Monday, 11 February 2019

Your 2019 Trucking Per Diem Rates Don't Have to Be Scary!


2019 Per Diem Rates and You 


As many of you know, last October the transportation workers’ standard per diem rates were increased to $66 from $63 in the US and from $68 to $71 for those traveling to Canada. Or to get technical, the US per diem went up to $66 per day, or a net of $52.80, and the partial rate is 75% of the full rate.

So, $66.00 x 75% = $49.50 gross or $39.60 net.

But what does that actually mean for you as an owner operator?

What You Need for Per Diem Tax Deductions


Generally, any worker who is self-employed, contracted, or subcontracted can claim per diem deductions. In the trucking business, this applies to owner-operator truck drivers that are self-employed, operate under a 1099 Form, or don’t receive a W-2 Form from an employer. If you’re an owner operator, you can take these GSA per diem deductions by meeting the following conditions:

  • Keep your tax deductions recorded and itemized.
  • Remain compliant with DOT Hours of Service regulations.
  • Have a “tax home”: a business or home to park your rig when off duty.
  • Provide evidence that you traveled for business on the days with a claimed per diem allowance.
  • Keep receipts for work expenses your employer does not reimburse, such as wiper fluid, uniforms, gloves, maps, and more.
  • Meet the overnight trucking rule by logging any hours spent sleeping in your truck. You must also be far enough away from home base that you cannot return in 24 hours. 

Carpe Diem with TruckLogics!


TruckLogics makes keeping track of your per diem expenses easier than ever! Many carriers only store their electronic data for a limited time. And if you try to go at it alone, there’s also the risk of computer viruses, damaged equipment, or other unforeseen setbacks can cost you thousands if your return triggers an audit and if you cannot produce the logs.

But with TruckLogics, the leased operator version of the mobile app lets you easily log your per diem deductions and even a partial per diem deduction if needed. These new per diem rates are in effect until Sept. 30, 2019, so it’s important to stay up to date with all of your expenses and other tax information. Luckily, TruckLogics is here to help!

We can also help with your IRS Form 2290, Form 1099, Form W-2, and more!

Start Saving Time!

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Thursday, 7 February 2019

What You Need to Know About Loss Prevention on the Road

What You Need to Know About Loss Prevention on the Road
We’re only just over a month into 2019 and already, there have been a number of reports of cargo theft on America’s highways.

Now more than ever, it’s important to keep yourself safe out there on the road and protect your cargo from would-be thieves. They’re out there and they’re organized, ready, sophisticated, and successful.There have even been recent reports of Mexican fleets outfitting their trucks with bullet-proof metals and security cab ladders to prevent armed theft. Nobody needs that on their long haul. What's an honest Trucker to do? With all the various moving parts of the supply chain, anything can happen anything can happen at any time to disrupt it.

The best way to combat this problem is with knowledge - the who, what, when, and where of cargo theft. TruckLogics has the inside dirt to help you beat the season!

What Are Cargo Thieves After?

Whether you’re a trucking company owner operator or a driver yourself, odds are you or your fleet are hauling something of general value these days. Everything from electronics, pharmaceuticals, clothing & food goods continue to be targeted by thieves as high-value shipments.

According to the FBI, cargo theft has become problem totalling $15 to $30 billion annually - an average that is expected to peak in the year’s coming months. Historically, the months between Labor Day and the December Holidays are the worst for cargo theft.

During last year’s second quarter, the most costly commodities stolen from trucks were electronics, totaling $14.6 million — but not the most frequently stolen. The most commonly stolen items were food and beverage items, totalling $3.8 million.

The national average for the same period was a logged 297 reports of cargo theft, identity theft, vehicle theft, and other criminal intelligence matters within the U.S. and Canadian transportation supply chain. A single incident of cargo theft was valued at an estimated $8 million alone.

Many cargo thieves tend to target food and beverage items because many fresh goods don’t have serial numbers and can be more difficult to trace. US food products are generally lack and type of RFID tracking tag attached or hidden in their packaging.

How Do They Do It?

Modern cargo thieves have displayed a far greater level of sophistication than any time before. Many thieves today focus on shipping facilities, surveilling their establishments, and tracking the route times of truck departures and arrivals. However, that doesn’t mean truckstops have suddenly become completely safe. All too often at these stops, truckers find themselves under risk of theft or bodily harm in the name of a quick buck. And it’s not as simple as making sure your cab doors are locked anymore.

