After truck is paid off, what then ?

Are you a:
Sole Proprietor?
"S" Corp?
Or a Lease Op?

 

With what you make with a truck, your tax liability wouldn't increase that much. You would have to be making big bucks. And, as we all know, big bucks and trucks don't go together in the same sentence.

 

Ain't that the Truth....

 

I'm assuming you don't own a trailer? Whenever we need something else to write off and a truck isn't needed we usually buy a trailer. Personally I'd rather pay a truck payment and have a write off than give it to the government to waste.

 

Also....You can do an In-Frame...By the time you pay off a rig....it'll be time...

 

unless its the big trucks dont earn the big bucks.

 

After truck is paid for and fully depreciated, if it's still a good truck and not nickeling and diming you to death. Personally I would open a SEP IRA. You can greatly reduce your taxable income, and keep the money for yourself, rather than getting new equipment just to reduce your taxable income. I ran my tractor for almost 5 years after it was paid off, worked great for me.

 

The part a lot of guys overlook. As long as the money isn't going toward a payment, they think they're making more money. But after you add up all the little annoying repairs it sometimes isn't worth keeping the truck. Add up the cost of an overhaul, trans work, axles, suspension bushings and downtime and most guys would have been better off upgrading.