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so how much did u owe????

Discussion in 'Trucker Taxes and Truck Financing' started by coole99, Mar 8, 2011.

  1. Mar 8, 2011 #1
    coole99

    coole99 Bobtail Member

    32
    5
    Feb 26, 2008
    Pittsburgh, Pa
    0
    i'm a first year o/o and i was wondering what to expect this tax season. don't know if i'm gonna owe or break even or even get a refund. so i was just wondering how some of your first years were. did u owe or get a refund, if so was it alot? thanks alot!!
     
    Last edited: Mar 8, 2011
    coole99, Mar 8, 2011
    coole99, Mar 8, 2011
    #1
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  3. Mar 12, 2011 #2
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

    10,379
    11,218
    May 28, 2009
    Rancho Mirage, Ca.
    0
    I had a great CPA tax guy, and broke even the 2 years I was an O/O the last time.
     
    Allow Me., Mar 12, 2011
    Allow Me., Mar 12, 2011
    #2
  4. Mar 12, 2011 #3
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,979
    Apr 4, 2007
    0
    I am too busy doing others returns and making runs to even work on mine.

    Looks like it might be July before I get to it.
     
    Roadmedic, Mar 12, 2011
    Roadmedic, Mar 12, 2011
    #3
  5. Mar 13, 2011 #4
    CondoCruiser

    CondoCruiser The Legend

    19,726
    18,731
    Apr 18, 2010
    Tennessee
    0
    Depends if you paid in or not. Have you been making quarterly deposits? It's hard to not pay anything when you make $50K.
     
    CondoCruiser, Mar 13, 2011
    CondoCruiser, Mar 13, 2011
    #4
  7. Mar 13, 2011 #5
    Rusty50484

    Rusty50484 Light Load Member

    127
    104
    Dec 25, 2009
    Northern Iowa
    0
    Thanks to a change in the way health insurance premiums are deducted (they now come off the top, so SS/Mediscare tax liability is reduced as well as income tax) I get a refund for the first time in 17 years. Not that I'll see a check, but the check I have to stroke for the 1st quarter is 1/4 of what it would have been, plus no second check for the balance of last year.
     
    Rusty50484, Mar 13, 2011
    Rusty50484, Mar 13, 2011
    #5
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