Double Yellow's Company Driver to Independent Thread

Discussion in 'Ask An Owner Operator' started by double yellow, Nov 5, 2014.

  1. DenaliDad

    DenaliDad Retired Wheel Dog

    It's how to play the tax game legally.
     
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  3. Ubu

    Ubu Road Train Member

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    You might want to update your profile to 8 years then (or do like lots of us do and just set it to “No Answer” so you do not need to update it as the years go on) or users will keep assuming you have little experience as your profile still says “0-1 Year”.
     
  4. double yellow

    double yellow Road Train Member

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    State of Jefferson
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    Finished my taxes: [​IMG]

    I wound up compromising this year's return to minimize the combined taxes for 2014-2015, but still mamlnaged a 4.4% effective tax rate 8)

    Between company driver, owner op, stocks, and rentals my taxes were fairly complicated this year, but nothing TurboTax + google couldn't handle. I really like turbotax -- being able to try different inputs not only helps optimize this year's return, it also gives you ideas for minimizing next year's...
     
    Last edited: Feb 19, 2015
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  5. wore out

    wore out Numbered Classic

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    CHASIN THE DEVIL'S HERD
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    I hate my taxes. With the shop at town, my trucks, our trucks, a few cows (18 and my wife has a job in town. I take mine to a CPA I have used forever, I bet he hates it worse than I do lol
     
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  6. Cranky Yankee

    Cranky Yankee Cranky old ######

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    Green Bay Wi
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    :biggrin_2552:ok DY now you have used
    rates
    taxes
    weather
    and general "dont feel like it"
    when you going to work
     
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  7. double yellow

    double yellow Road Train Member

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    LOL. I actually bid of a few local runs today. Of course my bids pretty much said "I don't feel like working" but you never know.

    Also bit the bullet and ordered a pacbrake engine brake retrofit kit for ~$1850 shipped. There isn't any economic justification, but I've grown tired of honking horns & close calls with speeding megafleet trucks on Tehachapi, Donner & the Grapevine. Don't seem to have issues on any other passes -- just the longer CA grades...
     
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  8. wore out

    wore out Numbered Classic

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    Jun 5, 2013
    CHASIN THE DEVIL'S HERD
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    Did you get the exhaust or engine brake
     
  9. double yellow

    double yellow Road Train Member

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    State of Jefferson
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    The engine brake.
     
  10. Derailed

    Derailed Road Train Member

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    Upstate NY
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    Im using Turbo Tax myself as well, ive used it for years just not for a business. I created a W2 for myself and got it pretty much figured out being an S corp but haven't filed it yet. Might run it by an accountant first time around to see how my numbers look. Pretty self explanatory. I wont be channeling profits to Ireland like Apple or Caterpillar anytime soon.
     
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  11. DenaliDad

    DenaliDad Retired Wheel Dog

    What amazes me about TurboTax is this: they have very knowledgable, experienced tax professionals, like enrolled agents and former IRS auditors and such, who truly understand the tax code. But then all that knowledge and complexity gets converted into a different kind of code by a bunch of young computer geniuses, all while keeping the IRS computers happy.

    Simply amazing.
     
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