Trucker CFO Blog

Going In-Depth On Topics & Trends That Matter To Small Trucking Business Owners

IRS Funding Boost: What it Means for Small Business Trucking Companies

As the backbone of the American economy, small trucking businesses face unique challenges, especially in light of recent legislative changes. The IRS Funding Boost, part of the broader IRS Funding Act, aims to enhance tax law enforcement, raising important considerations for small business owners in the trucking industry. While politicians and IRS officials assure us…

Comprehensive Guide to Paying Taxes to the IRS: Simplifying Your Tax Payment Process

Navigating the maze of paying taxes online can often seem daunting. Whether you’re an individual trying to manage estimated taxes or a business owner looking to settle your annual Form 1040, the complexity can be intimidating. However, the IRS.gov website streamlines this process by offering various efficient and user-friendly payment methods, including debit/credit card payments…

The Trucking Spot Market: Key Things Truck Drivers Should Know

If you’ve heard about the trucking spot market and wondered what it’s all about, this blog is for you. We’re going to talk about some important things that help you understand the market better. Let’s break it down into simple terms. What is the Tender Rejection Rate? Imagine you get an offer to carry a…

Tractor Fuel vs. Reefer Fuel and the Consequences of Misuse

In the logistics and transportation industry, understanding the types of fuel used for different purposes is critical. Tractor fuel vs. reefer fuel, while both diesel, serve distinct functions and are not interchangeable. Using the incorrect type can have serious implications, especially if reefer fuel is used in an on-highway vehicle. Here’s what you need to…

The IRS Fresh Start Program: What You Need to Know

The IRS Fresh Start Program has been a lifeline for countless taxpayers struggling with tax debt. While it may sound like a beacon of hope, it’s essential to understand that this program isn’t a magic wand that wipes away your tax troubles. In this blog, we’ll dive into the details of the Program, highlighting its…

Tax Withholding: A Comprehensive Guide

Keeping What You Earn Everyone wants to keep as much of their hard-earned money as possible, but taxes can make that a challenge. Knowing the basics and staying up to date on tax withholding regulations can help you put more money in your pocket. In this blog post, we’ll delve into the questions surrounding tax…

Switching from 1099 to W2 Payment Structure

If you’re a truck driver or a fleet owner operating as an independent contractor, you are most likely familiar with the 1099 payment structure. As a self-employed individual, you are subject to the self-employment tax, which can eat up a significant portion of your earnings. Therefore, it is no wonder why many truck drivers and…

Creating a Personal Financial Plan

At Trucker CFO, we stress the importance of developing a plan for your business and strategies that will help you in achieving your goals. Many of the same principles that apply to operating a profitable small business also apply to successfully managing your personal finances. The bottom line with managing a business or managing a…

Q1 Estimated Tax Deadline for 2023

Avoid a Costly Surprise Don’t let the Q1 estimated tax deadline for 2023 surprise you. The deadline for making your Q1 estimated tax payment is April 18, 2023. One of the reasons that payment of Q1 estimated taxes can become overlooked or forgotten is that April 18 is also the filing deadline for your personal…