At TruckLogics, we probably don’t need to remind you that no matter what you’re hauling, a trucker salary isn’t worth putting yourself in unnecessary danger. Not everyone is on your side, but luckily for you, TruckLogics is! Here are some common sense tips to help you avoid theft on your next truck route!

Loss Prevention & Safety Tips for Drivers:

  • Do not discuss the nature of your cargo with strangers. 
  • If carrying valuable cargo, travel at least 250 miles before stopping in case you are being followed. 
  • If you need to relay your cargo to another fleet member, make the transfer face-to-face.
  • Never separate a valuable load from your vehicle unless it is in a locked and secure area. 
  • When separated, always secure your trailer with a king pin lock or additional locks for extra security. 
  • Always lock up your truck and trailer while parked, even when still inside. 
  • Only park in well lit, populated areas.

Loss Prevention & Safety Tips for the Owner Operator:

  • Complete full background checks on all new employees and contractors.
  • Know the value of your cargo.
  • Safeguard all important registration and insurance documents.
  • Always se experienced drivers to transport valuable cargo.
  • Provide driver safety and awareness training. 
  • Develop formal security procedures for your drivers in case something happens.
  • Invest in quality locks and security devices for your vehicles and trailers. 
  • Consider using Assisted Global Positioning System (AGPS) devices.
  • Regularly check your Safety Measurement System (SMS) report for any fraudulent activity.

At TruckLogics, our goal is to help trucking companies to streamline fleet management in every way, including actively reducing cargo theft. In a perfect world, following these tips would prevent a truck theft from ever happening again. But just in case something does happen, our sister product ExpressTruckTax can help you deal with the aftermath! Their software allows you to report any stolen vehicle for tax credit. They’ll even let you transfer the taxes to your new truck with ease. You can even do it all with their convenient mobile app!

With a 100% US based customer service team and nationally coordinated data-sharing system, ExpressTruckTax is designed to help your trucking company decrease losses and increase profits.

Stay tuned to TruckLogics for more trucking news!


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Tuesday, 5 February 2019

What You Need to Know About IRS Form 1040 in 2019!


What You Need to Know About IRS Form 1040 in 2019! How Do I Fill Out an IRS Form 1040 in 2019?

The average trucker salary in 2019 is roughly $40,000 a year. At TruckLogics, we know that number isn’t enough for most truckers to get by. That’s why we’re here to help you get ahead of your taxes and save some money for the year! Fortunately for you, TruckLogics is here to help! 

With TruckLogics, reports are a great way to take all of your business data and organize it in concise & convenient reports. We make it easy to access full reports and see how they keep track of your trucking business all year long. When tax time comes around, you won't have to sort through a mountain of paperwork - use it as a lead throughout the next several weeks.

The IRS Form 1040 is the standard federal income tax form used to report an individual’s gross yearly income: ie, the money you made over the past year—and how much of that income is taxable after credits, deductions, and personal exemptions. If you don’t know what you're doing, the IRS 1040 tax form can seem confusing and overwhelming, but luckily for you, TruckLogics is here to make it easier! But first of all, who needs to file an IRS Form 1040? You have to file this form if you meet any of the following qualifications - 
  • You earned self-employment income greater than $400
  • You earned income in a partnership, as a shareholder in an S corporation, or as a beneficiary of a trust
  • You want to use itemized deductions. 
If you’ve done any one of the following, you have to file a 1040 Form for 2019!

Filling Out Your Personal Information


The 1040 form asks you for your basic personal information - including your name, address, social security number. You will also be asked your filing status. Are you single? Are you married? And if so, are you filing your joint taxes separately? There are many factors to take into account. If you can't get your information gathered by the April 15th deadline, you will have to file for a tax extension


What You Need to Know About IRS Form 1040 in 2019!

IRS Form 1040 Exemptions & Expenses


The next part of your IRS 1040 form covers tax exemptions. You are typically entitled to one exemption for yourself, your spouse, each of your dependents. Once you’ve filled in the required information, just add up the total number of claimed exemptions.

However, you can also deduct annual expenses from your trucking trips, including but not limited to:
  • Fuel & Oil Expenses 
  • Truck Repairs
  • Tires
  • Cleaning fees
  • Insurance fees
  • Log books
  • Lumber fees
  • Business-related phone bills
  • License fees for trucks or trailers
  • Interest paid on loan for truck or trailers

Luckily for you, the 1040 Tax Form was just reduced from 79 lines to 23, making it infinitely easier to fill out. However, if you still need help, be sure to check out our partners at TruckerTaxService. They’ll help you file all of your tax forms for 2019! Don't forget to see if you're eligible to file for a tax refund this year! 

