Did you know that many drivers fail to file taxes? “I don’t know what the percentage is but it’s absolutely massive on drivers who don’t file at all,” said Jim O’Donnell, CEO and founder of Trucker Tax Service. Who knows how many small fleet owners or owner operators are in that same boat. Avoiding your taxes is a really bad plan.
It’s true, the season has a way of sneaking up on all of us. We’re so busy with the start of a new year that we overlook the importance of gathering the necessary tax documents, and of course, filing our final returns.
Carriers and drivers don’t have any time to delay, as the April 18 filing deadline is closing in fast. Here’s a quick reminder from the IRS:
“The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017.”
Although you’re not excited about filing, it’s something you need to do. The sooner you put this in the past the sooner you can focus all your time and attention on managing and growing your business.
Top Resources for Getting Started
As unfortunate as it may be, a lot of people have plenty to learn when it comes to filing their taxes. As a result, they fall into the trap of thinking that it’s okay to avoid this altogether. The same holds true among companies that believe this to be too expensive and/or difficult. There are many ways to tackle any challenge, and taxes are no different.
Forgetting to file your taxes could cost you quite a bit of money in penalties and interest. Just avoid it.
Here are several high quality resources to help you get started when filing taxes:
As the official IRS website, it’s here that you will find information on everything from filing dates to refunds to credits and deductions.
Take the time to scour this resource for answers to all your questions. Upon completion, you’ll have a better idea of where things stand in regards to your company’s tax situation.
For high level tax information and advice, this is a website that you’ll want to visit regularly.
For instance, its “News & Insights” section is full of details related to recent changes. You never know when you’ll come across a tidbit that changes your approach, saves you money, or helps you avoid a major headache.
3. H&R Block
Many people think of H&R Block as a company that provides tax assistance to individuals. While this may be its “bread and butter,” the company also has many years of experience working with small business owners.
For example, the company provides a “Small Business Tax Prep Checklist.” With this by your side, you’ll know exactly what information you need in order to file your final return.
There is no denying it: we’re smack dab in the middle of tax season.
If you’ve already filed your final returns, you don’t have anything to worry about. Instead, you can move onto the 2017 tax year.
Conversely, if you’ve yet to take care of your taxes for 2016, now is the time to do so. With the resources above, you can learn more about your situation and receive the guidance required to file your returns with confidence.
Once you know what to expect, once you know which steps to take, you’ll never run into the same challenges in the future. Instead, you’ll know exactly what you should be doing throughout the year and when tax season rolls around.