If you are a company driver, you probably receive a paycheck every two weeks. From that paycheck, certain payroll taxes are withheld. These include Social Security, Medicare, as well as state and federal taxes. However, when you make the move to becoming an owner-operator, you become entirely responsible for calculating and paying your own taxes. Deciding to make the jump from life as a company driver to becoming an owner-operator is a big step. While the rewards can be great, it also comes with more responsibility. Instead of having your taxes automatically deducted, you’re now responsible for making sure they’re fully paid.
In this resource guide, learn valuable tips from the Team Run Smart Pros and staff including:
- Self-Employment tax
- Avoiding tax scams
- What to do if you owe the IRS
- Estimated tax payments
Continue reading to learn more...