Check out TruckLogics!

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Thursday, 31 January 2019

The Tax Deadline for Businesses is Today!

The Tax Deadline for Businesses is Today! Today is Your 1099-Misc Due Date!

That’s right - it’s the January 31 tax deadline! Midnight is your trucking company’s 1099-Misc Due Date!

Today is also the deadline for employers to provide w2 forms to their employees! You are also required to file any yearly or quarterly reports such as IRS Form 940 & IRS Form 941 by midnight!

If you fail to file with the IRS and mail recipient copies by the January 31 tax deadline you and your trucking business/fleet will be hit with harsh IRS penalties that could make or break your organization! Don’t let that happen!

If you still need to file, check out TruckLogics’s sister product, Taxbandits!

TaxBandits makes filing your company tax forms easy by offering a simplified e-filing solution that helps you to e-file multiple tax forms for your trucking company at once!

And remember, the deadline is midnight TONIGHT! Taxbandits’ 24/7 US-Based customer support can assist you much faster than IRS customer service!

Remember that today is also the 4th Quarter IFTA due date! Check out ExpressIFTA For help filing NOW!

File Before the January 31 Tax Deadline!

Pay Only When You Transmit!


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Wednesday, 30 January 2019

The IRS Tax Deadline is Here! File Your Forms Today!

The IRS Tax Deadline is Here! File Your Forms Today!

It’s Time to File for Your Trucking Business!


The deadline for your trucking tax forms is almost here!

That’s right - tomorrow January 31st is the deadline for your IRS Form 1099, IRS Form W-2, and IRS Form 940 or 941! As the owner of a trucking business, you have to make sure your tax forms are filed on time! The differences between the different tax forms can be confusing to some business owners, but it is important to know.

Not sure what tax forms you need?

Your IRS Form 1099 & W-2 Guide

Knowing the difference between all the different tax forms and filing them on time is very important for you, your employees, and anyone else you pay during the tax season.

You must report your employees’ wages and other compensation on IRS Form W-2. If you use freelance drivers or other contracted workers in your trucking fleet, you have to report these payments using IRS Form 1099-MISC. Don’t forget; it’s also time to file your annual IRS Form 940 and quarterly IRS Form 941.

IRS Form 941, like your IFTA report, is a quarterly Federal Tax Return. It’s a report that’s used to disclose employment taxes for those who own and operate a business with employees. This includes things such as adjustments for tips, sick pay, and any overpayment or underpayment you may have made during the tax season.

Conversely, IRS Form 940 is the federal unemployment tax annual report form used to report and pay unemployment taxes. The form first calculates the employer's federal unemployment tax liability, adjusts for any state unemployment taxes paid, and calculates any due unemployment taxes. The form also compares unemployment tax due for the year to the taxes already paid. Your business is liable for any outstanding unemployment taxes.

All of these reports must be filed by the deadline tomorrow! Also, don’t forget to file your IFTA report with your base jurisdiction! 

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Monday, 21 January 2019

This Years' Tax Deadline for Your 1099 Form is Here!

This Years' Tax Deadline for Your 1099 Form is Here!The deadline for your trucking tax forms is almost here! As the owner of a trucking business, you have to make sure your 1099-MISC Forms are filed by January 31st! The differences between the IRS W-2 and 1099 tax form can be confusing to some business owners, but it is important to know.

Employers must report their employee wages and other compensation on IRS Form W-2. If you use freelance drivers or other contracted workers in your trucking fleet, you have to report these payments using IRS Form 1099-MISC.

Knowing the difference between these forms and filing them on time is very important for you and anyone you pay during the tax season. The smallest mistake could result in extra hassle and even fines for you and your employees.

Form 1099-MISC - Is This the Form You Need?

IRS 1099-MISC is a tax return form for reporting payments made to miscellaneous workers during the tax season. You'll need to file this form for everyone you’ve paid who isn't an actual employee of your company. This includes any independent contractor or subcontractor that they may have hired on your behalf.

