1099 Tax question: Expenses

I probably will if they don't return my $1,500 escrow.

 

I've been on 1099 for 10 yrs and when recently I switched to W2 I realized how bad truckers are treated now in terms of taxation. 1099 more money, less taxes, you control where to go and how long, you control your home time. You can buy occupational insurance, so you dont need workcomp from employer. W2 is just slavery for less money. Their "benefits" is just a joke. You will have to pay for everything.
Difference this year. W2 - 22% taxes. 1099 - 13%.

 

Owner operator or company driver?

 

Company

 

If you truly are a company driver, then you cannot legally be on a 1099. They may pay you on a 1099 but it’s not legal.

 

I was always technically leasing truck from them.

 

Ok, I had a similar setup a few years back.

 

Well, this is a lie, because SS/FICA is 15% alone on a 1099. And that isnt even counting fed/state taxes...

 

I have my own Inc. So I'm making W2 for myself and pay my W2 taxes from my salary. I have paid 13% taxes from my gross income.

 

Then your COMPANY paid the OTHER 7.5%... which would be YOU right? LOL /SMH


So you paid the same taxes, no insurance, no paid time off (sick days/vacation, ect). And tell everyone you saved a ton on taxes. heh...