tax question

Discussion in 'Trucker Taxes and Truck Financing' started by truckerjoe06, Oct 28, 2014.

  1. truckerjoe06

    truckerjoe06 Light Load Member

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    Just out of curiosity if your not able to pay the full amount of your taxes will the IRS work with you on making payments? I'm about to set up an account with ATBS asap I'm not even sure what my taxes will be for this year is yet. Cause of the wife and her spending habbits I don't have any money saved up right now.
     
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  3. G/MAN

    G/MAN Road Train Member

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    They will usually work with you to resolve tax problems. Your tax person might help with working out a payment schedule. If your wife has a spending problem, you might want to get a separate bank account for your business where only you have access to the funds. You could then pay yourself a salary and give her a fixed amount to spend each month. If it is a major problem there is a program written by Dave Ramsey which helps couples and individuals to control spending and get out of debt. He has helped countless people over the years. I think it is called Financial Peace. It comes with a workbook.
     
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  4. Scooter Jones

    Scooter Jones Road Train Member

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    You should be setting aside at least 25% of income to cover yourself for potential tax liability. You should also be sending it in quarterly. Getting into trouble with the IRS and State is no fun. I highly recommend seeing an accountant ASAP and coming up with a strategy to avoid getting yourself into hot water.
     
  5. orangepicker

    orangepicker Road Train Member

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    yes, their a from you send in when you file your taxes. in 2012 i owned more then i could pay they charged me a account setup fee of $105 plus interest and penalties every month. you'll get a monthly statement in the mail..if you miss a payment i think in said something about your first born child....i'm mailing my last payment this month for my 2012 taxes... [FONT=arial, sans-serif][/FONT]
     
  6. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    G/MAN is correct. You should set up a business account. Pay everything, including yourself from there. I got into trouble like you some years back. Had to pay penalties and interest but the KGB, I mean IRS was easy to work with. Do not ignore letters from them They will not go away.
     
  7. mtoo

    mtoo Road Train Member

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    25% of gross, Ouch!!! If I run 100,000 miles at $1.80 that's $180,000, 25% is $45,000. That's very high for the average O'O
    If you set aside 25%, you will be very comfortable come tax time. ( I quit dealing with state taxes 10 years ago, advantage of moving to Tn.)

    This is what is cool about this forum, Education!

    Get an accountant, read IRS publications, read books. That way, you keep on top of your accountant. An accountant can make honest mistakes. He can also be incompetent. He can also be to liberal or conservative with gray areas, for your comfort level.

    To the OP, you need to keep your wife separate from the truck money. I agree with the one that mentioned Dave Ramsey, You and your should read some of his books.

    With the IRS, be proactive.
     
  8. Scooter Jones

    Scooter Jones Road Train Member

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    Of course I don't mean 25% of gross revenue.

    If someone takes an average draw for example of 4k a month out of their business account and doesn't set aside at least a thousand dollars on that 4k draw every month they take that draw for SE tax, federal income tax and State income tax if they live in a State with income taxes, then they are asking for trouble.
     
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  9. Bankrobba99

    Bankrobba99 Bobtail Member

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    Yes, IRS will work with you....my case they gave me 4 months to pay, no monthly payments just a deadline.....penalties and interest still applied during that time iirc, maybe they stopped the penalty part,can't remember for sure. Relatively small sum 2400$.

    Definately reign in the wife as stated...cut off access to funds....put her on a budget....maybey put her to work so she will see how hard money is to come by etc.
     
  10. Freddy57

    Freddy57 Road Train Member

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    I owed money to the IRS once, I can tell you that I will never let that happen again. It's kind of like owing your soul to the devil...only worse!
     
  11. truckerjoe06

    truckerjoe06 Light Load Member

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    Venus, Tx
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    I'm going company driver and switching to ltl division with ffe once I get my first pay check with them I'm callin up atbs and setting up an account with them
     
    Last edited: Nov 1, 2014
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