Category: Trucking Business Tips

Filing Your 2290: Which Business Type is Right for You?


Tax season is fast approaching and so is the deadline to file your Form 2290. These forms often ask questions that might seem confusing at first. One of the questions you’re asked when you sign up to file is which business type you are filing under? What is a business type and how do you know which one is right for your trucking business? 

Below, you will find a helpful guide explaining more about each type to determine which is the best fit for you.

Sole Proprietor or Single Member LLC

To sum it up, a sole proprietor is the single owner of a business.

S-Corporation of LLC as S-Corp

S-Corporations are corporations that elect to pass corporate income, losses, deductions, and credits through their shareholders for federal tax purposes. This allows S-corporations to avoid double taxation on the corporate income.

C-Corporation or LLC as C-Corp

C-Corporation, Under United States federal income tax law, is any corporation that is taxed separately from its owners. Unlike C-Corporations, S-Corporations are not taxed separately.

Partnership or LLC as Partnership

A partnership is where two or more people own the business.

Estates

Estates are all of the money and property owned by a particular person, especially at death.

Trusts and Fiduciaries

A trust is a relationship when one person holds the title to the property. A fiduciary is a person or organization that acts on behalf of another person. 

Exempt Organization

In order for an organization to be considered exempt, it must be a charitable organization, private foundation, or other similar organization that is exempt from federal income tax.

What Happens if You Choose the Wrong Business Type?

Don’t worry it happens, we all make mistakes. You can simply click your name in the upper-righthand corner and then click the drop-down arrow. You will then click on “My Account” which will lead you to a page with multiple options. From there select the option titled “Manage Businesses” by clicking on the pencil icon. 

When you see the name of the business you want to change, click on the pencil icon to the right of it and it will take you to the page that will allow you to change the business type. 

Then under business type select the dropdown and from there you can select the business type that best describes your trucking business.

If you have any questions please call 704.234.6005. 

File your 2290 Today!

Webinar: Year-End Reporting Tips For Your Trucking Business

This year has flown by! It’s already October, which means the end of the year is almost here!

That also means it’s time to file all of your year-end reports and paperwork. There’s a lot of paperwork that goes into running a trucking business, it can be hard to manage sometimes.

Luckily, we have some friends who can help with that!

ExpressTruckTax is partnering with our sister product, PayWow, to bring you all the tips and tricks you need to know to master your year-end filing!

Gavin, our in-house Paywow expert, will be your guide through this webinar, as he discusses how to make the year-end simpler and easier to manage, just in time for the new year! He will be covering how to prepare for the year-end, tips to reduce taxes, the best practices to use when payroll reporting, and much more!

The experts at Paywow and ExpressTruckTax will be hosting this free live webinar on:

Tuesday, October 19th, 2021 @ 5 pm (EST)

To register for this webinar so you can make year-end reporting for your trucking company a breeze, click the button below to reserve your spot! 

We look forward to seeing you there!

4 Simple Tips for Trucking Success

Getting into the trucking business is a difficult task. Many people try to break into the market every year and fail. Either as drivers, fleet owners, owner-operators, and more. No matter how you want to emerge in the business there are risks to face. Trucking isn’t just something you can wake up one day and decide to do because it takes a lot of practice and learning to be good at it.

To help you and your career along today we’re focusing on the positives to prepare you for the transportation industry by providing you with a few keys to trucking success. No matter if you’re starting out as a company driver or trying to launch your own fleet, check out these tips.

The Keys To Success

1. Budget

It doesn’t take a rocket scientist to know that trucking is expensive. You will want to save anywhere you can, especially in the beginning. Do things like research all of your options before making a purchase. For example, don’t jump on the first big rig you see, considering buying used or leasing instead. Also, shop around and compare the best insurance rates to suit the best one for your needs.

When you’re on the road slow down. Literally, driving at slower speeds will help you save fuel, which is your number one expense. You may want to also join a fuel rewards club to see where you can save. Also, stop buying expensive meals and fast food all the time. Save by making meals in your cab and by buying your snacks in bulk to take along with you. Another way to save a lot is to sleep in your truck instead of buying a motel room.

2. Stay Healthy

When you first hit the road it can be easy to let yourself go. Literally, the trucking lifestyle that involves sitting and poor food options can be extremely unkind to your britches, because you may end up ripping through them. The amount of time drivers spend sedentary can lead to rapid weight gain, depression, heart disease, sleep apnea, and more.

Be aware of how much you sit and what you eat. Try to bring your own healthier meals on the road or choose from healthier fast food options like grilled chicken salads, which are actually very filling, just avoid the salad dressing and croutons. When you park, get a good walk in by exploring the truck stop or just by lapping your rig. Smartphones will record your steps to give you an idea of your activity. Also, you can bring strength training equipment in your rig.

3. Be Proactive

You can’t wait for business to fall in your lap. Using load boards is a great way to get started but you’ll bring in much more by building quality relationships with shippers. Call them, be polite, and deliver your loads on time. If your delivery will be delayed let your dispatcher know as soon as you discover that information. You could text them, but it’s best to call them directly and never text and drive. 

Part of being proactive is seeming like you care. That means wear something nicer than sweats and flip flops all the time, be polite, and remember to shower. Carriers talk to shippers and can make or break your reputation pretty quickly, so be professional. Plus, having a good attitude can help you get warnings instead of tickets.

4. Just Ask Your Question 

In this business, there is always something new to learn, but you have to look for it. Read articles online and simply ask other drivers for help. You can ask them questions on online forums or in person and they will appreciate being asked and usually love to talk.

Our last bit of knowledge today to share is GOAL. Get Out And Look! If you’re backing up or pulling onto a road and aren’t sure if you have a place to turn around or not then get out and look. It’s perfectly fine to take your time. Spending a few minutes taking a look before backing up is much better than hitting something.

Enjoy The Road

Congratulations on your trucking career. No matter where you are in the transportation industry you play a major role in moving our economy forward. Just remember to budget, keep your health in mind, be proactive, and if you have a question just ask!

If you have more keys to success for trucking please add them to the comment section below and visit ExpressTruckTax.com for more trucking blogs.