Welcome to the Trucker CFO Trucking Accounting Resource Center
All the content we create is to help our trucker family navigate the complexities of running their own business. On this page, you'll find useful information about taxes, bookkeeping, getting started as an owner-operator, and strategies to help you be successful.
Featured Resources
Why Filing a Tax Extension May Reduce Your Audit Risk
Many people worry that filing a tax extension makes them more likely to be audited. But in reality, extensions can actually help you avoid IRS scrutiny, especially if you’re in a complex tax situation or waiting on key documents. At Trucker CFO, we believe in filing smarter, not just faster. For many trucking professionals, that…
What Happens If You File Taxes Without All Your Documents?
Filing your tax return without all the proper documentation, such as a missing W-2, 1099, or income statement, can lead to serious consequences. At Trucker CFO, we help independent contractors, company drivers, and small business owners in the trucking industry avoid costly mistakes by making sure every return is accurate, complete, and fully compliant with…
How Tariffs Affect the Trucking Industry: Challenges, Benefits & Long-Term Outlook
Tariffs often spark controversy across industries, and the trucking sector is no exception. While many focus on the immediate disruptions and rising costs, tariffs—especially those implemented during the Trump administration—have also brought strategic advantages, particularly for American small-business trucking companies. In this article, we explore the impact of tariffs on the trucking industry, offering both…
Taxes
Why Filing a Tax Extension May Reduce Your Audit Risk
Many people worry that filing a tax extension makes them more likely to be audited. But in reality, extensions can actually help you avoid IRS scrutiny, especially if you’re in a complex tax situation or waiting on key documents. At Trucker CFO, we believe in filing smarter, not just faster. For many trucking professionals, that…
What Happens If You File Taxes Without All Your Documents?
Filing your tax return without all the proper documentation, such as a missing W-2, 1099, or income statement, can lead to serious consequences. At Trucker CFO, we help independent contractors, company drivers, and small business owners in the trucking industry avoid costly mistakes by making sure every return is accurate, complete, and fully compliant with…
How Tariffs Affect the Trucking Industry: Challenges, Benefits & Long-Term Outlook
Tariffs often spark controversy across industries, and the trucking sector is no exception. While many focus on the immediate disruptions and rising costs, tariffs—especially those implemented during the Trump administration—have also brought strategic advantages, particularly for American small-business trucking companies. In this article, we explore the impact of tariffs on the trucking industry, offering both…
Getting Started
What is the Best Business Entity for a Trucker?
As a trucker choosing a business entity, you have a lot to consider. You may not be familiar with all the choices, but in this blog, we will cover some of the most common options. The four most common types of business entities for owner-operators are…
Getting Your CDL
Recently, we talked about the importance of having a plan before jumping into the owner-operator’s seat. Today, we’re going to dive in a little bit deeper about getting your CDL and a few things you need to take into consideration when doing your research. Not all operations are going to require you to have that CDL,…
What are the most common tax mistakes truckers make?
All too often, truckers who make the transition from being an employee to an owner-operator are not as informed as they need to be about the tax laws that govern the industry. This lack of knowledge can, unfortunately, create major headaches for truckers. Find out from the professionals at the Trucker CFO — a provider…
Operations and Strategy
How Tariffs Affect the Trucking Industry: Challenges, Benefits & Long-Term Outlook
Tariffs often spark controversy across industries, and the trucking sector is no exception. While many focus on the immediate disruptions and rising costs, tariffs—especially those implemented during the Trump administration—have also brought strategic advantages, particularly for American small-business trucking companies. In this article, we explore the impact of tariffs on the trucking industry, offering both…
Social Security and Payroll Strategies for Truckers: Finding the Right Balance
Understanding Social Security for Trucking Business Owners As a trucking business owner, Social Security strategy might seem like a distant concern, but the financial choices you make today can significantly impact your retirement benefits. One of the most common tax-saving strategies for S-Corp owners is minimizing payroll to reduce payroll taxes, but this decision carries…
Reasonable Compensation for S-Corporation Owners
As a small business owner, you’re likely familiar with the concept of reasonable compensation for yourself as an S-Corporation owner. But what exactly does reasonable compensation entail, and why is it essential for S-Corporation owners to understand and adhere to? In this blog post, we’ll delve into the importance of reasonable compensation, how it occurs…
Bookkeeping
Client Spotlight: Meet Carol And Joe Shelton
During his visit to the Expedite Expo, Trucker CFO Colton Lawrence got a chance to catch up with Joe and Carol Shelton, fleet owners who found Colton and his Trucker CFO Team to be a valuable asset to their R2R Trucking Company. During this edition of the podcast, you will hear the Sheltons share their experience and the relationship they have built with the Trucker CFO team over the years…
Exploring Considerations On The S-Corp Election
In this edition of the podcast, we’ll be focusing on the key considerations that are a part of the business entity formation process while we look in detail at the S-Corp Election. You’ll be hearing from the Trucker CFO, Colton Lawrence, Colton will also be joined on the podcast by Robert Hazen, a member of the team at the Trucker CFO…
Importance of Properly Handling Paperwork
How important to your trucking business is properly handling paperwork? In this episode of the podcast, Colton Lawrence, the Trucker CFO, will be discussing the various considerations that come into play involving the need for handing your paperwork in the right way. As part of the discussion, Colton will be talking about accurate record-keeping…