The Taxman Cometh

Posted in Money Saving Tips by Brian · Leave a Comment 

Yep, it’s almost that time of year again. As a woman truck driver, you may feel sure that you’re not alone if you’re already beginning to feel a knot in the pit of your stomach. Don’t feel too bad if you dread tax time, nearly everyone does unless they’re independently wealthy and have someone to do their taxes for them.

Of course, if you were able to keep your expense receipts organized by the month or by category during the year, it would make getting everything ready to do your taxes much easier because you’ll already have things together. If you aren’t that organized, you should still be able to pull your receipts together in time to get your taxes done.

Please note, although the information offered is believed to be accurate, it is best to discuss your situation with a tax professional instead of relying entirely upon this article for tax advice. This information is provided entirely based upon information you may find on the internet. To ensure your taxes are prepared properly, you may want to speak with a certified public accountant or licensed tax preparer.

Here are some things to consider when gathering receipts – both income and expense – for tax season:

  • If you are employed by a trucking company, they are required by law to mail W-2s no later than January 31. They should arrive during the beginning to middle of February.
  • 1099s from any company or individual, end of year statements from banks, stock information, 401K, and IRA contributions, and mortgage interest statements will also be mailed by January 31. Year end statements for unemployment, social security income, and any previous year state tax refund would also be mailed by this date.
  • New equipment has a maximum of first year write off of $128,000. Look at depreciation, section 179 for further information on this write off. These write offs will phase out once your acquisitions reach $510,000.
  • If you have made a charitable contribution of any type during the year, you will be required to present a receipt for each donation. Cancelled checks may also be used in lieu of a receipt.
  • Don’t forget about Per Diem of $52.00 per day. In 2008, you are allowed to deduct 80% of that amount for tax purposes. This is another good reason to remember to save log sheets each month!

Remember that not everyone can pay taxes they owe by the April 15 deadline. The best way to handle this if it describes you is to pay as much as you can when you file your return or file for an extension. This will allow you to avoid a penalty for not filing at all. When you receive the IRS notice of tax due, you will be required to pay the remaining balance. You may also file Form 9465 “Installment Agreement Request” if the total amount you owe is not more than $25,000. This form must be included when you file your tax return by the April 15 cut-off.

When the taxman cometh, it’s normal to be a little bit uneasy. If you take time to keep your receipts, log sheets, and other tax related paperwork organized, you don’t have to dread tax time. In fact, taking the time to do things right the first time, especially if you’re a truck driver, will allow you to feel at ease when April rolls around.

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