Double Yellow's Company Driver to Independent Thread

And that's really what it all comes down to. You can be 100% in the right, but from a business stand point you have to look at what makes more sense financially, and throw principally driven motivations away.

Unless you want to drive your truck with a half blue painted war face screaming Freedom!

 

How do you guy do your taxes? Do you hire someone quarterly

 

Stack of receipts and statements turns into a spreadsheet with everything totaled up. Then I just punched it all into H&R block software. E-filed, then printed out projected quarterly payment vouchers to mail in. I had an accountant kinda walk me through some stuff, and helped with my spreadsheet, but it's not a ton of stuff once you sit through it once. The tax software makes it simple, just read, click next, input data, next, etc, etc...

 

there's a couple different schools of thought. If you're a sole proprietor the penalty is not too bad to just pay once per year if you don't keep a lot of taxable income. On $50,000 net it's about $300 penalty for example. Or you can file quarterly, some people say paying quarterly keeps you on the IRS's good side. Personally, I do not believe there is a single employee in the IRS who has a good or bad side, I think they are perfectly content with someone paying the penalty and filing once per year.

If you're an LLC or S-corp, totally different but I would have no comment on that experience.

BTW, I had a tax guy my first year. He was good, but like everything else if you learn to do it yourself it helps you make better decisions towards purchases, sales, etc... If you've been following DY's thread I'm sure you notice he usually factors tax considerations into his decisions, it can be a big factor.

 

Yeah, I'm sole prop. I'd just get myself in unnecessary trouble incorporating.

 

Thanks for the link. I was super frustrated because I setup an EFTPS account for my 2290 and they didn't have the 1040ES in the drop down. So I printed and mailed vouchers, but anything I can do without snail mail is a win.

 

In sole. I was gonna try profit gauges. To help with my numbers. I've been a company driver last 4 Years. I think it's like 10% of my income I need to pay. But does that count money I'm putting aside for maintaining fund?

 

I get that argument, but I'm not so sure it matters what it's GOING to be used for. IMO, it's whether it's a commercial vehicle today, not next week or next month. If I don't have IRP plates, I don't have letters, I don't have my logbook, the title hasn't been transferred, etc... all proves it is not yet for commercial use. My argument is the "in transit" is specifically for driving it home. I think it becomes a commercial vehicle when you plate and title it and go to haul a load, before that should only require adequate insurance and the in transit or hunter's permit. But we'll see, I would be interested to get a judges ruling on it.