Fellow O/O's,
what does tax time usually do for you? do you get refunds or do you wind up paying?
If you do pay taxes when you file how much do you usually pay?
I want to be mentally prepared with what to expect. Apologies if this topic has already been beating up.
Thank you.
Tax time questions
Discussion in 'Ask An Owner Operator' started by swiff, Dec 16, 2014.
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I pay anywhere from $0-16,000 every April. I always make sure that I don't get a refund, if I do the state considers that income and I have to pay tax on that.
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Okay cool thanks Oscar. Hope I don't have to pay up to $16k only made about $30k this year if even
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Yeah, the key is to end up paying just enough thru the year to meet the 90% of the previous year's tax bill to avoid any penalties. I always end up paying a little more. I would rather that than give the gooberment an interest free loan by giving them more than I have to.
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Thanks cowpie
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Just a heads up to people thinking of buying a truck. It hasn't been an easy road just did my taxes and I winded up in the negative. Negative of about $50k to be exact.
Good news is that I don't owe any taxes, bad news is that I had no profit.
So if you are thinking of buying a truck think carefully make sure you have enough saved up. I am not giving up though. My prayer is that from here on out I will recover my loses.
Most of the expenses came from truck repair, insurance cost, fuel and Tolls those things ain't cheap.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.