Taxes
- Thread starter Winsly
- Start date
Pretty broad question, but it depends on your individual situation.
Option #1
If your not going owe more then $1000 for the year, you can pay it (if any) when you do your yearly taxes.
Option #2
If you will owe more then $1000 for the year. You should make quarterly estimated tax payments (to avoid penalties) that can be sent in or paid on-line to the IRS.
Note: For first year, most likely will not be penalized if estimated quarterly tax was not paid (if needed), but would be expected going foward. If your unfamiliar with how self employment tax works, good time to start studying up. Obviously, you need to track and know your numbers. If all else fails, you may need assistance from a tax advisor, preferably, one that understands the trucking industry.
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Option #1
If your not going owe more then $1000 for the year, you can pay it (if any) when you do your yearly taxes.
Option #2
If you will owe more then $1000 for the year. You should make quarterly estimated tax payments (to avoid penalties) that can be sent in or paid on-line to the IRS.
Note: For first year, most likely will not be penalized if estimated quarterly tax was not paid (if needed), but would be expected going foward. If your unfamiliar with how self employment tax works, good time to start studying up. Obviously, you need to track and know your numbers. If all else fails, you may need assistance from a tax advisor, preferably, one that understands the trucking industry.
Sent from my P00I using EO Forums mobile app
With the first quarter of the year behind us and the tax code overhauled for 2018, I'd wait until 2019 before doing an estimated quarterly tax work sheet.
Read through this thread for some general info: https://www.expeditersonline.com/forums/threads/taxes-quarterly-or-annually.68427/
Read through this thread for some general info: https://www.expeditersonline.com/forums/threads/taxes-quarterly-or-annually.68427/