What Records Should I Keep for My Trucking Company?

Do the stacks of paperwork in your trucking office feel like they’re growing out of control? Are you unsure which documents are essential to keep? Keeping accurate records is one of the most challenging parts of running a trucking company. It’s also one of the most critical, impacting everything from your taxes to how well you manage your finances.

The problem? Many trucking company owners struggle to stay on top of their recordkeeping. Maybe you’re unsure what documents are worth saving or feel lost trying to organize receipts and records. Without a system, the stress builds up—and when tax season or an audit comes, the lack of preparation can cost you time and money.

The good news? This guide simplifies the process, showing you exactly what records to keep, for how long, and how to organize them for smooth operations and IRS compliance.

Why Recordkeeping Matters for Your Trucking Business

Keeping detailed records isn’t just about following the rules—it’s about setting your trucking business up for long-term success.

Avoid Stress During Tax Time

Imagine getting to tax season only to realize you’ve lost receipts or forgotten about important expenses. Without records, you might miss deductions or, worse, risk an audit. That’s enough to keep anyone awake at night.

Track Your Business Performance

Your records are like a report card for your trucking company. Are you making money or losing it? Where can you cut costs? Records help you make smarter decisions and grow your company.

Stay Compliant with IRS Rules

The IRS requires businesses to keep certain records to prove income, expenses, and payroll taxes. If they ever audit you, having everything organized could make the process quicker and less painful.

Now that you understand why record keeping is essential let’s break down exactly what types of records you need to save for your trucking business.

Important Records Every Trucking Business Should Maintain

Staying organized starts with knowing exactly which documents you need to save to keep your trucking business running smoothly and compliant.

How to Document Income and Gross Receipts

These records show how much money your trucking company is bringing in.
Examples to keep:

These documents help you separate taxable and non-taxable income so you don’t pay more taxes than you owe..

Keeping Track of Expenses and Purchases

Every trucking company has costs, like fuel, maintenance, and permits. Keep track of them to claim deductions.
Examples to keep:

Remember, to claim an expense, you’ll need proof showing who you paid, what you paid for, and when you paid.

Maintaining Records for Trucks, Trailers, and Equipment

Your trucks, trailers, and equipment are valuable assets. Keeping records on these items helps with taxes and figuring out depreciation.
Examples to track:

Important Employment Records to Retain

If you have employees or hire independent drivers, employment records are a must.
Examples to save:

These records ensure you’re paying your drivers correctly and staying compliant with employment laws.

A Guide to How Long You Should Keep Trucking Records

Knowing how long to keep your records is important for staying organized and compliant with IRS rules. Here’s how long you should keep different types of records:

Most Records: Retain for 3 Years

Keep most records for three years after filing your tax return. This applies to general documentation like receipts, invoices, and income records, provided your tax returns were filed accurately and on time.

Refund Claims: Retain for 3 Years

If you file a claim for a tax refund or credit, keep supporting documents for three years after the filing date or two years after you paid the taxes—whichever is later. These records will support your claim in case of an IRS review.

Income Errors: Keep Records for 6 Years

If you underreport income by more than 25% of your total gross income, the IRS requires you to keep all related records for six years. This ensures you have the necessary documentation if discrepancies arise.

Loss Claims: Retain for 7 Years

If you claim losses such as bad debts or worthless investments, keep the supporting records for at least seven years to back up your deductions.

Missed Returns: Retain Records Indefinitely

If you failed to file a tax return for a given year, the IRS can audit you at any time. To avoid risks, retain all records indefinitely for those years.

Fraudulent Returns: Retain Records Indefinitely

If the IRS deems a return fraudulent, there is no time limit for audits. Keep all relevant documentation indefinitely to protect yourself.

Employment Tax Records: Keep for 4 Years

Keep payroll and tax payment records for at least four years after the tax is due or paid. These documents ensure compliance with IRS rules and protect you from penalties or employee disputes caused by missing information.

Now that you know what to keep and how long to keep it, let’s look at some practical tips to help you organize your records and stay on top of your business paperwork.

Simple Tips for Organizing Trucking Company Records

Keeping your records isn’t just about saving documents—it’s about creating a system that works for your trucking business and saves you time in the long run.

Leverage Software Designed for Trucking Companies
Tools like Trucking Management Systems (TMS) can help track expenses, fuel costs, and maintenance.
Separate business and personal accounts
Use a dedicated checking account and credit card for your business.
Transition to Digital Recordkeeping
Use tools like Expensify to digitize receipts or Dropbox to store scanned documents securely.
Log expenses daily
Apps like MileIQ can help you track mileage automatically while you’re on the road.
Establish a Routine for Reviewing Records
Set aside time every week or month to update your records.

With these organizational strategies in place, you’ll be better prepared to handle tax time, audits, and even unexpected challenges in your business.

The Risks of Poor Record Keeping for Trucking Companies

Failing to keep proper records doesn’t just create stress—it can lead to serious problems for your trucking business, from missed tax deductions to costly audits.

Understanding these risks highlights why having a strong recordkeeping system is so important, but the good news is there are solutions to make the process easier.

How to Simplify Recordkeeping for Your Trucking Company

Keeping good records is vital for the success of your trucking company. It ensures compliance with IRS regulations, helps you avoid unnecessary stress, and allows you to make informed decisions about your company’s future.

Without an organized system, you might face overpaid taxes, missed deductions, or complications during an IRS audit. Disorganization can also drain your time and energy when you should be focusing on running your business.

By staying organized and maintaining accurate records, you’ll avoid stress, stay compliant, and position your business for success. Start small by digitizing receipts or implementing a routine review process. In the future, you’ll thank yourself for the time saved and the peace of mind gained.

At Superior Trucking Payroll Service, we specialize in simplifying payroll for trucking companies, ensuring accuracy and payroll tax compliance so you can focus on the road. Reach out to us today to learn how we can support your business—and point you toward resources to make other tasks easier, too.

Written by Melisa Bush

With over 15 years of experience in the trucking industry, Melisa is well-versed in the complexities of trucking payroll and adept at navigating special circumstances. Before joining Superior Trucking Payroll Service, Melisa worked at a trucking company, where she managed driver miles and expenses for a fleet of 50 trucks. This hands-on experience gives her unique insight into the challenges our clients face when preparing their payroll data.