Taxes & paid off truck

just my own personal opinion here:

but i WISH i WAS MAKING MONEY AND PUTTING IT IN MY POCKET AND IT WAS ENOUGH THE GUBERMENT ACTUALLY WANTED A SHARE OF IT.

caps (oops)

if you make a 100k and the gov takes 50k you have 50k left over in your pocket.

if you make a 100k and spend 50k on a truck and keep 50k and the gov takes 20k... well now you have 30k in your pocket.


the gov is going to eventually get their share... you can avoid paying it to them by giving it to somebody else... but you aren't keeping it in any case... so it depends what you are after and where you think the economy is going.

me, I'd spend it right now... theory is buy low... and things are low.

 

Talk to a GOOD accountant. Ask them about going INC. saved my dingle berries when running a older ( '86) truck. Yea, I didn't get the mpg but didn't have out of reason payment. And I didn't have to drive a truck that was newer or uglier. Clear title is all ways prettier. Also I could be pickier about what I hauled and not take cheap freight just to get to a better area to haul cheap freight.

 

There are many other things that you could put into place with the truck paid off.

You could be fully funding self employed pension plans up to 25%.

You could be utilizing IRA's.

You could set up Health Savings Accounts.

There are many items that can be found if you locate the right accountant.

 

guess i am a little unclear as to what the OP meant about the Gov. taking them for more money just cause they own the truck.

 

No interest deductions.
No depreciation.

 

now i understand. i can see where that might be a problem. i am still confused with the 2290, i have seen 3 different numbers for an 80,000 pound rig.

 

Should be 550.00 for otr truck.

 

yep, i finnaly found the correct instructions for it. found the chart that shows me how much i will have to pay as soon as i get my truck, hopefully in november. opreety simple tax form to fill out. at the end of the year when ya file taxes dob ya get any kinda right off for that or not.

 

It has a different due date than the year end forms.