We understand the unique financial challenges you face as an owner-operator truck driver. To maximize your take-home pay, you’ll need to accurately estimate your annual income at any time throughout the year.
For an over-the-road (OTR) driver, that can be downright impossible, especially if you’re working several contract jobs: A big month or a slow stretch can affect your estimated income wildly, and those things happen all the time.
The RoamHR App takes the crazy guesswork out of the process, offering real-time estimates of your annual income every day and with every paycheck. It turns the impossible into the automatic.
That’s why we’ve put together the following pieces of expert advice, which will demystify your tax situation and kick your take-home pay into high gear.
- Streamline all your expenses, revenue, and taxes
Whether you use a spreadsheet, a filing cabinet, or your glove compartment, keeping track of all your paperwork can be a full-time job. The problem is, you’ve already got a full-time job!
Every year, you probably have a stack of 1099s, a stack of invoices, and a stack of concerns regarding whether you’re filing your taxes correctly. Centralizing all that stuff in a single place can give you the peace of mind you need to stay on top of things. Start simplifying your finances today with RoamHR.
- Dominate your deductions
When it comes time to pay the IRS, deductible expenses are like magic. They’ll significantly ease your tax burden, but the hardest part is knowing where to start.
Don’t feel bad about not knowing what you can and can’t deduct from your tax obligations. Honestly, most people have the same confusion and the same big questions.
That’s why we put together a checklist of the write-offs you shouldn’t miss, from vehicle financing to fuel costs. It’s a practical plan for maximizing your savings, and it gets better: The RoamHR app keeps track of work-related deductibles with ease. Our app helps keep your mind worry-free and your eyes on the financial road ahead.
- File quarterly taxes to save a truckload
Filing taxes is a pain, but at least you only have to do it once a year, right? Well, you’re probably leaving a big chunk of money on the table if you only do it annually. That’s because taxes work differently for truck drivers — and any worker that receives one or more Form 1099 Misc.
By paying estimated quarterly taxes every January, April, June, and September, you can put a lot more money in your pocket. In fact, you may pay costly penalties when you only file taxes once a year: The penalty is up to 6% every month, with additional penalties for late-payments and underpayments.
Knowing when to pay taxes and what you can deduct is very useful. You’ll also need to make sure you have enough money set aside to cover your tax obligations four times a year. However, the life of a trucker is unpredictable: There are so many ups and downs in terms of payments, and life surprises that may affect your bank account at any given time.
Once you understand how to maximize your money by taming your taxes, you’ll understand why you’ll want the RoamHR app riding shotgun. RoamHR gives you a dedicated and secure tax savings account that recommends the right amount of money to save with each paycheck. You can even automate the process directly from your phone! Learn more about how the RoamHR App can take the hassle out of managing expenses, saving for quarterlies and more.
To put it bluntly, RoamHR is the ultimate financial platform for anyone who spends their working days on the open road. It’ll solve all your biggest tax challenges with ease. Get your free, 30-day trial of RoamHR here.