Company driver 1099 help

The IRS wants their money quarterly. Most 1st time 1099 drivers don't know this. They wait, like every other W-2 employee, to file taxes in April of the next year. While doing this they learn for the first time the IRS wants thousands of dollars by April 15 PLUS A PENALTY for not paying quarterly. Whether your state charges income tax or not, has no effect on the federal IRS. It seems you have no idea what you are trying to do and the consequences of it. The IRS doesn't care if you understand the rules. Telling them you didn't know will not lessen the amount the IRS will want or give you one extra day to get that money. What you want to do is actually engage in deliberate scheme to keep money from the IRS. The IRS especially likes to make those type of people an example with harsh treatment.

 

Get an accountant who is an EA to tell you everything based on your situation. It is cheap insurance because if you get an audit, you will pay a hell of a lot more.

 

AND, just to add insult to injury, they ALSO want your first quarterly payment for the new year at the same time! So that's 5/4's of a yearly tax payment, plus penalties! There is a reason why poorly-prepared lease drivers usually fail at about 18 months....