1099 independent contractor truck driving

[Cheryj48]

How do I know how much I will have to pay back in taxes before it’s time to due taxes ? I had to pay 8,000 in taxes last year and I was so upset because I felt like I just gave money away instead of buying things I needed to make my life easier on the road but instead I was being cheap . This year I want to be an able to buy everything I know I will need and can write off for trucking at end of year before tax time . 

[Katie-P]

Hi @Cheryj48!

Thanks for participating in our event today! I'd be happy to help with your question.

Sounds like 2022 was not what you had hoped for in terms of a tax outcome! I'm sorry about that, but I applaud your decision to look ahead at the future to avoid any unpleasant surprises in the future. Here's what I'd like to suggest:

• Do you keep track of your income and expenses for your business? If so, I recommend that you use our TaxCastor calculator to see where you might land for 2023. Note that the calculator is currently pointed to the 2022 tax year, since people are still filing their 2022 returns. But you can still use it to estimate your 2023 taxes. 
• If you are seeing that you will owe, and you haven't made any estimated tax payments for 2023 yet, I suggest you make a payment as soon as possible. Here is a resource on making those estimated tax payments: Estimated Taxes 
• Here is a TurboTax resource specific to Truck Drivers: What You Need To Know About Truck Driver Tax Deductions 

I hope this information is helpful, @Cheryj48! I'll stay tuned in case you have a follow-up question. In the meantime, keep on truckin'! Sorry, had to throw that one in for you. Cheers!