Truckers Help Our Economy Thrive. If You Owe Back Taxes or Struggle With Filing Every Year, We're Here for You.
Being an independent owner-operator or carrier business owner comes with lots of freedom. You get to set your own hours, decide how your business should run, and choose how much money you can make.
But the independent truck driver’s life also has its challenges, and your tax obligations might be your biggest one.
If you owe taxes, are worried about how much you owe next year, or need assistance getting your financial affairs in order, look to the experts. Look to Instant Tax Solutions.
Tax Relief and Accounting Experts for Independent Truck Drivers
Instant Tax Solutions offers you a team of accounting and financial professionals ready to provide you with the assistance and relief you need.
We can help with:
- Getting you as many deductions for 1099 truck drivers as possible
- Estimating how much pre-payment you owe based on quarterly income
- Helping you reach an agreement with the IRS for owed back taxes
You wouldn't expect us to hitch a trailer to our car and start hauling freight, so we don't expect you to be able to handle tough tax challenges on your own. Let us lighten your load and provide you with the tax accounting and tax relief independent truck drivers need.
If You Owe the IRS Thousands in Back Taxes, Don't Get Nervous. Get an Accountant!
Instant Tax Solutions has helped countless small business owners and independent contractors manage their tax debt while saving them thousands in monies owed.
Our tax experts have experience working with the IRS and state revenue services to structure agreements that work in everyone's favor. The IRS is often willing to make agreements, including extensions, installments, or offers in compromise. We can potentially help you avoid fees and reduce the interest owed on past tax debts.
If you can handle a long haul on an interstate crowded with traffic and soaked by storm downpours, you can handle dealing with the taxes you owe. Let us help you work out an agreement, and dig yourself out of tax debt to become profitable once more!
Maximizing Your Deductions as a 1099 Trucking Business Owner
Many owner-operators feel blindsided by tax debt once it comes time to file their return. In most cases, they simply have not been aggressive enough about deducting their expenses.
Independent contractors must track their expenses and deduct as much as possible if they want to reduce their year-end tax burden come filing time.
Instant Tax Solutions can help owner-operators reduce their tax burden and, often, owe less in yearly taxes. In many instances, we are able to significantly reduce the amount owed by looking to common deductions for independent truck drivers.
On top of overlooked business expenses, you may also be leaving money on the table just from the way your business is structured. We can help you form an LLC, improve your accounting system, and take other steps to reduce the amount you must declare as income at the end of the tax year.
Independent Contractor Truckers, We're Here to Help You!
You are a business owner, and you deserve to make as much money as possible. At the same time, you deserve to be able to focus on future opportunities, not past debts.
Instant Tax Solutions can help you manage your tax debt and structure your business for better future earnings and easier filing. Don't wait around for tax season to reveal you owe thousands. Take charge of your business, your finances, and your livelihood with our assistance and expertise.
FAQ
Is CDL training tax deductible?
Yes. Any cost related to obtaining your commercial driver's license (CDL) or maintaining it can be reported as a business expense and deducted from your taxable income.
As a truck driver, what can I write off as deductions?
Any reasonable and necessary expense directly related to the operation and maintenance of your business can likely be deducted from your taxable income. Every situation is different, so the best way to determine write-offs for truck drivers is for them to speak to an experienced tax accounting firm.
Speaking generally, some of the most common write-offs include business cell phones, vehicle maintenance, and repairs, vehicle depreciation, logbooks, driver technology, some truck improvements, fees for licensing and regulatory compliance, vehicle/trailer leasing costs, flat-rate excise taxes, and occupational taxes, vehicle mileage, fuel expenses paid out of pocket, loan interest on equipment, and liability insurance premiums.
Is it illegal for me to not file my taxes?
You are required by federal law to file a tax return each year unless you earn an extremely low annual income. Independent contractors are treated as a business by state and federal regulatory agencies, and they are expected to file quarterly pre-payments for their estimated tax burden corresponding to the return to-be-file in the following year.
Can I write off per diem on my taxes?
Yes, so long as you are not an employee and are traveling away from your business's home address, as listed on your tax return forms. Per diem rates are set as 80% of the current yearly allowable amount, which was $66 per day in 2019. Per diems can include allowances for meals, parking, tolls, and accommodations.
What is a tax home?
"Tax home" is the term used for the address listed as the location of your business on tax forms. This address can differ from your physical/residential home address, and in some cases may even lie in a different state. If you wish to establish a tax home address that is different than your residential address, first review the requirements with an experienced tax accounting agency for 1099 contractors.
