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Your tax return is your peace of mind

Your tax return is your peace of mind

The audits launched by the Internal Revenue Service everyday are more aggressive especially towards those who have self-employed work, and truckers are no exception. Therefore, it is of the utmost importance to make adequate and important decisions that provide us with the emotional tranquility.

The subject related to the audits carried out by the IRS against our trucker friends has been mentioned many times and it is well worth noting that it is essential to know that there are always consequences for the decisions we make at the beginning of a process. Let`s say this decision is the one we make when it comes time to do our tax report.

This seems to be one of the decisions that apparently doesn`t matter much. Be careful, let`s not take it so lightly. While it is true that there are thousands of tax preparers throughout the country, it may be that not all of them have the necessary skills, nor are they effective to help you in your case.

Next, I present the story of a fellow truck driver, whom we will call Pedro Pérez and who was a victim of the aforementioned.

Pedro Pérez, like any truck driver, begins his career with many plans and dreams of growing his business and gradually adding more equipment and hiring staff and giving job opportunities to more drivers. He had just added two units to his business and showed good prospects for success.

Two years later, the IRS sends him a notice that the IRS is trying to review his first year of taxes of his trucking business. Due to language barriers, Pedro does not reply to such correspondence and as a consequence the IRS sent to him a 90-day letter including a large amount of calculated taxes. This means that he, Pedro, has 90 days to petition the Supreme Court and present his arguments and evidence to dispute what the IRS calculated in taxes.

You are probably wondering the reasons that caused the IRS to make the decision to investigate Pedro, right? There are two reasons: First, the person who prepared the tax report did not include the preparer`s information. And second, the expenses shown in the report were excessive and without logic. Yes, Pedro made the bad decision to hire an unregistered preparer.

However, for the second year our friend hired another preparer recommended by his friends and again the IRS chose to review this report. Pedro, asked this preparer to represent him in this problem before the IRS and this preparer due to lack of experience in litigating tax problems further complicated the case.

The consequences of your decisions in something so elementary can cause a lot of damage and complicate your peace of mind.

Taxes at the Wheel


Edic.: 160
Autor: Gustavo Nuñez
Date: 11/2020