How Incorporated Truckers can benefit from Truckers Tax and Accounting Services in Canada
Are you an incorporated commercial truck driver? If yes, then you know pretty well that different expenses and deductions can pay for you. Also, there are special forms that you need to fill out while filing your taxes. Besides this, you should be aware of any changes made by the Canada Revenue Agency.
If you are failing to stay on top of all the relevant things, it means you may not be taking advantage of the crucial aspects. This also means you’re paying more taxes than required. At this point, hiring a tax consultant working with truckers will help you maximize your tax deductions so you could save the maximum of your hard-earned money.
Are you wondering how trucker tax and accounting services in Canada could benefit you? Below, let us check out some reasons why it’s crucial to hire a tax consultant specializing in working with truckers regarding their bookkeeping, accounting, and tax preparation needs in Canada.
Deductions and Expenses
Incorporated truckers can make several tax deductions. Also, certain deductions can pay for long-haul truck drivers. The reality is, keeping track of all these can be quite challenging for an amateur.
For example, you can deduct 50% of your meal and beverage expenses, if you’re a truck driver. On the other hand, if you’re a long-haul trucker, during eligible travel periods, you can deduct 80% of meal and beverage expenses. As a long-haul trucker, you can also deduct lodging and shower expenses.
Some other authorized expenses truck drivers can claim are:
- Dry cleaning fees
- In-cab living expenses
- Cleaning supplies
- Company issued uniforms
- Tools
- Internet
- Load securement
So, have you been keeping all your receipts in your cab or under your seat? Instead, why don’t you let an experienced tax consultant assist you to keep track of everything?
Monthly Bookkeeping
As a truck driver, you’re on the road for the maximum time. That is why it’s quite easy for you to overlook the deductions, expenses, filing for taxes, and compliance. Here, tax professionals can lend you a hand. They have a comprehensive understanding of the ins and outs of the trucking industry. That is why they can assure your bookkeeping is always kept updated and your life is less taxing as well.
Mobility Facilities
Since in most cases, you’re out of town and on the road, it becomes difficult for you to find time in your busy schedule and meet up with a tax consultant. Therefore, always use a tax consultant who understands your schedule and arranges their schedule around yours to collect your tax info and to know your business in a better way.
Saves Money
A tax consultant with a broad understanding of the Canadian trucking industry will help you save money in the long run. They will explain all the legal loopholes that you can use for reducing your taxes and get your money back to you as soon as possible. On the other hand, an inexperienced tax consultant will end up costing you a lot of money.
Whether its deductions, expenses, or tracking GST/HST appropriately – when it comes to preparing your taxes, it’s quite easy to overlook or forget things. So, you better leave it over to the experts. An expert will help truckers reduce their tax burden.