Fedex Overtime Lawsuit Lawyer

Tax Issues to Remember if you Drive for Fedex

If you've become aware of the enormous controversy that surrounds Fedex and their drivers, who have been classified as independent contractors, then you probably need to take a long look at all of the issues that surround such a classification. Given all the lawsuits that have been filed, the administrative decisions that have been made and the general direction in which this issue appears to be headed, a gambler could reasonably predict that this classification will change.

However, no one should ever gamble in any respect when it comes to taxes, as the last entity you want to go toe-to-toe with is the IRS. Therefore, the prudent course of action until or if this issue is decided is to take the proper precautions to make sure that if the Fedex drivers are ultimately classified as employees, it will only be a surprise benefit and not an enormous relief. Below are a few things to keep in mind as you continue to work as an independent contractor.

Find a Tax Accountant

If you're going to be filing your tax return as an independent contractor, you need to make sure that you have a tax professional working for you who will be able to help you make those decisions during the year that may seem small but have huge consequences when it's time to file your return. A good accountant can save you thousands of dollars in unnecessary tax payments, so it's worth the investment.

Keep Track of All Expenses

Regardless of what you spend your money on - gas, cell phone, etc. - make sure that you keep receipts of every dime you spend that could even loosely be associated with your Fedex driving job. That doesn't mean that all of those expenses will be deducted from your return, but it's better to bring your receipts to your accountant and have him or her tell you what can and cannot be deducted as opposed to having to frantically search for receipts from months earlier.

Stay Organized

It's easy to take a receipt from a cashier, stick it in your pocket and forget about it. It's also easy to take a slew of receipts and toss them into some sort of jar that serves as your "files." Instead, get a selection of manila folders and label each of them for the type of expense it covers. For instance, "gas," "food," "cell phone," "truck repairs" and "entertainment" could be examples. It'll make it a lot easier to total your expenses at the end of the year.

Finally, you should also get in touch with the Fedex overtime attorneys at The Firm immediately to make sure that you're aware of your legal rights in relation to this issue.