IFTA not good for NY?

I'm an LLC but as a sole proprietor it's a disregarded entity for taxes, correct.

Lot of people will tell you a lot of things. Certainly can be hard to keep up on what's what and what you need.

Do you know about revenue miles? Every state (that I'm aware of) has a law that if you pickup or deliver in their state you're required to pay them taxes on the revenue produced per mile run in their state.

There's a lot of taxes and fees. Important to figure out which ones you need to keep up on to continue doing business; and which ones to disregard and hope you never get onto the radar for, as to be audited and fined and penalized for all the years you didn't pay.

 

Stickers may be free ($1.50 admin fee), but thanks to the idiots at OOIDA I can no longer log onto OSCAR as an out of state carrier and process my own 30 day permit or add new trucks to my fleet. I now have to pay a permit company such as Comdata $74 to do what I used to be able to do for $24, so here is a big thanks to OOIDA (sarcasm alert).

 

That is horrible information! It leads one to believe that you shouldn't even think about an S Corp until you hit 300K. So untrue. I can't believe some of the unfactual notions floating around about S Corps.

They might not be for everybody, and if sole prop works for you, rock on. God knows there are a bunch of successful sole props on this site so it must be a pretty good way to run. But, S Corps are pretty good too and can easily save you money if done right. If your tax guy says they won't save you anything at 65K profit, you at least need to see another guy for a second opinion.

 

The NY tax is why OH is my line in the sand, among other things. Hate the KYU tax along with the IFTA surcharge that both IN & KY have. NM would get you for $57 dollars to cross the state each way on I40 if you were not in their system. But at least you could just pay it at the port of entry each way. It has been a few years since I have been out there, so maybe NM has changed as well?

 

IFTA is still one of the greatest recent improvements to the trucking world.Back in the "old" days I had 7 license plates on the tractor,3 on my trailer,waffle plates,bingo cards,dozens of fuel stickers on doors,windshields,and a myriad of paperwork in a NYC phonebook sized binder.And you still never knew if you were legal when you drug all that stuff into the scales when called in!

And most of the time they didn't either!

 

Kentucky has kyu as you know. IN will cost you pretty good at ifta time if you bought a lot of fuel there. I think I calculated once that IN has to have almost 50¢ cheaper fuel before it pays to buy there. IL has the most expensive tax attached to it so if you buy there and travel through other states you are getting paid back some.

 

I knew about the NY HUT requirement, but did not go to NY until a good deal came along last year. So after 5 yrs in business, I finally registered for it last fall.

Actually, his advice on taxes is probably better than the trucking advice. Which isn't saying much LOL.

Even KR says an LLC won't protect you, and not worth doing unless you're clearing at least $65k/yr. Main benefit being able to claim some profit as a dividend payment and avoiding SE taxes on the dividend. There are other pros and cons, and I am not an accountant. So I'll stop with that before it becomes just more lunch counter advice.

Not quite as simple. There's a couple of ways to report it. I picked the gross weight method, which requires tracking/reporting non-toll laden and unladen miles, per truck. No tax on toll road miles. A bit more of a pita than KY, but not much more. I think it took me about 15 minutes to file this quarter, with two trucks to report doing about a dozen trips total in NY.