Many truck drivers eventually face the choice between starting a self-employed business to serve as a contractor or building a career as a payroll employee. While there are plenty of advantages and challenges with either option, the self-employed route can be a little more complicated and comes with more personal responsibility. Planning for and managing costs is an essential good business practice for independent truckers, so they need to be ready for some of the common expenses associated with their work.
Business Taxes and Fees
There are several types of taxes and fees that apply to self-employed truckers, including those related to their vehicle. Depending on the location and nature of their work, drivers may need to acquire several types of licensing from state and national regulatory agencies. These licenses typically require an initial and renewal fee to maintain. Truckers also need to consider union fees, excise taxes on heavy vehicles and their annual tax filing with federal and state governments. Read More