Trucking Taxes 101: What Owner-Operators and Fleet Owners Should Be Tracking

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Trucking Taxes 101: What Owner-Operators and Fleet Owners Should Be Tracking

If you’re behind the wheel or managing a fleet, you already know trucking isn’t a 9-to-5 job. But tax season? That’s a whole other road to navigate. Whether you’re an owner-operator hauling across state lines or running a small fleet from Central Ohio, your taxes can get complicated fast.

Mileage logs, fuel costs, per diem rates, and equipment depreciation—there’s a lot to keep straight. Here’s what you need to track year-round to stay compliant and maximize your deductions when it’s time to file.

1. Mileage Logs and Per Diem Records

If you’re a long-haul driver, per diem is one of your biggest tax advantages. The IRS allows a daily deduction for meals and incidental expenses while you’re away from your tax home. As of 2025, the per diem rate for drivers is $69 per day, but this is subject to change annually.

To claim it, you need to:

  • Keep a detailed log of days away from home
  • Record locations and trip purposes
  • Distinguish between personal and business travel

Missed logs = missed deductions. Need help with mileage tracking systems? Our CPA services for trucking companies include tools and templates to keep your records DOT- and IRS-ready.

2. Fuel, Maintenance, and Repairs

Fuel is your second-largest expense behind equipment. Luckily, you can deduct:

  • Diesel or gasoline purchases
  • Oil changes and fluids
  • Tire replacements
  • Routine maintenance and emergency repairs

We recommend separating fuel card statements, maintenance logs, and receipts by vehicle. The cleaner your documentation, the easier it is to defend those deductions—and the quicker we can turn your numbers into a smart return.

Our bookkeeping team can also help reconcile your fuel expenses against mileage logs to ensure accuracy.

3. Truck Payments, Leases, and Depreciation

If you purchased your truck outright, you can depreciate it over time—typically five years. However, many owner-operators lease equipment, and the tax treatment varies depending on the lease type.

Here’s how it breaks down:

  • Finance lease (capital lease): Treat as a purchase; depreciate the truck and deduct interest.
  • Operating lease: Deduct lease payments as an expense.

Need to know which applies to your truck or trailer? Our transportation tax experts can review your agreement and optimize accordingly.

Bonus depreciation and Section 179 may also apply—especially for new truck purchases or upgrades like APU units, trailers, or GPS systems.

4. IFTA and Highway Use Taxes

If you’re driving across state lines, you’re likely subject to the International Fuel Tax Agreement (IFTA) and Heavy Vehicle Use Tax (HVUT).

  • IFTA requires quarterly filings that track fuel purchased and miles driven per state
  • HVUT (Form 2290) applies to trucks over 55,000 pounds and is due every year in August

Missing these deadlines can result in stiff penalties and suspended registrations.

5. Self-Employment Tax and Quarterly Estimates

Most small business owner-operators are self-employed, meaning you’ll need to pay:

  • Self-employment tax (15.3%) for Social Security and Medicare
  • Quarterly estimated taxes to avoid underpayment penalties

To stay ahead, we recommend:

  • Setting aside 25–30% of net income
  • Using profit-and-loss reports to calculate quarterly estimates
  • Filing on time: April, June, September, and January

If you’re not already working with a CPA who understands trucking income cycles, it’s easy to fall behind. Hogan’s Columbus CPAs offer proactive quarterly reviews—not just once-a-year tax prep.

Final Thoughts: Drive Down Taxes, Build Up Profits

Trucking is more than just miles on the road—it’s a business. And like any business, what you track is what you can deduct. The more dialed in your numbers are, the more you can keep in your pocket and reinvest in your truck, your crew, or your next load.

Whether you’re running solo or managing a fleet, Hogan CPA helps transportation pros stay compliant, audit-proof, and profitable. We’ve helped truckers in Ohio and nationwide turn messy paperwork into clean, optimized tax returns—and we can do the same for you.

Ready to shift your tax strategy into gear?
 Contact Hogan CPA Financial Services today to schedule a consultation designed for truckers and fleet owners.