take on a tax preparer’s services, consult with them about the deductions and credits you are entitled to. Test their expertise.
- Inquire about their tax filing process. eFiling usually ensures a much quicker return.
- Ensure that the tax preparer’s tax return review processes involve checking that none of your expenses are underestimated. The preparer should be able to ascertain this by reviewing your total number of days worked, income earned, trucking industry averages and IRS research.
- Your chosen tax preparer should be able to provide you with a checklist of deductions to include in the next year’s return. It’s just one way of making the process simpler and easier for you.
Of course you should ensure that your books are in order and that you make use of a reliable professional freight bill factoring and accounting service or system. This will ensure that all of your figures are in order and your transactions clearly captured and processed for the most accurate freight tax deductions and returns.
FreeFreightSearch.com Provides Access to Free Load Board and Freight Bill Factoring System
FreeFreightSearch.com helps brokers and motor carriers with the largest free load board in the world. If you have any questions about our free load board, simply visit our website’s Frequently Asked Questions section. It’s quick and easy to match up freight brokers and shippers with motor carriers by using our online portal. We also offer our registered members access to our freight bill factoring system which makes keeping the books in order and capturing transactions for tax preparation a great deal easier.