We recognized a growing problem... My team at Tax Defense Network has noticed over the years that owner-operators are often stuck with huge tax problems due to not having the time every year to personally make sure that their tax returns are as accurate as possible. Because of the incredible fuel costs and other expenses that these people face, not recording all of their deductions can cause the IRS to believe that they are making several times more than their actual take-home income. When the IRS files for an owner-operator, they do it in the following fashion:
-No deductions are used. That means no fuel, food, repair, or lodging expenses. -No credits are used, even if you qualify for tax cuts like the Earned Income Credit.
-No dependents are documented. 12 hungry mouths to feed at home won't matter.
-You will be taxed at the highest possible tax rate.
This means that you will be taxed as if you were Bill Gates. The IRS will expect 35% of what you made before it was all spent on keeping your truck on the road. That’s more than double what the average taxpayer is required to pay.
So we came up with a plan...We realized that we needed to seriously focus on the problems that owner-operators are facing. So, we have created an in-house department intended solely to prepare and file overdue tax returns as well replace incorrectly filed returns. We have even employed tax consultants with CDL training. In addition to this, we have partnered with the Owner-Operator Independent Drivers Assocation (OOIDA) to offer truck drivers a $500 discount on legal services they may require. You can read more about this discount on the Tax Defense Network site. Tax Defense Network has published a press release explaining the details of what the new department has to offer owner-operators in need.
I have to say, it feels great knowing that owner-operators will getting my team’s specialized help. These people have a lonely and exhausting job that they get very little recognition for. They are basically running a business completely by themselves with little to no help managing their finances. If you are an owner-operator looking for tax help, I would definitely look into this. You could save yourself a great deal of money in legal fees, as well as get help from specialists in your area of tax problems. I don’t think it can get any better than that. Here’s hoping that this partnership brings about a stress-free 2012 for those traveling the roads to provide for the rest of us!