Accountant for Truck Drivers
With a truck driving business, there are many factors to control – from vehicle maintenance and fuel costs, to financial paperwork and income taxes. We’re here to help truck drivers in the Greater Toronto Area stay on top of all those details.
Did you know?
Farrukh Ahmed started his career by working for the CRA as a tax auditor. He knows the triggers that can increase the likelihood of having to deal with a tax-audit. And unlike the big accounting firms Farrukh has the time to care for his clients and leaves an open line of communication. More than just filing your taxes, he can help forge a plan for the future.
Accounting Firm Est. 1993
Farrukh Ahmed’s accounting firm has been provided tax services in the Greater Toronto Area for the past 27+ years. We’ve adapted with the times because of COVID and can service clients remotely but have a physical office located here in Mississauga for in-person meetings.
Professor At Sheridan College
In addition to Farrukh’s love for numbers and helping local businesses with their taxes he teaches part time at Sheridan College. The course aims to help other bookkeepers and accountants on how to use the latest cloud software in their practice.
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Chartered Professional Accountant.
Why hire a CPA for your truck driving business?
Having a tax-expert fighting in your corner, holding you accountable to certain tax-deadlines, and advising you to be proactive in contributing to tax-reducing vehicles like RRSP’s is invaluable and will pay itself back many times over. Avoid late penalties and never incur interests on over-due payments. We do not just help clients from falling behind but put forth a tax and business plan to get ahead. With Farrukh Ahmed’s Accounting firm, you won’t ever have to stress about taxes again as we have you covered.
Our tax services include but are not limited to:
- Accounts payable
- Bill payments
- Tax preparation for truck drivers
- Financial statements
- Payroll services
- Business tax return
- Business tax planning
- Personal income tax returns (T1)
- Tax minimization strategy
- Filing for tax refunds
- Incorporating your trucking business
- Tax representation in case of an audit
- Quarterly GST/HST filings
- Business advisory services
- Operating expense analysis
- Bookkeeping for your trucking company
- Salary vs dividend consideration
Farrukh has been my business accountant for many years now. He helped me incorporate, taught me Quickbooks, and he files my corporate year end taxes, as well as quarterly HST filings. He also provides overall financial advice and does my personal taxes. He is very quick to answer any questions or concerns, and very professional.
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Farrukh’s Tax Tips for Truckers
One thing, before you leave the site never to return, we want you to depart with a few tax-tips that may stick with you for ever and ever. It’ll be our little gift that keeps on giving. Schedule or appointment or call us right now for free consultation and find out how we can help.
1. As a truck driver you can claim up to 50% of meals as an expense. If you’re a long-haul driver this number climbs up to 80%. This can be takeout or buying groceries for up to $34/day. We can use cloud computing software to track these purchases while your on the road, however we do recommend you still keep receipts in case of an audit. If the credit card statement does not show vendor, items purchased for business use and you do not have a receipt then it becomes hard to prove legitimate business expense.
2. Do you have a cell-phone? Do you use use it for business or personal? If you use 30% business and 70% personal, you can deduct 30% of your monthly phone bill.
3. In some cases, it may make sense to incorporate your business. By incorporating you create a distinction between you and your companies assets. This limits your personal liability and protects your assets like home, vehicles, etc. By incorporating you have better tax-planning strategies available as corporate tax rate is 16% and you can control the salary that’s paid and when. This leads to better tax-deferral methods to minimize taxes paid in a given year. But again, we’d have to look at individual situations to better advise if you should transition to corporation.
4. Any professional services like legal and accounting are tax-deductible ????.