Taxes and death, as people say, are the only inevitable things. As a truck driver spending so much time on the road, this vital exercise might slip your mind. Though understandable, this attracts hefty penalties. It is hence essential to get a solution to ensure your taxes are filed correctly and on time.
Contracting this service to a company that deals with tax services for truck drivers is your best option to avoiding penalties. There are various forms the firm will help you file with the most common being Form 1040. Here are the various categories of Form 1040.
This is the standard form for reporting your gross income including property, services, goods, and money. It is also called a long form and allows truckers to claim various tax credits, adjust their income, and itemize their deductions. Though it is extensive, it gives you the opportunity to lower your tax bills significantly.
This is the medium form. It is used to report your income and calculate taxes. Form 1040A is called the medium form since this is a two-page version of form 1040. Though it covers more items compared to form 1040EZ and takes a shorter time to process compared to form 1040, you cannot detail all your tax credits and deductions on this form. For truck drivers aiming to maximize their deductions, therefore, this might not be the best option.
This is a short form intended for truckers with no dependents and a taxable income less than $100,000. It is very straightforward to fill, and its processing takes the least amount of time. You, however, will not benefit from tax credits and deductions.
Truck drivers have some of the highest tax deductions and credits. To benefit from them, you need to have evidence attached to the above forms. Your receipts will be the evidence needed to claim truck tax benefits and deductions.