mercer transportation

Yeah, unfortunately, mine are too young to care. They have to be forced to talk, out of sight out of mind, and their mother apparently has a problem with Skype. I've been trying to get her to use it for 5 years, not once.

 

Hey guys I got a question.. I've been having a trouble with this. I've been trying to figure out what to pay myself. My truck maintenance gets 25% the truck payments n taxes gets 50% then I use other 25% for pay. What's the best way to do this? I'm worried about my quarter taxes as I think it will be around $10,000? Does that sound right.

 

Remember that fuel, repairs, tolls, truck and trailer payments and dozens of other things are written off. With a truck and trailer payment still I would estimate (I'm no tax pro, talk to your accountant) you would need 15% of gross set aside. Now I know you have been having a rough go with repairs but 10% should normally be enough, you may want to go a little higher until you get these bugs worked out. I would guess that close to 50% goes to fuel, truck, trailer and insurance. So you should have about 15% left. Lol. Now I keep my tax and repair money in the escrow acct. I tell myself that each quarter after taxes I can have the leftovers minus 15k that I keep as a min repair reserve but I have not touched it for that yet. I did take the extra to buy an APU and things.

Anyway each and everyone of us will have different #s. I set 30% aside for taxes n repairs. But I don't have a truck payment ATM so my taxes should be a lot higher then yours. TBH a tax pro is where you should be asking this. I am not that, so my little guidelines could be way off for your needs.

 

Back about 5 years ago, Kevin on xm used to have a lot of guest hosts. One of them was an accountant and he suggested if you set aside 7 percent of gross for taxes you would always have enough to pay your quarterly.

Every one does things different but my basic advice is get your books in order and find a good accountant. Figure out what your tax liability is and go from there

Edit to add: there is no way your quarterly will be ten thousand.

 

I use ATBS and he says i should put 25% away of my gross. To me that seems VERY VERY High.

 

25% ???? man please

 

thinking about coming over, is it true about new hires have too have e-logs an is flat or step deck better? I live in central IL. ( Peoria-Springfield area ) just wanting to do short runs.

 

He said 25% of gross. That is way high. Now if he said 25% of net, I'd say it was low.

 

Yes and flat.

 

If 25 percent of net is low , you need a new tax person