Fuel for Thought
Tax Time
Tax time is upon us yet again. Tomorrow is this year’s deadline to either file your taxes or file for an extension. Don’t let that last one fool you, even if you file for an extension, if you owe taxes, you will still need to pay them when you file for the extension or be subject to penalties and interest for the taxes owed.
Hopefully, you have already filed your taxes for 2018 and April 15, 2019 is no big deal.
For the self employed, April 15 is also when estimated taxes are due.
While there are many truckers who do their own taxes, either pen and paper, online or with the use of tax software, a good tax preparer that is experienced with transportation workers (truckers) taxes, will prove invaluable. Their knowledge and experience can limit your tax liabilities by applying the proper deductions allowed to you. Conversely, if you do your own taxes, you may be leaving out some deductions that will save your profits.
Along with a good tax preparer, don’t discount the value of a good CPA.
Tax laws are always changing, keep current as to what you can and cannot deduct and try your best to keep all your records and receipts organized. It will lessen the April 15th stress level considerably.
Below are a couple of useful links, they also show just how confusing some of the tax laws are and why a knowledgeable CPA is important.
See you down the road,
Greg