Do yall pay every year?

Look at it this way, anybody who gets back a ton of money has overpaid, and has given the government a loan interest free. If you pay in, then you have not overpaid them during the course of the year. Where would you rather keep your money? Yourself, or let the government use it for free?

 

I usually get a refund.

Since I am self employed, my income fluctuates as well as my expenses. Every once in a while, I end up paying a small amount.


Spending over 20 years in tax accounting is also a plus.

 

One question I have is if you are paying your employee driver properly.
If you are paying him as an employee, taking all taxes out, paying SSI etc on him.
If you are doing that then you can deduct all pay you are paying him. Also make sure you deduct everything you can, and make sure that your tax lady really knows trucking.
If they are not a specialized truck accountant then they are probably doing it wrong.
Plus since all your tax is being paid in with quarterly payments it is possible that you are not paying in as large a percentage of your gross as you should be.

 

I agree and taxes are touchy, including the August 1 one. I hate it because we paid roadtax. You should deduct as much next yr as you paid in this yr. then you may break even or at least have a lower tax bill. Be sure a keep every receipt for drinks, clothes, anything you can dream of that you use in your work. It's all deductable.

 

Go to the OOIDA and find a good bookie.

 

Don't call me, because what you are doing with the drivers is not legal.

 

If your deducting all that in expenses, and still paying those BIG payments. Get another accountant. At the very least, have another one take a look at a past return, and see if there is anything that might have been missed or done wrong.

 

Why wouldn't that be legal??? He's paying the driver as though the driver is a sub contractor using this mans equipment....