Will my factoring company sent me a 1099 Tax Form

You estimate what your taxes will be for this year and divide by four (4)

 

You need to talk to an accountant. Try to find one with experience in dealing with trucking. They'll tell you how to stay current on your taxes.
Whatever you do, don't fail to pay or fall behind in your tax payments.. The penalties will sink you.

 

You need to find a knowledgeable accountant very quickly. They will tell you what information you need to save for calculating and reporting your taxes. April 15th is rapidly approaching.

 

M

 

Factoring companies are a clearinghouse (financiers)and not the actual payer of services or products. The 1099 should come from your brokers. There is a way of calling the IRS and finding.out how much has been reported regarding 1099 on ypur account . It really easier to just add up your deposits in the bank statements.

 

Be careful with website accountants. Not all situations are the same. If you loose money and you are a s corp. You may not have to pay quarterly. But the best advice is to sit down with an accountant early.in the year and plan accordingly.

 

Some brokers i deal with dont send 1099s either.
But, when they send settlement sheets if you ask their accountant they’ll add YTD payout.

or get a software like truckingoffice to keep up with your loads/factor fee.
Try to phase out factors, its quicker pay but 2.5% don’t sound like much, until yiu talk big bucks. $200,000 x 2.5 $5,000/year.

 

TruckingOffice Official | Trucking Management Solutions | Free Trial

Used to give 30 day free trial.
May help you out on paperwork and yiu can create invoices quick snd easy.

I get nothing for this.
But I do use it.