Disclaimer: the article below is for informational purposes only. Make sure you talk to a tax professional for advice that fits your particular situation.
Tax season is a time that many of us dread, and it is upon us yet again. If this is your first year as an owner-operator, it may seem particularly overwhelming as you are looking at a major change from when you were a company employee. Instead of taxes being taken automatically from your paycheck, you now have the daunting task of calculating and paying taxes to both State and Federal agencies yourself. And if this isn’t your first rodeo, you may still not be looking forward to gathering the necessary information to prepare your 2020 taxes.
But never fear; we have prepared some quick tips for helping this process go smoothly for both new and veteran owner operators.