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| Truckers' Trucking Forum/Message Board - The Premiere Truck Driver Forum | |||||
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| Trucker Taxes Discuss taxes specifically related to truckers and the trucking industry here. Owner Operators have some hard decisions when it comes to tax time, but so do company truck drivers. Give us your hints here! STOP Uncle Sam from ravaging your wallet. |
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03.07.2009
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| 2010 Tax Time WARNING for Company Drivers Without dragging politics into it. Here's you're FIRST warning, with regard to next years tax returns. Part of the stimulus provides you with up to $13 additional money per week. This is a change in the withholding formula only. Your tax liability has not changed. If you usually owe Uncle Sam money, now is the time to go in and make the necessary changes in withholding, to insure that you don't get hit with an even bigger bill next year.
__________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________  |
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03.07.2009
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| So what you're saying is they are loaning you money . Take $13 a week and pay it back when you file next year . That's like a few years ago I got a $15,000 "bonus" depreciation deduction the year I bought a new truck . They didn't give me anything . It resulted in me being having to deduct less the next couple of years . I would have been better off not taking the bonus . |
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03.07.2009
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| . Basically...yes. They are loaning you $13 a week, with expectation you will give it back next tax filing season. Or simply get less back, when you file. Simple fix for most company drivers, will be to have an additional $13 withheld from their pay. I always have $10 extra withheld. So it will be a wash for me, pretty much.
__________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________ |
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03.07.2009
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| So that's well over $1,000 a year for a couple . If they've been getting less than that for a refund they'll end up paying in . Get the crying towels out at H&R Block next year . See how many Rapid Refund loans they do . |
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03.07.2009
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| Quote:
__________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________ |
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03.07.2009
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| We get a refund every year but it's no major event like it is for some people . It's unbelievable how many people will pay a fee to get the money a week earlier . Then if IRS finds a problem and doesn't send the money - major crisis . H&R Block wants it ALL - NOW ! |
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05.29.2009
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| This was a great tax return year for me! From what I understand tax breaks will continue into 2010. The stimulus may seem sort of like a loan, but it's not entirely a bad idea. The notion is that during the downturn, working class citizens need the cash more, and that when the good times return and the economy expands, taxpayers will be in a better position to help pay off the debt brought to you by Wall Street. |
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05.30.2009
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__________________ Insuring polititions fear that which goes bump in the night. Seek out their personal homes and family members. -- SU 83 __________________ |
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05.31.2009
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| You must have your math wrong. The stimulus was more than a $260 check...Even so, $13- a week may seem small, but it can be significant for some unemployed folks...Too bad the assets given the bankers was simply transferred to these folks. The wealth transfer or "socialism" of saving banks is worse than that of saving common folk in my book... |
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