The American Dream…I know there are many of you out there who are self-employed. You’re truck drivers or independent contractors. You don’t have employees to worry about…heck many of you work out of your vehicle. You set your own hours and the money is pretty good. But the IRS knows that your money is pretty good too, and they want a piece of it. If you don’t make sure to file your IRS return correctly they’re going to get a very big piece.
Be prepared…You guys are the bread and butter of an IRS-Hitman. The IRS can nail you for several thousand dollars in tax debt for just one year. But I’m here to give you some tips that can keep the IRS collection hounds off your tail.
Since you file a 1099 tax return you need to file every quarter, which means you have to report your income every three months. No exceptions. And I know some of you have very busy schedules and your money doesn’t come in like a regular paycheck but I can not emphasis enough how important it is to stay in compliance on your filings. One missed quarter can skyrocket into a serious debt with interest and penalties.
Keep all of your receipts! Let me say this one more time because I know you’ve heard it before…Keep all of your receipts! And here’s why. You have a gross annual income of usually about $100,000. Now after you’ve had to pay for equipment, maintenance on that equipment, gas, food, and lodging, plus any other money that goes into your business you probably only take home about $30,000-$40,000 at the end of the year.
When the IRS assesses your taxes they only see that gross income figure. If you didn’t save your receipts, then you can’t claim any of those expenses as business deductions and the IRS gets to screw you over.
An Easy Solution…I was discussing this with a friend of mine who’s a retired banking manager. She said that a good idea, especially for the self-employed business person that’s on the road; is that you should put your receipts into a bank deposit bag that you can keep with you. That way everything goes into one place that’s light and easy to carry. And no, your dashboard and passenger seat is not a good place for your receipts.
Don’t let the IRS take your money. You’ve worked hard to be your own boss.
Now you have the smoking gun…Use it!
Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He offers free advice and tips on removing wage garnishments and bank levies; and arms you with the skills to slash your tax debt: Visit at: http://irs-hitman.blogspot.com or www.taxdefensenetwork.com, or contact: email irs-hitman@taxdefensenetwork.com or 1-888-248-9058.
