Trucking Tax Preparation: What To Look For When Hiring a Professional
One of the best things you can do for your trucking business is to outsource professional services for your tax preparation. While hiring a tax specialist may seem unappealing at first because of the costs associated with it, you can actually save time and money in the long run.
Equinox Business Solutions notes that outsourcing tax services makes tax preparation easier for truckers. You won’t have to pore over and fill up numerous forms. With a professional seeing all the details, you can be sure that the numbers will be accurate. A tax professional can also identify the tax deductions and the tax credits your business is eligible for, which means you avoid overpaying taxes.
To make sure you accomplish and submit your tax returns at the earliest possible time, you need to start right away. Here’s what to look for in a tax return preparer for your trucking business:
1. Prepare Tax Identification Number
Make sure the person or company you choose is authorized to prepare income tax returns by asking if they have a Preparer Tax Identification Number (PTIN). The PTIN and the signature of the preparer must be shown on the tax return. Check if the professional has the credentials and qualifications to prepare your tax returns. The IRS has a handy tool for this purpose.
2. Expertise in Transport Trucking Industry
Tax professionals have varying areas of expertise. Some may focus on rentals, while others specialize in small businesses. The professional you choose should have knowledge and experience in tax preparation for truckers.
This way, you can be sure that your tax return is in good and capable hands. A tax preparer with expertise in the trucking industry can easily understand your cash flow and expenses, and make sure your business doesn’t miss out on any tax benefits.
3. Knowledge of Filing Requirements
Some states or localities may have additional or a different set of filing requirements for business owners. This holds true for trucking companies that operate in several states. Choose a tax professional who is knowledgeable and can handle all the necessary paperwork in the places where you are required to file.
4. Electronic Filing
The IRS rules that tax professionals who prepare and file taxes for more than 10 clients should file electronically. Choosing a tax preparer who offers tax return e-filing allows you to get your refund faster. Having your tax return filed electronically also results in fewer mathematical errors.
5. Post-tax Season Availability
Taxing authorities may request for additional information months after your tax return has been filed. This is why it’s important to choose a tax preparer you can contact any time of the year. Avoid unreliable tax preparation companies that only make their appearance during tax season and then disappear right after.
Tax preparation can be a demanding and confusing task. Good thing you don’t have to do it all by yourself. Use this basic checklist to find the right tax preparer for your trucking business. An experienced trucking tax specialist gives you the peace of mind that everything will go smoothly, so choose wisely.