At Polston Tax, we provide transportation and freight industry consulting, tax planning and legal services that can improve your tax standing. Our company consists of project managers, accountants and tax attorneys who collaborate to develop personalized solutions for transportation companies.
With experience partnering with companies that transport passengers and goods by road, rail, air and sea, we are a reliable partner for services that save businesses time and money. Together, we will optimize your documentation processes, reporting strategies and cash flow.
The transportation industry relies heavily on independent contractors, or 1099 workers, with about 7% of workers in this sector self-employed. If you are among the nearly one million transportation workers who receive a 1099-NEC form (non-employee compensation), you are responsible for paying estimated taxes and filing a return. You may also be eligible for additional deductions, including a fuel tax credit for truck drivers.
We make your accounting and bookkeeping system efficient and accurate, freeing up your time so you can focus on business. We can help with revenue and asset management, cost management and reporting, and tax return preparation.
As a transportation company, you may need to pay income taxes, payroll taxes, sales taxes, excise taxes and property taxes. Our tax planning services can help you develop strategies to reduce your tax burden and the time it takes for reporting.
Partner with Polston Tax for an advanced approach to these processes:
Navigate revenue reporting intricacies when receiving partial payments for reaching delivery milestones, full payments at the time of service completion and dispersed payments from a long-term contract in alignment with generally accepted accounting principles (GAAP).
Satisfy lease accounting requirements established through Accounting Standards Codification (ASC) 842 and other relevant standards.
Track and optimize expense distribution across numerous operators, transportation assets, maintenance services, contract acquisition processes and transportation processes.
Complete forms to declare and deduct expenses related to employee travel, asset management and other relevant costs.
Distribute and complete all necessary tax forms that report employee compensation, revenue from contracts, expenses incurred to obtain contracts and other information the IRS requires.
Polston Tax has over 100 years of combined tax planning experience that translates to the transportation industry. We speak your language and are in contact with the IRS and your state entity every day. We know what they need and how to keep you compliant. Our professionals will provide the services and peace of mind you need to prioritize daily logistics and transportation processes.
With Polston Tax, you will follow a precise road map to your objectives with skilled navigators at your side. Our process streamlines the pursuit of your bookkeeping and tax management goals:
• Submit a consultation request
• Schedule an in-person, phone or virtual meeting
• Receive a service proposal and transparent quote
• Collaborate with a dedicated case manager, accountant, tax attorney and tax preparer
