Tuesday, 5 February 2019

What You Need to Know About IRS Form 1040 in 2019!

What You Need to Know About IRS Form 1040 in 2019!

How Do I Fill Out an IRS Form 1040 in 2019?

The average trucker salary in 2019 is roughly $40,000 a year. At TruckLogics, we know that number isn’t enough for most truckers to get by. That’s why we’re here to help you get ahead of your taxes and save some money for the year! Fortunately for you, TruckLogics is here to help! 

With TruckLogics, reports are a great way to take all of your business data and organize it in concise & convenient reports. We make it easy to access full reports and see how they keep track of your trucking business all year long. When tax time comes around, you won't have to sort through a mountain of paperwork - use it as a lead throughout the next several weeks.

The IRS Form 1040 is the standard federal income tax form used to report an individual’s gross yearly income: ie, the money you made over the past year—and how much of that income is taxable after credits, deductions, and personal exemptions. If you don’t know what you're doing, the IRS 1040 tax form can seem confusing and overwhelming, but luckily for you, TruckLogics is here to make it easier! But first of all, who needs to file an IRS Form 1040? You have to file this form if you meet any of the following qualifications - 
  • You earned self-employment income greater than $400
  • You earned income in a partnership, as a shareholder in an S corporation, or as a beneficiary of a trust
  • You want to use itemized deductions. 
If you’ve done any one of the following, you have to file a 1040 Form for 2019!

What You Need to Know About IRS Form 1040 in 2019!
Filling Out Your Personal Information

The 1040 form asks you for your basic personal information - including your name, address, social security number. You will also be asked your filing status. Are you single? Are you married? And if so, are you filing your joint taxes separately? There are many factors to take into account. If you can't get your information gathered by the April 15th deadline, you will have to file for a tax extension


IRS Form 1040 Exemptions & Expenses

The next part of your IRS 1040 form covers tax exemptions. You are typically entitled to one exemption for yourself, your spouse, each of your dependents. Once you’ve filled in the required information, just add up the total number of claimed exemptions.

However, you can also deduct annual expenses from your trucking trips, including but not limited to:
  • Fuel & Oil Expenses 
  • Truck Repairs
  • Tires
  • Cleaning fees
  • Insurance fees
  • Log books
  • Lumber fees
  • Business-related phone bills
  • License fees for trucks or trailers
  • Interest paid on loan for truck or trailers

Luckily for you, the 1040 Tax Form was just reduced from 79 lines to 23, making it infinitely easier to fill out. However, if you still need help, be sure to check out our partners at TruckerTaxService. They’ll help you file all of your tax forms for 2019! Don't forget to see if you're eligible to file for a tax refund this year! 

Check out TruckLogics!

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