The Best Trucker Tax Software 2020
For any self employed trucker, keeping your books and managing your IRS tax returns is critical to your business's sustainability. It doesn't matter if you are a large or small business, by fully understanding your taxes, you will save loads of time and stress.
When handling your independent contractor taxes, Keeper Tax is a lifesaver. If you're looking for a trucking accounting tool that helps you navigate the murky world of tax write-offs, Keeper Tax is the best software solution for trucking companies on the market.
Let’s take a look at what the Keeper Tax accounting software can do for your trucking business.
What is Keeper Tax and how does it work?
Keeper Tax is a software for truckers and other independent contractors that automates the process of deductions or write-offs. It caters to trucker with their own businesses, or who work as contractors with 1099 incomes. Through this process, you can make savings on your tax payments.
As a trucker tax software, it works by:
- Scanning your previous expenses for any write-offs you might have missed. To get the best of this function, try to file your taxes directly through the Keeper trucker tax software.
- Assigning you a human bookkeeper. This person will monitor all your expenses for the year. Once a day, the program will send you a text message to check if you have any new fees.
At your next filing, the software scans your returns for any issues with the help of tax professionals. If there are any issues, you get contacted automatically to fix any problems that were flagged. Check out the reviews for Keeper Tax to see why freelancers love the app.
How to sign up for Keeper Tax
The first thing to note is that Keeper has a 7-day free trial for potential users. Once you sign up for the free trial for this independent contractor app, you get access to every feature on Keeper Tax. With this, you get a grasp of how the tool will help you.
However, you will need to provide a credit card that the company will charge once your trial elapses. If you plan to exit the program before the trial ends, you can go to the settings and cancel your membership before the end of your trial period and you won't get charged.
During the process of signing up, the platform will have you provide information such as:
- Basic demographic questions such as name, income level, and profession
- Work information, such as if you work remotely or at the trucking office
- Your business travel history
- Transportation options
Next, using that information, the software will show the different 1099 tax deductions that apply to your trucking business.
Once you have a complete understanding of the possible tax deductions, it's time to set up the account.
First, you need to provide your first name and last name, mobile or cell number, and email address.
Next, you need to connect your different bank accounts (if you have that over one).
The accounting software then sorts through all the transactions to find the business expenses that can be deducted from your tax payment.
Keeper uses the popular Plaid software to go through into your bank accounts and view the transactions. If you are worried about privacy, know that the data Plaid collects from your account is accessible as read-only.
Keeper won't collect your bank log-in details or store this information on its database. You can also connect various credit cards and your banking accounts to the Keeper Tax platform.
Keeper Tax's pricing
The trucker tax software starts as low as $16 per month. As with other bookkeeping platforms or software, the fee is a tax-deductible expense. Software payments are business expenses, so that is like putting a portion of cost back into your pocket. The great pricing makes Keeper Tax a great Expensify alternative.
Why use Keeper Tax's software?
If you are wondering why you should get the trucker accounting software, here are several reasons:
- Automated record keeping
- Effortless expense reports (stop keeping your paper receipts for taxes)
- Save thousands on business expenses by decreasing income tax liability
- Track your fuel expenses for your quarterly IFTA tax and trip reports
- Be prepared well for a potential IRS tax audit
- Keep track of your accounts payable and receivable easier
With Keeper Tax, you can quickly go through your transactions and decide what purchases you want to classify as business expenses. You can save thousands of dollars on your taxes. With the money saved, you can re-invest it in your trucking business.
If you are using a single bank account for your business and personal finances, this platform can help sort these out.
Simplified deductions and estimates
Keeper Tax is also outstanding at simplifying the deduction process, partly due to its user interface.
The platform has a clean user interface that is easy to understand and use. You can check if an expense or transaction is business-related in real time.
You can also tag transactions from a vendor to reduce the need for a manual check. Once you do this, you'll be able to see an estimate of your deductions and savings.
Being a business owner in the trucking industry is challenging enough at times. You need to simplify your business as much as possible to put your energy towards growing profits. Using an automated accounting tool is a wonderful way to make your life easier.
Suitable for automated and manual entry
If you still process some of your transactions manually, Keeper can still work for you.
The trucker tax software has an “add transaction” function. This feature prompts you to fill in the transaction details, and it checks it for deductions.
To use this manual function, you'll need to enter the business name, date of transaction, category of the transaction, and the amount paid into the software.
Business transaction file export
You can also download your annual compiled business transactions as an excel sheet.
Keeper Tax usually audits this file. However, you can also send it to an external filing service to review and audit.
The audit feature isn't free; you have to pay $39.99 to access the report. This fee is understandable. It's how the company tries to prevent users from signing up for the free trial and then downloading the information.
The business transaction file export feature makes it so much easier to fill out and file your fuel tax returns, self employment expense deductions and profit/loss statements.
Keeper platform's SMS or text messaging service also acts as a reminder that keeps you on track.
Once the trucking tax preparation software notices any new transactions or expenses on your bank accounts or cards, it prompts you to categorize the original transaction properly. All you need do is reply to the text.
You can opt-out of this functionality from the Settings if you see constant text messages as disruptive, but I love it because it feels more personal.
Is Keeper Tax worth it?
As an independent owner-operator truck driver, you need to have clarity on your expenses, savings, and profit lines to ensure your business's sustainability during federal tax times. With the Keeper Tax trucker accounting software, you gain control over these small but crucial parts of your business.
For a low monthly cost, you can simplify your finances, save money, and protect yourself from audits. So is it worth it? Absolutely.
Sign up with the Keeper Tax truck driver tax software today!
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At Keeper Tax, we’re on a mission to help freelancers overcome the complexity of their taxes. That sometimes leads us to generalize tax advice. Please email firstname.lastname@example.org if you have questions.