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[Video] How to File Taxes as a Truck Driver: Tips and Tricks to Make Taxes a Breeze
Samantha joined the Anderson Trucking Family in November of 2012 as a specialized driver manager and managed a fleet of mixed company and contractor drivers. In the spring of 2014, she transitioned to the driver administration department and began working in contractor services. While in contractor services, Samantha familiarized herself with all processes, procedures and information in regards to driver contracts, pay and settlements. She is currently the operations support manager and oversees both the contractor services department as well as the driver settlement department and leads both of her teams to ensure our drivers receive the highest level of service required to help navigate their accounts and settlements on a daily basis.
Filing your taxes each year is essential, even if it can seem confusing or intimidating. Failing to file your taxes or doing it incorrectly can lead to major issues that won't ever go away. As a working adult, it's important to keep yourself organized all year and get help from professionals to make the process easier.
If you're a company driver, you're considered an employee of the trucking company. State and federal taxes are taken out of your paychecks, along with federally mandated expenses like Medicare and Social Security. You'll file taxes with a W-2 form provided by your employer. If you're an independent contractor, you won't have taxes taken out of your checks and you'll file taxes with a 1099 form provided by the companies you contract with.
To successfully file your taxes as a company driver, you need to know what you're withholding on your tax forms and keep them updated. Monitor your pay stubs throughout the year and be aware of your potential deductions. Determine your tax bracket and establish a threshold income for when you'll seek professional help. Independent contractors should keep a record of every penny they spend on the road and document their purchases. Deductions can add up, so it's important to save all receipts and keep them organized. If you're filing as a sole proprietor, establish a threshold for when it's time to get professional tax help and keep receipts for items you're spending money on.
These 10 tips will help you run a successful trucking business.