I failed at Lease Purchase.

He brags how much money he's making with Schneider. I don't see how he's getting the EIC or the Obamacare credits. If he is then that's quite the abuse of the US taxpayer.

 

I don't pay quarterly either, the penalty is insignificant and keeps more cash available if needed for the truck .I do however always have a pretty good idea of what my tax exposure is at any given time. I was self employed for 20 years before I went trucking so business is not new to me.

 

The Champ is here.... I'll say the tax man is ok but I'll get a second opinion on my taxes...

 

OP, Did Schneider ding you for early termination of the lease?

Tax liabilities are probably the number one thing that sinks small business owners.

I ran into an issue back in the late 80's as a roofing contractor that included delinquencies of employees withholdings. They really don't like that one.

Anyways, I personally negotiated an offer and compromise with them. Settling over 50k owed for 12k. It was a huge relief and I learned my lesson

Even now as an owner operator I pay myself once a month and immediately send the feds and state withholdings via electronic transfer.

 

I took a large section 179 deduction on the truck I bought and put in service last year. Combine that with all my other deductions resulted in showing a very small profit for the business. On the personal side we have Obamacare and because of my deductions we were awarded a credit because we didn't use all the subsidy we had available.

 

Abuse? Now that's funny. I'd say owing the government 35 cents for every dollar you make, on top of ifta, hut, tolls, irp, ucr, is abuse. That's why I do my own taxes. You see how the tax code works and know what's best for your situation. I'd never walk in to an H&R Block and toss my crap down for some kid to punch it into a computer. They could care less what you get. Just have to get you done and on to the next return.

 

@rickybobby , maybe if you stayed out longer and werent at home so much, you wouldnt have failed. just sayin...

 

This probably is an argument for a different section of this forum so sorry for bringing it up. But of course it's smart to take advantage of the tax code. Doesn't mean it's "right" to actually make money off of the tax code. Should just be a big fat 0 tax bill either way in your situation. Just my opinion on the matter.