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To wait or not to wait!

Discussion in 'Trucker Taxes and Truck Financing' started by Skunk_Truck_2590, Dec 22, 2013.

  1. Dec 22, 2013 #1
    Skunk_Truck_2590

    Skunk_Truck_2590 Road Train Member

    2,094
    684
    Feb 16, 2007
    Stonewall, LA.
    0
    So the first of the year is right around the corner. My question is, should I stop running any more loads until after the 1st and finish getting payment collections wrapped up for the up coming tax season or would I be ok to keep running and just let those receivable payments roll into the next years taxes? This is something I didn't even think about until the other day and kinda caught me off guard and not sure what to do.
     
    Skunk_Truck_2590, Dec 22, 2013
    Skunk_Truck_2590, Dec 22, 2013
    #1
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  3. Dec 22, 2013 #2
    Roadmedic

    Roadmedic Road Train Member

    18,951
    8,981
    Apr 4, 2007
    0
    If you are a cash basis operation, then the money is earned when received.
     
    Roadmedic, Dec 22, 2013
    Roadmedic, Dec 22, 2013
    #2
  4. Dec 22, 2013 #3
    Marlin46

    Marlin46 Medium Load Member

    504
    299
    Mar 17, 2010
    Atlanta, GA
    0
    If on a cash basis go ahead and pay all the bills you can pay ( next months insurance, top off the tanks, etc.... ) increase your expenses and do not deposit checks till after the first of the year. Keep rolling though if you can get a few more good loads in - that wouldn't make a difference one way or the other on taxes.
     
    Marlin46, Dec 22, 2013
    Marlin46, Dec 22, 2013
    #3
  5. Dec 24, 2013 #4
    TaxPhd

    TaxPhd Light Load Member

    70
    16
    Feb 27, 2013
    GA
    0
    Receipt of the check, assuming that there are no restrictions on it, is when you earn the money (for a cash basis taxpayer). It is earned when the check is received regardless of when you deposit it.
     
    TaxPhd, Dec 24, 2013
    TaxPhd, Dec 24, 2013
    #4
  7. Dec 25, 2013 #5
    Skunk_Truck_2590

    Skunk_Truck_2590 Road Train Member

    2,094
    684
    Feb 16, 2007
    Stonewall, LA.
    0
    Thanks guys. I was worried about my billing showing 13' but the deposited checks showing 14' when I go to file. Wasn't sure if that would make filing a huge PITA to figure out. I have 3 more due in and should be in within the next couple of days. Been sitting at the house and guess I'll just hold off while I'm ahead.
     
    Skunk_Truck_2590, Dec 25, 2013
    Skunk_Truck_2590, Dec 25, 2013
    #5
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