Of course, the quarterly amount of your tax will be rather big. But don’t be afraid of it. The US taxation system has another feature – the entrepreneur has the right to a refund of overpaid taxes, and there are also goods and services that are exempt from sales taxes or are taxed at preferential rates. The freight market is one of them.
Simply put, you can count on tax deductions. A couple of years ago they were available to any driver in US logistics, but now the rules have changed, you need to be the owner of the trucks, the owner of the company in order to get them.
Moreover, the tax authority makes a list of requirements for the company that claims deductions. You can tell if you qualify or not by looking at the type of tax documents you receive at the end of the year. What preferential deductions can the owner of a truck company expect?
– the cost of insurance; – contributions to the association; – training; – staff survey; – corporate equipment; – fees for obtaining a license; – office maintenance costs; – subscriptions to educational literature; – the cost of repair and maintenance of trucks and many others.