Simple tax question

Hello I have a simple question about taxes. We are planning to get an accountant but my question is when you pay quarterly taxes as an O/O do you pay taxes on your total income for that quarter before deductions or just on what income is left over after you take your deductions (expenses) out? Thanks in advance!

 

Thanks for the reply, Brickman We are new at this and plan to hire an accountant pretty soon. It is true we are new as far as a lot of this goes but the contract is very sweet and now is as good a time as any to learn what we need to know to be successfull. I hope in a year to be answering these questions for others venturing out on their own!

 

Hi Monty. I have run a graphic design business successfully for years, the taxes in my business are pretty simple, the O/O of trucking is new to me as far as specifics but it won't take me long to catch on. My husband has been a trucker for over 15 years driving some of the toughest routes in the country nightly.

While it is true we have some things to learn about the O/O side of the trucking business, it is a logical step for us to take at this point and we would be fools to pass up this opportunity.

 

Thanks for the vote of confidence Lil Blue! I appreciate it! We plan on getting an accountant and in the meantime we are putting 1/4 of what he makes away every month. He is now driving his new route and taking on a few others that Fedex offers to their contractors on their off days. Taxes scare me of course but I am trying to educate myself on them even though the accountant should do most of that and of course every day I say "are you saving your receipts?" LOL.