Here are six things truckers need to know heading into tax season
Content Sponsored By Instant Tax Solutions
Tax season is here, and for truck drivers and owner-operators, this can be a scary time of year.
But it doesn’t have to be.
With the right planning, preparation, and partnership, truckers can save more money and move through tax season worry-free. The folks at Instant Tax Solutions are here with a few easy tips to make your 2024 tax season the best one yet.
Truckers, Gear Up For Tax Season With These Six Tips
- Know when to file. The Internal Revenue Service’s (IRS) tax season officially begins on Monday, January 29, 2024. Truckers will have until the tax deadline date of April 15, 2024, to file their returns or request an extension in order to avoid penalties.
- Don’t forget self-employment taxes. Owner-operators need to pay not only state and federal income tax, but they’re also responsible for paying self-employment taxes toward Social Security and Medicare. Most self-employed truckers pay their estimated tax on a quarterly basis.
- Consider deductions. Many of the items truckers use regularly like chains, tarps, and ratchet straps can be claimed as tax deductions. Deducting items like these can lower your taxable income significantly, but keep in mind that you’ll need to keep your receipts to prove your purchases to the IRS.
- Per Diem expenses are deductible too. Many independent contractors and owner-operators can significantly reduce their tax burdens by taking advantage of meal Per Diem deductions, but those who choose to use this deduction need to keep careful records of their daily meal expenses. A tax professional can work with you on Per Diem deductions to make sure you’re maximizing your savings and minimizing the amount of money you owe to the IRS.
- Track your refund. Once you’ve filed your return, you can check the status of your refund using the “Where’s My Refund” online tool provided by the IRS. Most taxpayers will have their refund in hand within 21 days after filing.
- Owner-operators and independent contractors should get help filing. Most truckers operating their own businesses call on an accountant or a tax professional to help them file their returns. If you’re running your own trucking business, you’ll likely run into complex tax situations that may be too tough to work out on your own. Protect yourself and your business by working with a professional who can help you identify ways to save money and avoid costly errors.
Contact Instant Tax Solutions For IRS Relief Today
Owner-operators and small business truckers are so busy running their companies that it isn’t uncommon for tax troubles to pile up, leaving them facing stressful situations with the IRS. If you’re behind on your trucking company’s bookkeeping or you need to file multiple back tax returns, it’s easy to become overwhelmed and to put off filing. Many truckers are in similar tax situations, so it’s important to know that you’re not alone, and that there is help available.
If you need a little extra assistance and guidance with a difficult tax situation this year, the friendly team at Coeur d’Alene, Idaho-headquartered Instant Tax Solutions is ready to assist. Since 2009, the company has helped thousands of people with tough tax problems find money-saving solutions. Instant Tax Solutions has offices throughout the U.S., and everything can be done over the phone so there is no reason to interrupt your busy driving schedule. Call us anytime at 1-888-690-0830.
Let Instant Tax Solution’s experts fight for your taxpayer rights and help you reduce your tax liability while staying caught up on all your taxes and bookkeeping!
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