This yr I file my company taxes my tax account says im at a lost. I do have alot of expenses semi new used truck bought tires and so on. Is it normal to be at a lost I feel like its a red flag. Should I take some expenses of I do have all the receipts.
im at a lost owner operator
Discussion in 'Trucker Taxes and Truck Financing' started by truckereddy, Mar 3, 2014.
Page 1 of 3
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Could be just first year losses due to start up expenses. Talk to your accountant about it and make adjustments now if need be.
-
Everything is an expence fuel repairs maintenance your cell phonevthe clothes you wear for work gloves ect... it is actually very simple
-
I know I have alot of expenses. What I would like to know if your at a lost does the irs automatically audit you. I would just rather break even then have to go trough that scary process.
-
I lost money 8 years in a row running a fishing business
all the while buying cars and houses
never audited
quit worrying
that is why you have an accountantSteeleandsonfarms, kw600, drvrtech77 and 3 others Thank this. -
i believe you can show a loss for up to the first four or five years of a new business. you mighht also whant to talk to your tax person about depreciating your truck over next seven years, instead of writing it off right out the gate. double check with your tax pro, and get a good tax pro not a franchise; ie h@r, liberty, ect... hope that helps
-
I operated at a loss for 10 years and you'd never know it, bought new pickups, new tractors, if I wanted something I went and got it.
281ric and blairandgretchen Thank this. -
TwinStickPeterbilt Thanks this.
-
He's actually saving you money, if you show gains you will pay more in taxes on the bisness side
Steeleandsonfarms, TwinStickPeterbilt and drvrtech77 Thank this. -
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 3