Can I deduct per diem if I'm an owner-operator? ›
Yes. As an owner-operator subject to DOT hours-of-service rules, you can deduct 80% of the IRS standard per-diem rate ($80/day for 2026) for each full day away from your tax home. Haulbooks tracks your nights-out from your ELD log automatically.
Should I take §179 or bonus depreciation on my truck? ›
It depends on your income and what you expect next year. We model both options in your mid-year review and recommend the one that minimizes lifetime tax, not just the current year.
What happens if I miss a quarterly estimate? ›
The IRS charges an underpayment penalty (currently about 8% annualized on the shortfall). Pay as soon as you can — we'll recompute the next estimate to true things up.
Do I need an LLC or an S-Corp to save on taxes? ›
Most owner-operators benefit from an S-Corp election once net profit exceeds roughly $80–100k, because it reduces self-employment tax. We'll flag the breakeven for you in your year-end planning session.
How do you handle IFTA fuel tax reporting? ›
We reconcile your fuel purchases by state from your fuel card feed and prepare your IFTA return each quarter. You review and we file.