Simple tax question - Truckers' Trucking Forum

starry · **^ Top** #1 03.04.2008

Hello

I have a simple question about taxes. We are planning to get an accountant but my question is when you pay quarterly taxes as an O/O do you pay taxes on your total income for that quarter before deductions or just on what income is left over after you take your deductions (expenses) out? Thanks in advance!

Brickman · **^ Top** #2 03.04.2008

It is not on the gross income, its gross less your expenses.

I pay myself a salary similar to where I was the yr before. My accountant tries to keep me around the $500 mark at the end of the yr. As long as I don't have to pay in more than $500 I'm happy, and as long as I don't get more than $500 back I'm happy. For a O/O thats about as close as you can figure it. If I get more than $500 back it irritates me because I paid uncle F-er too much of MY money for him to play with all yr for free.

MontyHall · **^ Top** #3 03.04.2008

Starry,

It really appears from your posts and questions, that you and your husband are very ill prepared to run a business at this time. It would be to your advantage financially to take a step back and learn the basics of running a business before you sink your family's security into this venture and end up broke and bankrupt.

starry · **^ Top** #4 03.04.2008

Quote:

Originally Posted by Brickman

It is not on the gross income, its gross less your expenses.

I pay myself a salary similar to where I was the yr before. My accountant tries to keep me around the $500 mark at the end of the yr. As long as I don't have to pay in more than $500 I'm happy, and as long as I don't get more than $500 back I'm happy. For a O/O thats about as close as you can figure it. If I get more than $500 back it irritates me because I paid uncle F-er too much of MY money for him to play with all yr for free.

Thanks for the reply, Brickman

We are new at this and plan to hire an accountant pretty soon. It is true we are new as far as a lot of this goes but the contract is very sweet and now is as good a time as any to learn what we need to know to be successfull. I hope in a year to be answering these questions for others venturing out on their own!

starry · **^ Top** #5 03.04.2008

Quote:

Originally Posted by MontyHall

Starry,

It really appears from your posts and questions, that you and your husband are very ill prepared to run a business at this time. It would be to your advantage financially to take a step back and learn the basics of running a business before you sink your family's security into this venture and end up broke and bankrupt.

Hi Monty. I have run a graphic design business successfully for years, the taxes in my business are pretty simple, the O/O of trucking is new to me as far as specifics but it won't take me long to catch on. My husband has been a trucker for over 15 years driving some of the toughest routes in the country nightly.

While it is true we have some things to learn about the O/O side of the trucking business, it is a logical step for us to take at this point and we would be fools to pass up this opportunity.

Lil Blue Pony · **^ Top** #6 03.26.2008

My husband has been a trucker for over 15 years driving some of the toughest routes in the country nightly.

While it is true we have some things to learn about the O/O side of the trucking business, it is a logical step for us to take at this point and we would be fools to pass up this opportunity.[/quote]

You go girl you all will be fine....the biggest hurdle is filling the quarterly's
When we first started 26 yr ago we were farming and added trucking the first yr out the trucks made a whopping proffit and farming didn't....farming didn't pay quart txs. and they were due in March huge surprise when we went in and found out we were behind before we started. It took us 15 years to climb out of paying last yrs taxes and current yrs quarterlys at same time. Good Luck

starry · **^ Top** #7 03.27.2008

Thanks for the vote of confidence Lil Blue! I appreciate it! We plan on getting an accountant and in the meantime we are putting 1/4 of what he makes away every month. He is now driving his new route and taking on a few others that Fedex offers to their contractors on their off days. Taxes scare me of course but I am trying to educate myself on them even though the accountant should do most of that and of course every day I say "are you saving your receipts?" LOL.

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