Being an independent truck driver can be a stressful business. The holiday season can certainly add to that stress, with the desire to spend the holidays at home conflicting with the need to keep your business financial sound.
Many professional truck drivers choose to contract their services to carriers and fleets. The 1099 is a tax form which allows the IRS to track any payment given by a company to independent contractors for their services.
2018 is coming to an end which means it's time to make sure you have minimized your tax bill for the year. Due to the many recent changes in the tax code, it's important that you are informed of how your taxes will be affected as a truck driver. There are many things you can begin doing now to make filing your tax return as easy as possible and reduce the amount you owe. Let's take a look at a few of the most important tax moves to make before 2018 comes to an end.
The last thing any trucker wants to think about is filing their taxes or wondering if they have found a good tax preparer who knows specifically about trucking taxes. But it's better to conduct this search as early as possible. The closer you get to tax day, the harder it is to find a quality tax preparer.
The Child Tax Credit Under the Tax Cuts & Jobs Act (TCJA) has changed dramatically. However, since we're dealing with the IRS here, the details of this credit can be a little difficult to figure out. Here is what you need to know about both the child tax credit and the additional child tax credit so that you can maximize your allowable tax credit.