47: How to Save Money on Your Taxes as an Owner Operator

On this week’s edition of The Oakley Podcast, host Jeremy Kellett is joined by Jeff Amen and Michael Schneider, the vice president and tax manager, respectively, at ATBS, a tax and accounting firm for owner-operator truck drivers. Together they cover a lot of ground related to preparing taxes for 2020, knowing how to avoid tax surprises, and how to maximize deductions.

Key topics in today’s conversation include:

• Need to Know with Vickie Chastain: celebrating owner-operators reaching 1,000,000 safe miles (1:58)
• Background on ATBS (3:58)
• Understanding how the PPP loans impact our owner-operators (9:25)
• What should first-time owner-operators expect when taxes are due? (23:00)
• Depreciation formulas (29:44)
• Updates for the 2020 tax year (41:28)
• Ordinary and necessary day-to-day deductions (49:20)
• What ATBS offers its clients, including audit protection (54:33)

Thank you Jeff and Michael for explaining the ins-and-outs of managing taxes.

Oakley Trucking is a family-owned and operated trucking company headquartered in North Little Rock, Arkansas. For more information, check out our show website: podcast.bruceoakley.com