Closing the year in three months...

Discussion in 'Ask An Owner Operator' started by Beaver9, Sep 25, 2020.

  1. Beaver9

    Beaver9 Light Load Member

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    This is the first time I'm going to do taxes as the owner operator. My question is do you wait for any paperwork, W9s to do your taxes? Does each broker send one? And does each shipper send one? I just don't want to ask brokers and shippers?
     
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  3. Cattleman84

    Cattleman84 Road Train Member

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    Get an accountant or tax preparer.
     
  4. Beaver9

    Beaver9 Light Load Member

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    Yes, I will get the accountant. I just want to know if brokers/shippers send you any kind of statements?
     
  5. Cattleman84

    Cattleman84 Road Train Member

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    I'm not an O/O so I'm not 100%... But I believe that anyone that paid you for a service is required to provide you with a 1099.
     
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  6. lester

    lester Road Train Member

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    Nah some do some don't. Main company I work with I was over 6 figures with didn't. Have some farmers send me one for a few k
     
  7. Rontonio

    Rontonio Road Train Member

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    you should get 1099’s from any broker or direct customer you did work for during the year. That being said you won’t get about 60-70% of them if you did a lot work with a bunch of small brokers. The deadline for them send them to you is toward the end of January. Also, you should receive 1099 notice of interest paid from your lenders if you have equipment financed.

    you and your accountant will base your income on what you billed (if you an are accrual basis) or what actually collected (if you are a cash basis). your accountant will help you through this. The better your records are both for income and expenses the better you can do on your taxes.
     
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  8. Midwest Trucker

    Midwest Trucker Road Train Member

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    Seems like about 1 out of every 3 do.
     
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  9. Scooter Jones

    Scooter Jones Road Train Member

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  10. Siinman

    Siinman Medium Load Member

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    Some will send 1099's to you and others will send a link. Some will also not send anything and you just look at year end on the websites. I make sure all my stuff aligns from quickbooks and if missing any look up the info to that company online and add it in. Pretty easy if you do your own books.
     
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  11. Rubber duck kw

    Rubber duck kw Road Train Member

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    I've been told you should be able to show a 1099 for anything over like 600 bucks. Ideally you should get a 1099 for every load but some people can't be bothered to send them out.
     
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