1099 tax help.

Discussion in 'Trucker Taxes and Truck Financing' started by Oldironfan, Dec 25, 2017.

  1. Oldironfan

    Oldironfan Road Train Member

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  2. Oldironfan

    Oldironfan Road Train Member

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  3. justa_driver

    justa_driver Heavy Load Member

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    He's right, you will have to pay All of your Social Security Taxes (15.3%) Thats part of the reason you are on 1099- so the company wont have to pay their part of your Social Security Taxes. They are treating you as an independent contractor so you will be responsible for All Taxes.
     
    Last edited: Dec 26, 2017
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  4. Oldironfan

    Oldironfan Road Train Member

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    I was a w2 75% of 2017. So here is a twist. If I have a project truck at home should I be able to deduct money I use to repair it, with receipts for parts and labor. If so should I wait until 2018.
     
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  5. justa_driver

    justa_driver Heavy Load Member

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    That is a twist. Think Ill leave that for someone with more knowledge on that particular type of situation? It would seem to me that you couldnt take the deductions unless you were using the truck in your business? Maybe someone else can give you a more specific answer? If you did use it in 2017, then I dont see why you couldnt? It would probably be best to consult a real good trucking tax specialist on that. I would hate to mislead you?
     
    Last edited: Jan 19, 2018
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  6. Steel Dragon

    Steel Dragon Road Train Member

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  7. Oldironfan

    Oldironfan Road Train Member

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    It's 2018 now. And it's not a hobby rig.
     
  8. Jmans

    Jmans Light Load Member

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    Yes
     
    Last edited: Jan 24, 2018
  9. Jmans

    Jmans Light Load Member

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    Get an accountant.
     
    Last edited: Jan 24, 2018
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  10. WildTxn

    WildTxn Light Load Member

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    If you made any money with it in 2017, over a certain threshold needed to file the Sched. C, you could. If you are doing a glider or major rebuild, you just need to be careful with how you designate what parts could be considered as capital and what is an operational expense, and then what capital is depreciated, and what is section 179'd. Also, if you got a Fed ID No. in 2017, or got a local sales tax No. in 2017, or filed any type of state document officially setting up a business for your truck, you may be able to file C and claim business expenses even if you have not yet made any money with the truck. After all, a semi tractor is not a piece of property that is normally purchased for personal purposes such as a hobby, you do "intend" to use it in business, and that is exactly what the expenses are actually being used for. You would show a loss, and that would be transferred to your 1040 and get you some legitimately due tax relief for your expenses.
     
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