1099 OTR Tax Prep

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{"text":"New to the 1099 OTR tax game. If anyone knows when and how drivers like myself should submit their taxes, as well as what I should keep track of, please comment below. (Get a tax professional, is a great answer but I want to learn how to do this my self) I will also be posting what I learn and how I went about implementing the knowledge obtained from this post. Eager to hear from this community. Thanks in advance.\n\nDay 9 OTR","videos":"[]","link":"{}","pics":"[]","canComment":true,"externalShare":false}

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{"replyTo":"","text":"Honestly its better to leave taxes to the professionals.  Because they are more up to date on tax changes.  Always get receipts for everything.","replyToPid":0}

936953

{"replyTo":"","text":"Filing deadline is generally April 15. You should be sending Estimated tax payments quarterly, if not you will end up pay around $500 extra in penalties. Keep all receipts for all business expenses. If that lot Iizard gives a receipt keep it. It’s money in minus money out (in simplistic terms), what’s leftover is your profit. \n     Remember you tax liability will be greater than when you were an employee. One of the major difference is you social security taxes. You don’t see it in your paycheck as an employee, but whatever SS taxes are taken from your weekly check. Your employer is responsible for and equal payment of what you paid. When your a big 1099 owner op, now your the employer! And responsible  for those extra taxes. \n     Definitely seek professional guidance. General rule of thumb ( depending on who you talk to) if you make more than $35,000 adjusted gross income, it may be beneficial to form an S Corporation.","replyToPid":0}

59424

{"replyTo":"","text":"Davis Tax Services in Lake City FL \n\n(386)7524576","replyToPid":0}

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{"replyTo":"

766797 发表于 2020-12-15 23:50:59 💵💲💶‼️👍👍👍

","text":"Find a good cpa in your town asking around so you can get the help you need ","replyToPid":411004}