Organizing Your OTR Driver Expenses for the IRS
Not filing your income tax return can get you into serious trouble with the IRS. If you don't file for one year the odds are you are not going to file for the next year, the next year, and so on. Suddenly, you haven't filed for several years, and now you are afraid to contact the IRS and resolve this.
It is best to file the omitted returns before the IRS contacts you. Even if you cannot pay back taxes, filing is much better than not filing. Once you have filed your past due returns, the IRS will gladly set up payment options for you. You just might find that they are surprisingly lenient; they'd rather you be proactive and contact them then the other way around.
You may be successful in getting penalties waived if you have valid reasons for not filing your returns. However, the interest cannot be waived and you will have to pay that.
Are Your Receipts Everywhere But Where They Should Be?
When you are on the road for long periods of time, the lifestyle is not conducive to keeping receipts and records organized for necessary (and unnecessary items), like gas, snacks, bottled water, tolls, maybe a mini refrigerator or small cooker. But there is a solution and we hope you will take advantage of it. An OTR trucker worksheet is available at our website designed specifically as a way for OTR truckers to log and record expenses and have a record at the end of the year of expenses, per category.