Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

Leasing a car for an owner operator business?

Discussion in 'Ask An Owner Operator' started by TallJoe, Apr 19, 2019.

Page 5 of 6
  1. Apr 21, 2019 #41
    TallJoe

    TallJoe Road Train Member

    7,490
    16,271
    Apr 12, 2016
    Chicagoland
    0
    Good point. I have not thought about this one. Why not though? If JP Morgan Chase can do it, why can't I? LOL

    By this thread, I wanted to probe the general opinion, if these leases are a common thing.
    I thought that the very fact of having a corporation, which is by no means fictitious, entitles its owner to equip it with whatever asset he chooses. The use of the asset wold be at the corporation discretion too. Be it Ford Mustang or a helicopter.

    ...
     
    Last edited: Apr 21, 2019
    TallJoe, Apr 21, 2019
    TallJoe, Apr 21, 2019
    #41
    Rideandrepair Thanks this.
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Apr 21, 2019 #42
    TallJoe

    TallJoe Road Train Member

    7,490
    16,271
    Apr 12, 2016
    Chicagoland
    0
    Even though staying off the IRS radar is better than having to deal with possible audits and appeals because of one car lease but on the other hand why should someone worry about it as he's been paying what's been due and is current, so is all the paperwork and bills. In the worst case scenario, they would disqualify the lease as a legitimate expense and order to pay back taxes with some penalties and interests.

    Asking a pro CPA is like asking here...some would say yes, some would say no, some would say "maybe...but I wouldn't do it" - in other words if you want a peace of mind forget about it.
    Too bad you cannot call IRS directly an ask them straight out about it and most likely you have to wait for the audit to really find out. The only ones who really know are those who already went through it..
     
    TallJoe, Apr 21, 2019
    TallJoe, Apr 21, 2019
    #42
  4. Apr 21, 2019 #43
    buddyd157

    buddyd157 Road Train Member

    13,572
    34,869
    May 25, 2017
    under a shade tree
    0
    he, JP Morgan, and all other billionaires...

    have BETTER lawyers then you ever will.......

    what'll cost you tens of thousands of dollars in lawyers fee's and fines, is like a $20.00 bill in his "change pocket"......
     
    buddyd157, Apr 21, 2019
    buddyd157, Apr 21, 2019
    #43
  5. Apr 21, 2019 #44
    buddyd157

    buddyd157 Road Train Member

    13,572
    34,869
    May 25, 2017
    under a shade tree
    0
    you may want to start reading things like the chances of getting audited as anew business...


    https://www.lendgenius.com/blog/tax-audit-triggers-small-business/

    you may not be staying under ANY radar for a while......
     
    buddyd157, Apr 21, 2019
    buddyd157, Apr 21, 2019
    #44
    TallJoe Thanks this.
  7. Apr 21, 2019 #45
    TallJoe

    TallJoe Road Train Member

    7,490
    16,271
    Apr 12, 2016
    Chicagoland
    0
    Yeah. But the laws' supposed to be the same for me and them. If their lawyers determined that they can fly a jet to a resort to "discuss" business matters, sure I and my buddy - two truckers - can drive something to a lake and "discuss" business matters while we're fishing too.
    Kidding aside... wake up. The law is not equal for all.
     
    TallJoe, Apr 21, 2019
    TallJoe, Apr 21, 2019
    #45
  8. Apr 21, 2019 #46
    buddyd157

    buddyd157 Road Train Member

    13,572
    34,869
    May 25, 2017
    under a shade tree
    0
    i'm not the one that has to "wake up".......

    you need to get real world financial advice form a CPA, and preferably one that is also a tax lawyer...mine is....as well as a certified financial planner.

    getting financial advice from truckers, is gonna sink your battleship.......as each individual business has it's own situations.
     
    buddyd157, Apr 21, 2019
    buddyd157, Apr 21, 2019
    #46
  9. Apr 21, 2019 #47
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    Worried about being audited by the IRS? Here are your chances

    "Your business has a good chance of being almost totally off the IRS radar if you run it as an S corporation, partnership or multimember LLC (taxed the same as a partnership) rather than as a sole proprietorship (Schedule C filer) or as a regular C corporation. The 2014 audit rate for both S corporations and entities taxed as partnerships was a microscopic 0.4%".
     
    Scooter Jones, Apr 21, 2019
    Scooter Jones, Apr 21, 2019
    #47
    TallJoe and Rideandrepair Thank this.
  10. Apr 21, 2019 #48
    TallJoe

    TallJoe Road Train Member

    7,490
    16,271
    Apr 12, 2016
    Chicagoland
    0
    Getting that lease tomorrow! :D:D:D
     
    TallJoe, Apr 21, 2019
    TallJoe, Apr 21, 2019
    #48
    Scooter Jones and Rideandrepair Thank this.
  11. Apr 21, 2019 #49
    Rideandrepair

    Rideandrepair Road Train Member

    17,349
    56,291
    Aug 8, 2015
    0
    Go Big, Diesel Dually
     
    Rideandrepair, Apr 21, 2019
    Rideandrepair, Apr 21, 2019
    #49
  12. Apr 21, 2019 #50
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,977
    Apr 19, 2011
    0
    Go for it!

    One thing I've learned over the years is that some (not all) CPA's are like Dentists, Chiropractors, etc, they want to keep you coming back and depending on them. Repeat business is a good thing for them.

    I read a story yesterday about how some dentists routinely recommend root canals, crowns, etc, to their clients, even when they're not necessary.

    One lady realized she had paid over $70,000 for many procedures over the years that she didn't even need. But she trusted her Dentist, he was nice to her and she never questioned anything he recommended, he's the expert after all.

    My experience over the years is that having them (CPA) set up the initial books (Quickbooks Pro in my case), categories and all is useful. After that, there's no need to pay them $200 or more an hour for any and everything related to my business.

    The software for filing taxes on any level, especially for a one man operation, is readily available and very easy to use.
     
    Scooter Jones, Apr 21, 2019
    Scooter Jones, Apr 21, 2019
    #50
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

    • Page 5 of 6