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can I pay myself a monthly salary to offset quarterly taxes

Discussion in 'Trucker Taxes and Truck Financing' started by just g p, Sep 28, 2013.

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  1. Oct 4, 2013 #11
    just g p

    just g p Light Load Member

    96
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    May 20, 2013
    San Antonio, Tx
    0
    Legalzoom.com appears to be the flavor of the year. I've been hearing good reviews.
     
    just g p, Oct 4, 2013
    just g p, Oct 4, 2013
    #11
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  3. Oct 4, 2013 #12
    just g p

    just g p Light Load Member

    96
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    May 20, 2013
    San Antonio, Tx
    0
    Thanks. You guys/ladies are awesome.
     
    just g p, Oct 4, 2013
    just g p, Oct 4, 2013
    #12
  4. Oct 5, 2013 #13
    G/MAN

    G/MAN Road Train Member

    7,031
    8,624
    Sep 3, 2010
    0
    Under a corporate structure, you can reduce your tax bite by paying yourself a smaller salary (or just a salary) and any profits as dividends. Salary is considered earned income and subject to self employment tax (under a proprietorship) or social security tax (as an employee). Dividends are considered unearned income and you only pay income tax on that part of your income. That could save you about 15% in taxes. You could also much easier set up a 401k or other retirement program which may defer your taxes.
     
    G/MAN, Oct 5, 2013
    G/MAN, Oct 5, 2013
    #13
    Derailed and just g p Thank this.
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