So this was my first year as a O/O. I use quickbooks i also use them for my payroll. I'm an LLC taxed as an scorp. Anyone here use turbo tax business? Not self employed but the business one as I need a k-1. Was thinking about using turbotax since I use quickbooks so I can transfer all my expenses and such over. I've used turbo tax for personal for the past decade so I'm familiar with their software. Getting a head start on it in case I need to spend some money on the truck to avoid paying some taxes if need be
Tax time is coming!!
Discussion in 'Ask An Owner Operator' started by Wespipes, Dec 1, 2020.
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When I was an employee it was a no-brainer and since my credit union offered it for free that's how I filed in about 10 minutes work every year. I tried it once as an o/o (SP here) and almost had a heart attack when I got to the end of it so I quickly went back to a professional. Your result may vary.
feldsforever, Cat sdp, Wespipes and 1 other person Thank this. -
I use a tax accountant. It costs around $500 usually, but that’s a drop in the bucket compared to what I pay for taxes anyway and a good tax accountant will probably save you a lot more than that.
Speed_Drums, 401-Alex and Wespipes Thank this. -
We use a CPA - $1,000 odd for 1 truck business and couple of rentals.
We used to use TT as company hands, but I’m more confident in our CPA as a business. -
Do it yourself, then have a professional do it, then you can decide on next year.
feldsforever, dunchues, Midwest Trucker and 1 other person Thank this. -
Midwest Trucker Thanks this.
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My Dad always said that if a good accountant doesn’t pay for himself in tax liability savings, then he should be fired. Meaning, even if it costs you 1000 to 1500 vs 100 yourself, your still ahead. Besides, it is comforting to know your return is on point. As years go by and your operation grows, you become a higher risk for audit. Now, do you really want to worry 3 or 4 years from now that something could be off and potentially bring your whole business down? That thought always kept me on the straight and narrow with taxes. I can’t afford to work for years, only to lose my rear.
That’s my thoughts on it.cvltmxnd, TallJoe, Wespipes and 1 other person Thank this. -
Why would you spend $100 dollars at a store to save $10 on taxes???feldsforever, TallJoe, OldeSkool and 1 other person Thank this. -
feldsforever, Wasted Thyme, Midwest Trucker and 1 other person Thank this.
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the $100 goes back into MY business, not some corrupt politicians pocket
+1 to hiring someone, I suck at paper work, worth the piece of mind to have someone do it.... and it’s a business expense
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Every month 400 people find a job with the help of TruckersReport.