6 Tax Tips for Independent & Leased Owner Operator Truck Drivers

My name is Dirk Danos and I’m a CPA and Certified Tax Resolution Specialist and my firm specializes in getting Independent & Leased Owner Operators back on track with the IRS.

If you missed filing a return or two, or if you can’t pay what the IRS says you owe, give me a call and lets see what we can do to get it all sorted out. To get started call (504) 835-4213 or click here to send us a message.

Tip #1

You may qualify for up to a 20% deduction from your taxable income if your business is organized as a S Corporation, partnership, LLC, or sole proprietorship. Sorry, a C Corporation does not qualify for this new deduction.

Tip #2

New for the 2018 tax year, the like kind exchange option for trading in personal assets (tractors, trailers, pickups) is no longer available, so any gain on the disposal of these types of assets has to be reported and recognized on your tax return in the year of disposal. But don’t worry, this means you get the full basis for depreciation deductions for any new purchases going forward.

Tip #3

Pay your estimated taxes to the IRS and state only when you get paid so you will have the money available. Just because the tax authorities require at least quarterly payments, does not mean you cannot pay the taxes on a more frequent schedule. Paying the tax when you can will help you stay out of trouble with the IRS, because you never know if you’ll have the money when the payment is due. We can help you set this up!

Tip #4

Set up a retirement account for your business entity, whether it be a SEP IRA, Simple IRA, or 401(k). Pay yourself first before paying the IRS and state.

Tip #5

If you are organized as a sole proprietor or LLC and you are paying your own health insurance premiums, consider adding your spouse as an employee, so you can take a 100% deduction of your health insurance on Schedule C that will reduce your net income that is subject to self-employment tax.

Tip #6

If you ever have any issues with the IRS, don’t take them on by yourself! You wouldn’t go to court without an attorney, don’t try to represent yourself to the IRS. We represent hardworking Americans across the country that have fallen on hard times or simply made a mistake filing taxes. We understand that it doesn’t take much for paying taxes to fall way down on the priority list, but if you have a tax problem, and are ready to take care of it, give us a call or fill out the form below! You can also click here to learn more about common tax problems and how to solve them.

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