Yep, and to be honest I'm kinda surprised there wasn't more diff work with him often replacing 2 tires at a time like that.
As for rolling resistance, 6 of the 8 drives were open shoulder lugged. The other 2 were closed shoulder lugged. Casings were various Michelin & Bridgestone, but no idea who did the caps. I'd guess RR of 160/140.
LOL Too late, I already converted (see post 107)
Double Yellow's Company Driver to Independent Thread
Discussion in 'Ask An Owner Operator' started by double yellow, Nov 5, 2014.
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This is going in my sig. Lol, Thanks for the chuckle Red.
And thanks for the great info DY. While I'm not quite ready to start my own business (not enough capital just yet hehe) it is definitely stuff I'm gonna take to heart when I do. If there's any room left for independents when that time rolls around.
RedForeman and double yellow Thank this. -
Obamacare & Covered California
Since freight rates haven't been too exciting, I've taken the last couple of weeks off and have had plenty of time to investigate the tax implications of Obamacare. Wading through government websites and tax forms doesn't actually produce anything for society, but it can make a big difference to your bottom line.
With that said, here is what I've discovered:
If you decide not to buy health insurance, you will incur an additional tax as part of the Obamacare individual mandate. For 2015, the penalty is 2% of your annual income above the tax filing threshold ($10,140 for single) or $325 -- whichever is higher.
I am projecting EBITDA of ~$100,000. After per diem ($14,000), solo 401k ($18,000 + $16,000), and IRA ($5,500), my taxable income will be ~$46,500. So by not getting health insurance, I would be taxed ~$730.
A "bronze" plan costs $250/month and if I declare my income at $46,500 -- I do not qualify for any premium assistance. So insurance would cost me $3,000/year.
The Covered California Loophole
Remember when I said it pays to wade through otherwise pointless tax documentation? Well I have discovered a loophole with Covered California: Premium assistance is based on you estimating your annual income with the maximum assistance (~$288/month) happening at incomes around $16,250.
But California recognizes that many people do not have consistent earnings from year to year so if you make more than you said, they allow you to pay back premium assistance with no penalty. What's more, they cap the amount you pay back based on your income:
The federal poverty level is $11,770/year, so if your actual annual income is under 4 times that ($47,080), the most you'll have to pay back is $1,250. You are also required to pay a minimum of $1/month for coverage, but that means you can get health insurance for $1,262/year instead of $3,000. And if you compare that to paying the individual mandate tax, insurance only costs an extra $532/year.
But is it ok to manipulate your taxes like that?
I defer to Gregory v. Helvering:
Yes, that was his real name...Last edited: Feb 11, 2015
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