Below is a list of services, incomes, and expenses for which you will need to file an IRS Form 1099-MISC. If you’ve paid any of these during the tax season, you must file a separate 1099-MISC form for each.
  • Paid $600 or more in services, lodging, and other expenses? File the 1099-MISC. 
  • Withheld federal income tax from under the backup withholding rules? File a 1099-MISC for each worker. 
  • Paid $10 or more in royalties or broker payments instead of tax-exempt interest dividends? File a 1099-MISC. 
  • Paid for an attorney or other legal consultants? That’s a 1099-MISC. 
  • Sold any consumer products resulting in an income of $5,000 or more anywhere that wasn’t a permanent retail establishment? You guessed it - you’’ have to file a 1099-MISC for that too. 

There ARE some expenses that you DO NOT need to report on your Form 1099-MISC this tax season, including:

  • Any non-reportable payments made to corporations, excluding legal consultants such as attorneys. You must provide any paid legal professionals with a Form 1099-MISC regardless of their current corporate status. 
  • Income paid to tax-exempt organizations in the U.S, the District of Columbia, U.S. possessions, or foreign governments. 
  • Any payments made to official employees of your company - they'll need that W-2. 

Form W-2 - Why You Need It

This Years' Tax Deadline for Your 1099 Form is Here!Here’s an in-depth look at the IRS Form W-2 and what’s required of you as the employer.

IRS Form W-2 is a tax reporting statement that you issue to each of your official employees every year. It is necessary for reporting salaries and other fees paid to employees the tax season. Both the IRS and SSA (Social Security Administration) need copies of the W-2 for every official member of your trucking fleet. These forms are as important for you as they are for your employees and their own tax filings. Your drivers each need the IRS W-2 Form to report income and taxes withheld to complete their own tax returns.

Filing your 1099 MISC or W-2 Form 2018 late or incorrectly could cost you and your employees time and money. Missing the W-2 deadline results in a $30 fine for each form unfiled, rising to $60 per form with a top fine of $500 after 30 days! Definitely, something you’ll want to avoid.

Make a mistake? Not a problem! Luckily you can use an IRS Form W-2c to make any necessary corrections.

But hurry - You have to file this form as soon as you discover the error. And don't forget that you also need to send copies of the corrected W-2 Forms to each employee for their own taxes after.

File Your Taxes Today!







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Friday, 18 January 2019

It's That Time of Year, Get Help With Your 1099 Online!

 It's That Time of Year, Get Help With Your 1099 Online!
2018 is over but tax season is already upon us.


Every trucking business owner knows that keeping up with your fleet is hard enough. Tax season makes it a lot harder. No one wants to manage their fleet while trying to crawl out from government paperwork. Handling tax season on your own could cost you valuable time that you could spend growing your business.

Now there’s a way to drive your fleet out from under that mountain of paperwork (and no, we don’t mean burning it all … or running it over). TaxBandits makes managing your trucking business’ records easier than ever!

Phantom File 1099 

What’s scarier than a truck pulling up behind you from beyond the grave? Not much; but the very real 1099-MISC Form can be pretty damn scary to say the least. Luckily, it’s not that terrifying if you maintain your business records.

Your Information:
  • Business Name
  • Business Address
  • EIN (Employer Identification Number)
Independent Contractor Information:
  • EIN
  • Or Social Security Number
  • Address
That can be a lot to keep track of! For all non-employees paid $600 or more, you’ll also need:

Total misc. income provided to the recipient (with the federal tax amount withheld)
  • State income
  • Payer state number
  • State tax withheld

You will also have to issue copies to your contractors by January 31st for their own tax records.

Think the IRS won’t notice a mistake? Believe us, they will creep up on you like a certain infamous truck – and you don’t want to get fined over misinformation or a simple miscalculation.

941s and the Trucking Industry

The IRS Form 941, or Employer’s Quarterly Tax Return, is for reporting your employment taxes. If you operate a business with any amount of employees, you will need to file IRS Form 941 quarterly. As the business owner, you are responsible for withholding federal income tax, social security tax, and Medicare tax from each employee’s salary.


TaxBandits makes the form filing process quick and painless!

Take Back Your Time With TaxBandits

Plain and simple, the IRS wants your time and money. Why pay them more than what’s necessary? With TaxBandits, you won’t have to. Staying ahead of the competition isn’t solely about sales numbers. It’s about managing the small things, including taxes. If you want to stay ahead of the competition this year, don’t endanger your business by waiting until the last minute. Take your time back this tax season and contact Tax Bandits for all your tax needs today!


If you’re ready to file your trucking business’ tax forms, TaxBandits is only a click away! We can also help you with your fourth quarter IFTA return!

File My 1099/W-2 Forms Today!




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