{"id":1287,"date":"2017-03-30T16:30:05","date_gmt":"2017-03-30T16:30:05","guid":{"rendered":"http:\/\/quicktransportsolutions.com\/blog\/?p=1287"},"modified":"2017-03-30T16:30:05","modified_gmt":"2017-03-30T16:30:05","slug":"truck-driver-why-filing-your-taxes-is-more-important-than-ever","status":"publish","type":"post","link":"https:\/\/quicktransportsolutions.com\/blog\/truck-driver-why-filing-your-taxes-is-more-important-than-ever\/","title":{"rendered":"Truck Driver: Why Filing Your Taxes Is More Important Than Ever"},"content":{"rendered":"

The fact is this: One of the most common mistakes a trucker can make is not filing their taxes. Sure, you\u2019ve spent a long time on the road and you\u2019ve finally gotten home and the last thing you want to think about is your taxes, but it\u2019s important to remember that filing on time is more important than ever.<\/p>\n\n\n\n
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Consider that many states will arbitrarily step in and garnish wages if you haven\u2019t filed and it\u2019s not hard to see where not filing your taxes can be a serious problem. Many times, especially as an owner-operator, you can take advantage of specific tax breaks not available to you otherwise. Do you really want to leave that money on the table?<\/p>\n

Penalties Compound<\/strong><\/p>\n

As you avoid filing your taxes, consider that penalties can weigh heavily on your business. Penalty interest can more than double or triple what you owe, which can be a serious problem whether your business is big or small.<\/p>\n

When you owe the IRS money, they won\u2019t rest in coming after you for it. When you\u2019re operating at margins already squeezed to the edges, the last thing you need is a huge tax bill crippling your bottom line and cash flow.<\/p>\n

If you wind up owing one year, you could see a small amount compound into a big amount before you have a chance to address it, especially if you are looking at multi-year filing lapses.<\/p>\n

Consider the Refund<\/strong><\/p>\n

Do you really want to leave money sitting on the table? Consider that most fleet drivers wind up getting refunds since their per diem payments count against their expenses.<\/p>\n

While truckers aren\u2019t required to declare their per diems, they are allowed to itemize deductions against them. When you add up small deductions, they can mean big tax savings across the board.<\/p>\n

If you aren\u2019t saving small receipts and keeping a log of your expenses, then not doing your taxes, you are missing out on a huge refund, and turning money in your pocket into money owed to the IRS.<\/p>\n

When every dollar you put down for a deduction comes back in approximately 20 cents on your refund, it isn\u2019t hard to see how important these savings are. From expenses like batteries and air fresheners, there\u2019s a lot of savings to be wrenched from your taxes through proper accounting.<\/p>\n

Moving Into Another Tax Bracket<\/strong><\/p>\n

Proper itemizing can also move you into a lower tax bracket. If you can shave anywhere from $15,000 on up off your tax bill due to itemized deductions, you may go from 40 percent owed to 22 percent.<\/p>\n

When you do the math, everything you spend your money on can be counted as job expenses. When you save your receipts, and keep track of said expenses, you are moving yourself into a far lower tax bracket.<\/p>\n

But this is why it is so important to keep track of this information and properly log everything that you are doing while on the road. Considering many fleets are using E-logs<\/a>, you can utilize this data to prove that you were on the road during a certain day.<\/p>\n

Still, since most log information is deleted after six months, it becomes important to ensure you are keeping a full accounting of your activities so as not to miss out on potential tax savings.<\/p>\n\n\n\n
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In the end, remember that you won\u2019t be able to maximize your tax savings if you aren\u2019t even filing them to begin with. Make sure to stay on top of filing dates and hire an accountant if you have to and you\u2019re sure to end up with more money in your pocket come tax time.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fact is this: One of the most common mistakes a trucker can make is not filing their taxes. Sure, you\u2019ve spent a long time on the road and you\u2019ve finally gotten home and the last thing you want to think about is your taxes, but it\u2019s important to remember that filing on time is … Read moreTruck Driver: Why Filing Your Taxes Is More Important Than Ever<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1287","post","type-post","status-publish","format-standard","hentry","category-trucking"],"yoast_head":"\nTruck Driver: Why Filing Your Taxes Is More Important Than Ever - Quick Transport Solutions Trucking Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quicktransportsolutions.com\/blog\/truck-driver-why-filing-your-taxes-is-more-important-than-ever\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Truck Driver: Why Filing Your Taxes Is More Important Than Ever - Quick Transport Solutions Trucking Blog\" \/>\n<meta property=\"og:description\" content=\"The fact is this: One of the most common mistakes a trucker can make is not filing their taxes. 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