1099 truck drivers don't have an easy job. The pressure to meet deadlines, the need for repairs and maintenance, and the hazards of the road make it difficult to get anything else done. However, tax returns still need to be filed and paid, and 1099 truck drivers have more to document than the average taxpayer. This page will help give truck drivers the tax solutions they need.
When Does a 1099 Truck Driver Need Tax Solutions?It is difficult enough to file tax returns annually, but 1099 truck drivers need to make quarterly estimated payments as well. On top of that, truck drivers need to report the long list of travelling expenses necessary to do their jobs. The IRS often only sees the income made and not the large percentage that a 1099 truck driver doesn't keep. Many 1099 truck drivers rely on family members or spouses to take care of this while they are on the road, and are disappointed when their tax returns go unfiled. They need tax solutions, but don't have a minute to spend looking for them.
Eventually, the IRS files a Substitute for Return for unfiled years. This is a terrible thing to happen to a 1099 truck driver. Substitutes for Return file the taxpayer as single or married filing separately with no deductions or tax credits, and at the highest possible tax bracket. Needless to say, a truck driver could get an unjustifiably steep tax debt this way. Again, he or she needs tax solutions. However, many 1099 truck drivers still find they just don't have the time to confront these problems.
Since 1099 truck drivers are on the road so much, they often don't get much of their mail until it is too late. So, when a bank levy happens or an entire 1099 check is taken, it is a huge surprise. At this point, any truck driver will make the time to seek tax solutions.
What Tax Solutions Are Out There?1099 truck drivers looking for tax solutions should start with their missing tax returns first. File any missing returns immediately and replace all Substitutes for Return with your own prepared tax returns. Make sure that all of your expenses, deductions, and tax credits are used. It is a good idea to hire a qualified tax preparer to do this. It could actually save you more money than you spent paying the tax preparer.
Next, 1099 truck drivers need to explore what tax solutions are available to take care of the tax debts that they still have. The following is a list of a few tax solutions that help with different situations.
Different tax solutions address different tax problems, so it is best to consult a tax debt professional before pursuing anything. Making the wrong tax solutions choice could land you into an even worse tax problem than you had before.
Do you have serious tax problems that need real tax solutions? Consult a professional. Call now or fill out the form below for a free tax debt consultation to explore tax solutions that could work for you! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.