Need some advice
#1
12-08-2008, 02:27 AM
Need some advice
Hey all,
I am taking a job that pays me as an Independent Contractor and a percentage of the load. The company covers all fees such as road tax, fuel tax, provides the truck and plates and insurance and etc. I simply drive the truck and get paid a %. My question to you is this, is there any software for truckers to figure their taxes such as federal, social security, state taxes, local taxes and etc? I want to keep on them and pay them quarterly as to not get penalized for not doing so. Any information you have would be great, it is for the state of Indiana. Brent
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Romans 3:23
#2
12-08-2008, 05:10 AM
I believe you don't need to make 1/4ly playments your first year as a 1099 contractor. At tax time next year (most likely in April, 2010) your estimated payments will be based on what you did in 2009.
If you start in '08, contact a tax professional. I'm sure someone can chime in shortly with a better answer.
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Mud, sweat, and gears
#3
12-08-2008, 01:05 PM
I think Bandit's Cousin is correct. If it were me, I'd sock away a big pile of cash in an interest bearing account (such as it is nowadays :-( ) and when you file next year they will tell you what you owe. But you won't be penalized for not paying the estimated tax on the first year... the way I get it.
Good luck, hope you can make some bucks.
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"It is not the critic who counts, not the man who points out how the strong man stumbled, or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena; whose face is marred by the dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions and spends himself in a worthy course; who at the best, knows in the end the triumph of high achievement, and who, at worst, if he fails, at least fails while daring greatly; so that his place shall never be with those cold and timid souls who know neither victory or defeat." Theodore Roosevelt
#4
12-08-2008, 02:57 PM
If you want something truck related then I would check out Truckers Helper. They have a version which will calculate your taxes and pay. There are also other generic accounting packages that will also do your taxes. I believe Quick Books Pro has a payroll feature which will calculate your taxes. You could also use a spreadsheet, such as Excel to do your calculations. All you need to do is do a couple of formulas and then all you have to do is input your pay and everything is automatically calculated for you.
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