Using the numbers you gave, ($1150 payment, and 750 in repairs) how did you arrive at $2900 a month? I'm only seeing $1900? Unless I am missing something?
Need Truck Buying Advice
Discussion in 'Ask An Owner Operator' started by OldeSkool, Mar 25, 2020.
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I dunno, running locally, I'd rather send $12k a year to the gooberment, with no truck payment, than $30k to the bank for a truck payment, and still have taxes to think about.
And if the work dries up, you are not sitting on a $2800 a month paymentKeithdabarber, 650cat425, gerardo1961 and 1 other person Thank this. -
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rbrtwbstr Thanks this.
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Just did my taxes last weekend, we grossed just over $300K and got a refund of $14K from fed and $1500 from state.
Need to show your taxable income is as small as possible.
After all expenses, my taxable income was just below $3,000. -
I would look in to a different tax accountant.
I have found that there are two types of accountants and both do a legal job.
One takes your numbers and puts them in to the blanks and tells you how much you owe.
The other gives you strategies to follow through out the year so you don’t owe a lot of taxes at the end of the year.Keithdabarber, 650cat425, Bakerman and 1 other person Thank this. -
I've used two different accountants. The first year was $6,000, but the accountant depreciated out so much of my truck I hardly had any left. By year 3 I only have like $2,000 depreciation and the tax man said it's going to be really high taxes.
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