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§ INDUSTRY · Truckers

BOCA RATON · UPDATED MAY 2026

Your truck. Your authority. Your books — finally clean.

Bookkeeping, tax, and IRS help for owner-operators with their own MC/USDOT — or leased-on contractors. IRS notice response on returns we prepare.

You're on the road 200+ days a year. The shoebox of receipts shows up in February. Your tax preparer doesn't know what per-diem means or how to file IFTA. We do. We work with owner-operators every quarter — the deadlines, the deductions, and the S-Corp math are not new to us.

The vocabulary unique to your industry

Forms, acronyms, and deadlines we know cold.

Form 2290
Heavy Highway Vehicle Use Tax (HVUT), due August 31 annually for trucks 55,000+ lbs. The stamped Schedule 1 is what you show DMV at registration.
IFTA quarterly
International Fuel Tax Agreement — quarterly fuel-tax reporting across every state you drove in. Penalties hit fast when a quarter is missed.
Per-diem
$69/day (2024 federal rate) for DOT-regulated transportation workers — fully deductible (not 50%) under IRC §274(n)(3) when on overnight trips away from your tax home.
Form 2553
The S-Corp election. 75-day window from formation or from the start of the tax year. The leverage point most owner-operators leave on the table.
Schedule C vs 1120-S
The decision that often saves $8K–$15K/year for established owner-operators netting $80K+. We model both before you commit.
Section 179 / bonus depreciation
Accelerated write-off strategies for the truck and trailer. Bonus depreciation is phasing down — 60% in 2024, 40% in 2025 — so timing matters.
MC/USDOT authority
Your own authority vs. leased-on changes how income is reported and which expenses are deductible. We get that right on day one.

How our three services apply to you

Three pillars, tuned to your industry.

§ 01 · Bookkeeping

Per-diem tracking · fuel/maintenance/tolls categorization · road-friendly receipt capture · IFTA-ready quarterly mileage logs by state.

§ 02 · Tax

1120-S when you've earned the S-Corp · quarterly estimates calibrated to variable freight income · §179 / bonus depreciation on the truck.

§ 03 · IRS Help

Routine IRS notice response on returns we prepared: CP2000 income mismatches · CP14 balance-due · CP504 final-notice letters · automated underreporter notices · math-error notices.

The S-Corp angle

When the math says yes.

Most owner-operators netting $80K+ leave $8K–$15K/year on the table by staying Schedule C. S-Corp + a defensible W-2 salary + distributions is the most legitimate self-employment tax savings the IRS allows. Below ~$60K net, the math doesn't justify the complexity. We model the numbers for your tractor, your lanes, and your year before you commit.

§ Pricing

Flat fees. No hourly surprises.

  • Monthly bookkeeping (1 truck)

    from $325/mo

  • Schedule C return

    from $750

  • 1120-S + owner 1040 (single shareholder)

    $950

  • Tax planning

    $250/hr

§ FAQ

Should I incorporate or stay sole-prop?

The cleanest answer is: it depends on your net income after truck costs. Below roughly $60K net, staying as a sole-prop on Schedule C is usually fine — the S-Corp's payroll, separate 1120-S return, and reasonable-comp memo cost more than they save. Above $80K net, the math tilts hard the other way: a defensible W-2 salary plus distributions typically saves $8K–$15K/year in self-employment tax. The middle band is judgment. We run your actual numbers — your tractor payment, fuel, maintenance, per-diem days — and show you both columns before you decide.

What's the per-diem rate and how do I document it?

For DOT-regulated transportation workers in 2024 the federal per-diem rate is $69/day for meals and incidental expenses on overnight trips away from your tax home. Under IRC §274(n)(3), self-employed truckers can deduct 100% of that — not the 50% that applies to most other industries. Documentation is what holds up if the IRS examines the return: a daily log of dates, locations, and overnight status (electronic ELD records work well), plus your trip sheets or settlement statements showing the runs. You don't need a receipt for every meal — the per-diem method substitutes for actual receipts when you log it correctly.

I missed the S-Corp election deadline — am I stuck?

No. Rev. Proc. 2013-30 allows late S-Corp elections up to 3 years and 75 days retroactively if you meet four conditions: you intended to be an S-Corp from the effective date, your failure was solely because of the late Form 2553, you have reasonable cause, and you submit the required statements under penalty of perjury. For owner-operators, the typical recoverable savings runs $5K–$40K depending on years and net income. We file these every quarter — see our Late S-Election page for what we need from you and how the math works.

How do I file IFTA if I drive in 5 states?

IFTA is one quarterly return filed with your base-state jurisdiction (where your truck is registered), but it covers every state you drove in. You report miles driven and fuel purchased per state, the system computes net tax owed (or credit) per state, and you settle once with your base state. Penalties for late filing start at $50 plus interest and stack quarter over quarter. Most owner-operators undercollect on mileage by state — we set you up with ELD or trip-sheet workflows that capture state-line crossings cleanly, and we file the IFTA return on a calendar.

Can I deduct my truck if I financed it?

Yes. Financed or paid cash, the truck is a business asset and depreciable. Section 179 lets you expense up to ~$1.16M in qualifying assets in 2024 (subject to taxable-income limits), and bonus depreciation covers the rest at 60% for 2024 (40% in 2025, 20% in 2026). For a new tractor purchase that mixes §179 and bonus, you can typically write off most of it in year one. The interest portion of your truck-loan payments is also deductible. The principal portion isn't — that's a balance-sheet event, not an expense. Watch the recapture rules if you sell or trade in early.

Ready to talk?
A 30-minute scoping call costs nothing.

Free 30-minute call to confirm fit. If we are the right firm for the work, we send a written scope and a flat fee. If we are not, we point you elsewhere.

(561) 334-4066

KDM Accounting

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