1099 tax help.

Discussion in 'Trucker Taxes and Truck Financing' started by Gearjammer79, Dec 25, 2017.

  1. Gearjammer79

    Gearjammer79 Road Train Member

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  2. Gearjammer79

    Gearjammer79 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. Gearjammer79

    Gearjammer79 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 at 4:50 PM
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  6. Steel Dragon

    Steel Dragon Road Train Member

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  7. Gearjammer79

    Gearjammer79 Road Train Member

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