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Owner operator tax question

Discussion in 'Ask An Owner Operator' started by DesiTrucker, Jan 5, 2017.

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  1. Jan 5, 2017 #1
    DesiTrucker

    DesiTrucker Light Load Member

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    Apr 11, 2013
    Nj
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    so....I own 1 truck(power only).
    I don't have a business or anything like that No LLC No s-Corp
    Strictly under my name

    I leased the tractor to a company
    Am I considered a partnership with the company for tax purposes?

    Or do i file taxes as sole-proprietary?
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #1
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  3. Jan 5, 2017 #2
    Ruthless

    Ruthless Road Train Member

    9,101
    90,263
    Aug 28, 2010
    The City.
    0
    Sole proprietor
     
    Ruthless, Jan 5, 2017
    Ruthless, Jan 5, 2017
    #2
    blairandgretchen Thanks this.
  4. Jan 5, 2017 #3
    DesiTrucker

    DesiTrucker Light Load Member

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    Got it
    Thank you

    Is it true that the more loss you show the more money you get back?
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #3
  5. Jan 5, 2017 #4
    Pepper24

    Pepper24 Road Train Member

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    It all about your taxable income after expenses,truck depreciation and what if any you've paid quarterly on your taxes.
     
    Pepper24, Jan 5, 2017
    Pepper24, Jan 5, 2017
    #4
  7. Jan 5, 2017 #5
    DesiTrucker

    DesiTrucker Light Load Member

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    I will have to go to a professional for this one. First time doing this.
    I have not paid quarterly taxes. Looking back now I should have done that
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #5
  8. Jan 5, 2017 #6
    Ridgeline

    Ridgeline Road Train Member

    22,642
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    Dec 18, 2011
    Michigan
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    Well DO NOT GO TO A TAX PREPARER, go to an accountant or an EA.

    IN some cases you will not pay quarterly, I didn't for the first five years because my wife's job covered the taxes on our income, we purposely did it that way so not to go through the hassle.
     
    Ridgeline, Jan 5, 2017
    Ridgeline, Jan 5, 2017
    #6
  9. Jan 5, 2017 #7
    DesiTrucker

    DesiTrucker Light Load Member

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    Didn't know that there was a difference between the two
    Tax preparer and accountant.
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #7
  10. Jan 5, 2017 #8
    DesiTrucker

    DesiTrucker Light Load Member

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    I was just browsing the websites
    Is the income tax derived on the gross or after the fuel and toll deductions. ?

    I always thought for ex:
    $3000 gross
    Fuel and tolls $1000
    Net-=$2000

    Tax the $2000 for whatever percentage?
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #8
  11. Jan 5, 2017 #9
    DesiTrucker

    DesiTrucker Light Load Member

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    Apr 11, 2013
    Nj
    0
    image.png
    WELP
    Answered my own question...
     
    DesiTrucker, Jan 5, 2017
    DesiTrucker, Jan 5, 2017
    #9
  12. Jan 5, 2017 #10
    Pepper24

    Pepper24 Road Train Member

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    Dec 3, 2010
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    Not a big deal there is a fine for not paying quarterly don't remember how much like $200
     
    Pepper24, Jan 5, 2017
    Pepper24, Jan 5, 2017
    #10
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