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Filing taxes as lease op, self-employed - No clue, I need help

Discussion in 'Trucker Taxes and Truck Financing' started by hrtbr8kr, Nov 25, 2011.

Page 1 of 4
  1. Nov 25, 2011 #1
    hrtbr8kr

    hrtbr8kr Medium Load Member

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    Nov 25, 2011
    Yukon, OK
    0
    I was a lease op for 6 months. (got tired of no paycheck and miles).... to sum it up the company that did my paperwork (equinox) did a good job. but i am not doin taxes with them. this is the first time i am filing as a lease op, self employed, however they put it. im a nervous wreck. my gross was over 67k, net over 6k, deductions over 61k. ya can you say, "horrible!" . but will i seen any back, or am i at a loss for anything?
     
    hrtbr8kr, Nov 25, 2011
    hrtbr8kr, Nov 25, 2011
    #1
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  3. Nov 25, 2011 #2
    TennMan

    TennMan Road Train Member

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    see any back did you pay quarterly? have you paid anything in? don't forget self employment taxes as well as social security and medicare. Best advice is to find a CPA that specializes in the trucking industry and follow his advice. good luck
     
    TennMan, Nov 25, 2011
    TennMan, Nov 25, 2011
    #2
    hrtbr8kr and otherhalftw Thank this.
  4. Nov 25, 2011 #3
    hrtbr8kr

    hrtbr8kr Medium Load Member

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    Nov 25, 2011
    Yukon, OK
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    i was sent a message via quallcomm to pay my quarterly in april, which for state in MI was only $130, then it said 0 for fed. then i didnt make crap for the nxt quarter so it was less for state and still nothing for fed, but i did my state.. then i quit. i paid out the rear for fuel taxes and everything else though....i just hope to find someone that knows what they are doing....this year is def a lesson learned lol
     
    hrtbr8kr, Nov 25, 2011
    hrtbr8kr, Nov 25, 2011
    #3
    TennMan Thanks this.
  5. Nov 25, 2011 #4
    hmeondaroad

    hmeondaroad Light Load Member

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    Jul 19, 2010
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    im at a lost how did u gross over 65k and only net 6k? wht was all the deds. im no tax expert but that seems like alot.
     
    hmeondaroad, Nov 25, 2011
    hmeondaroad, Nov 25, 2011
    #4
  7. Nov 25, 2011 #5
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Find a good CPA that understands trucking and can get ALL your deductions you're entitled to. Figure about $250 for his fee (approximately).
     
    Allow Me., Nov 25, 2011
    Allow Me., Nov 25, 2011
    #5
  8. Nov 25, 2011 #6
    hrtbr8kr

    hrtbr8kr Medium Load Member

    484
    155
    Nov 25, 2011
    Yukon, OK
    0
    ya it ia alot lol. i paid out more than i got. my deductions are the normal stuff, truck expenses, personal expenses..... i just didnt see much, thats y i quit runnin for that company lol before i ended up oweing them my first grandkid one day lol.
     
    hrtbr8kr, Nov 25, 2011
    hrtbr8kr, Nov 25, 2011
    #6
  9. Dec 2, 2011 #7
    TennMan

    TennMan Road Train Member

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    Hazzard County Jail !!!!!
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    well good luck in your next adventure in this wonderful lifestyle we choose to live. I hope you find a good company and if you do let me know i;m tired of looking.....................LOL Good Luck
     
    TennMan, Dec 2, 2011
    TennMan, Dec 2, 2011
    #7
    hrtbr8kr Thanks this.
  10. Dec 5, 2011 #8
    hellomcflywakeup

    hellomcflywakeup Light Load Member

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    Oct 5, 2011
    fla,opps fl
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    just an fyi,it's up to you on how much net you show making.i reason i say this is.depending on what you are doing you might want to consider showing more profit.because if you ever need to buy a home or car or truck or if you was hurt on the job and had to file a lawsuit.they will look at what you made.they won't look at the 67k but only that you made 6k which would then void any chance you had for said loan or whatever.

    besides that there is a sweet spot to report in. you will need a good tax person.do NOT go to h&r block or any other tax place like them.if you do ask if they have anyone that deals with trucks and o/o's on a reg bases.

    i made 75k 1 year and after all was said and done i showed 23k and got back 3k.it will be nice if you have any kids.the next year i did about the same but had a lil one to report.got back 6k.
     
    hellomcflywakeup, Dec 5, 2011
    hellomcflywakeup, Dec 5, 2011
    #8
  11. Dec 5, 2011 #9
    hrtbr8kr

    hrtbr8kr Medium Load Member

    484
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    Nov 25, 2011
    Yukon, OK
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    i have 3 children, so maybe that will help out.
     
    hrtbr8kr, Dec 5, 2011
    hrtbr8kr, Dec 5, 2011
    #9
  12. Dec 5, 2011 #10
    CondoCruiser

    CondoCruiser The Legend

    19,726
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    Apr 18, 2010
    Tennessee
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    Your wages should be around the $6K number before standard deductions and exemptions.

    Your tax liability will be zero and you should get that $400 right to work credit plus you should get earned income credit and all the kid credits. You should get back roughly $3300 (+ or - $200) plus all the MI state tax paid in on a seperate non-resident MI state tax return.
     
    CondoCruiser, Dec 5, 2011
    CondoCruiser, Dec 5, 2011
    #10
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