Guide · 7 min read
Settlements, fuel, per-diem, IFTA — the bookkeeping owner-operators need without paying a CPA $300/month to do it.
A trucker's expense list looks nothing like a freelancer's. Per-diem, IFTA filings, HVUT, weight-distance taxes in some states, broker settlements with fuel advances and chargebacks — none of it fits a generic chart of accounts.
Income: linehaul, fuel surcharge, accessorials, detention. Expenses: fuel, maintenance, tires, insurance, IFTA, tolls, per-diem, repairs, broker fees.
Every broker sends a settlement with gross pay minus advances, chargebacks, and fees. Match it to your bank deposit. Discrepancies cost real money.
Use your ELD export or a logbook app. IFTA is filed quarterly — accurate per-state miles + per-state fuel purchases means a tiny tax or even a refund.
Move 25–30% of net income to a separate account. Pay quarterly estimates. Don't get to January owing $20k you don't have.
SnapBooks works on your phone in the cab. Snap fuel receipts, log per-diem, see profit per load.
Start free$80/day inside the U.S., $86/day outside, for partial days 75% of that. You can use per-diem instead of tracking individual meal receipts — much simpler for OTR drivers.
Owner-operators of heavy trucks must use actual expenses — the IRS standard mileage rate doesn't apply to vehicles over 26,000 lbs. Track fuel, maintenance, tires, insurance, and depreciation separately.
IFTA quarterly fuel tax is filed in your base state — track miles per state and gallons purchased per state. HVUT (Form 2290) is $550/year for trucks over 75,000 lbs. Both are 100% deductible.
Single-truck owner-op: LLC taxed as sole prop is usually simplest. Net income over $80–100k: S-Corp election typically saves $5–10k/year in self-employment tax. Multiple trucks: definitely S-Corp.
Settlement statements from every broker, fuel receipts (or fuel card statements), maintenance records, tolls, scale tickets, lumper receipts, and a daily log of miles by state for IFTA.