Your Yearly Tax Return - Checklist for Owner-Operators
Due April 15. Most owner-operators use a tax preparer - this checklist makes it fast and saves deductions.
When
- File by April 15.
- Need more time? File an extension (Form 4868) by April 15 - that gives you until October 15 to file, but any tax owed is still due April 15.
Gather these papers
- Income: broker / factoring statements, 1099s you received (1099-NEC, 1099-K)
- Your yearly totals from the Bayloas portal: Money > Overview (month view) and Expenses - download the CSV
- Truck: purchase or lease papers, loan interest, depreciation records
- Expenses: fuel, repairs, tires, insurance, tolls, permits, phone, ELD, dispatch fees, Form 2290, UCR, IFTA
- Days away from home (for the per diem deduction)
- Estimated tax payments you made during the year
Deductions people often miss
- Per diem: a daily meal allowance for every night away from home (80% deductible for drivers under DOT hours rules) - use our Per Diem tool.
- Dispatch fees, phone, ELD, load board, parking, scales, truck washes.
- Health insurance premiums (self-employed).
Steps
- 1Download your yearly loads and expenses from the Bayloas portal (Money tab).
- 2Collect the papers above in one folder.
- 3Take it to your tax preparer, or file yourself (Schedule C for the business, Schedule SE for self-employment tax).
- 4Pay any balance by April 15 with IRS Direct Pay.
Need help? We're here
Most carriers can do this on their own with the steps above. Rather have us do it? Bayloas carriers tap Have Bayloas do it for me, send the few details we need from the portal, and pay a small filing fee by card. Government fees you pay yourself on the official site - we send you the link. Questions? Email us or message your dispatcher.
Email: info@bayloas.com
This is a general guide, not legal or tax advice. Rules can change - check the official site linked above, or ask a tax professional if you're unsure.