Tax time questions

Discussion in 'Ask An Owner Operator' started by swiff, Dec 16, 2014.

  1. swiff

    swiff Light Load Member

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    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.
     
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  3. Oscar the KW

    Oscar the KW Going Tarpless

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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.
     
  4. swiff

    swiff Light Load Member

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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
     
  5. Cowpie1

    Cowpie1 Road Train Member

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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.
     
  6. swiff

    swiff Light Load Member

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    Thanks cowpie
     
  7. Oscar the KW

    Oscar the KW Going Tarpless

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    If you netted $30,000 then you shouldn't have more than a $7k tax liability, if you paid your quarterly estimates then you won't even have that.
     
  8. swiff

    swiff Light Load Member

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    Apr 22, 2014
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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.
     
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