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1099 tax help.

Discussion in 'Trucker Taxes and Truck Financing' started by Oldironfan, Dec 25, 2017.

Page 3 of 7
  1. Dec 25, 2017 #21
    Oldironfan

    Oldironfan Road Train Member

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    % pay of load.
     
    Oldironfan, Dec 25, 2017
    Oldironfan, Dec 25, 2017
    #21
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  3. Dec 25, 2017 #22
    Tb0n3

    Tb0n3 Road Train Member

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    $80,000+ annual? Less than that and you'd be better at a good W2 company.
     
    Tb0n3, Dec 25, 2017
    Tb0n3, Dec 25, 2017
    #22
    Dan.S, Oldironfan and Aamcotrans Thank this.
  4. Dec 25, 2017 #23
    Aamcotrans

    Aamcotrans Road Train Member

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    Strasburg, Va
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    I wouldn’t do 1099 for less than .90 a mile.
    Btw, 1099 is an independent contractor, the moment the company dictates any aspect of your job, you are an employee, no longer a independent contractor.
     
    Aamcotrans, Dec 25, 2017
    Aamcotrans, Dec 25, 2017
    #23
  5. Dec 25, 2017 #24
    Oldironfan

    Oldironfan Road Train Member

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    Not sure yet. Probably less.
     
    Oldironfan, Dec 25, 2017
    Oldironfan, Dec 25, 2017
    #24
  7. Dec 25, 2017 #25
    Oldironfan

    Oldironfan Road Train Member

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    Drove my own lease purchase truck before. 2014 grossed $157,000. Net was near $0. Tax bill near $3000. Still paying on that.
     
    Oldironfan, Dec 25, 2017
    Oldironfan, Dec 25, 2017
    #25
  8. Dec 25, 2017 #26
    Tb0n3

    Tb0n3 Road Train Member

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    If you're not making quarterly estimated payments you're gonna get screwed here.
     
    Tb0n3, Dec 25, 2017
    Tb0n3, Dec 25, 2017
    #26
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  9. Dec 25, 2017 #27
    Oldironfan

    Oldironfan Road Train Member

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    Stupid is as stupid does. I'm trying to find out all the ways to fail. I think I've about got that covered. Soon will try the uphill climb.
     
    Oldironfan, Dec 25, 2017
    Oldironfan, Dec 25, 2017
    #27
  10. Dec 25, 2017 #28
    localmack

    localmack Bobtail Member

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    Dec 12, 2010
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    Id suggest finding an accountant who can help explain all this Before you get any deeper in debt to the IRS.....penalties, fees, interest can all add up very quickly
     
    localmack, Dec 25, 2017
    localmack, Dec 25, 2017
    #28
    Aamcotrans, Dan.S, Snailexpress and 1 other person Thank this.
  11. Dec 25, 2017 #29
    Accidental Trucker

    Accidental Trucker Road Train Member

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    You need more help than this forum can give. Get with a good CPA.
     
    Accidental Trucker, Dec 25, 2017
    Accidental Trucker, Dec 25, 2017
    #29
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  12. Dec 26, 2017 #30
    tucker

    tucker Road Train Member

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    Why not be a boring company driver with employer provided health insurance?
     
    tucker, Dec 26, 2017
    tucker, Dec 26, 2017
    #30
    Mudguppy and Oldironfan Thank this.
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