ok so my question is as a sole propitership leasing onto a company what will i owe just a ballpark number in taxes monthly because I'm confused
Tax question
Discussion in 'Ask An Owner Operator' started by Menchaca0807, Aug 18, 2017.
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Anywhere from $0.00 to $100,000
Does that help? -
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You're thinking you will net 14k a mo. after all expenses?
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I'd set aside 25% of $2,900 a month then. File a 941 quarterly and send it in to the IRS. If you have a State income tax, I'd set aside whatever that rate is and file the State form every quarter too.
You might want to call a tax preparer/cpa though and get some input from them.blairandgretchen Thanks this. -
You could not pay quarterly but you will get a penalty year end. If your company is not very big then it's not that severe.
Like Scooter said though, consult a professional. -
@Scooter Jones and @JL of Indiana have it.
Miss G does the following.
Takes 12.5% of 1099 revenue and sets aside.
Pays quarterly estimates.
Pays me as an employee on mileage - taxes to state, fed, FICA - the whole nine yards.
Money into maintenance accounts, truck and trailer payment accounts, equipment upgrade account, and what if accounts.
If tax is to be paid - you have it. If not - expand business.
All above is very subjective to your situation.
Consult CPA.
You're welcome. -
2900 from 14000 - is 20.7%.
I'm happy with 60% in my court, but I'm always fighting 50%.
20% would require a whole new business plan for me.redoctober83 Thanks this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.