Basic Question about O/O Taxes......

Miami Trucker · Mar 29, 2018

Drivingotr4life said: ↑

What's up bro you out of miami who you run for? Taxes suck good thing my plan is rack up 50k in taxes owed and use my dual citizenship with no extrradution to escape mwwhahaha just kidding
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Yes I'm in Miami,but Drive O.T.R.....I'm with a small Carrier.

And Thinking of being an O/O next year.

And I can't Help you on Your Taxes.....I'm asking about My own.

And Just Remember : Florida has NO STATE TAXES !

Miami Trucker · Mar 29, 2018

Accidental Trucker said: ↑

Lesson one: taxes are irrelevant in almost EVERY situation. Make the best business decisions you can, make as much money as you can, and send the government their fair share.

You are NEVER better off spending $1.00 to keep from sending the government $0.30.

Lesson two: take an accounting class, and hire a good tax accountant. You have to know your numbers before you can make good business decisions.
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Well I Basically LIVE on The Road,so I was Thinking of going with ATBS out of Denver.

If You know any Good Tax People please Post Them.

JoelP · Mar 29, 2018

Miami Trucker said: ↑

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Well I Basically LIVE on The Road,so I was Thinking of going with ATBS out of Denver.

If You know any Good Tax People please Post Them.
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Check your messages icon at the top of this page

Banker · Mar 29, 2018

Miami Trucker said: ↑

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Thanks for The Reply and If that is Correct ?

Then wouldn't it make More Sense to Buy a NEWER Truck ?
If they are ONLY going to TAX what your NET IS !

All This Time I though Buying a New or Newer Truck would be a Negative TAX Wise ?

Guess I was Wrong ? !

Peace.
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Buy what ever you want and your business can afford. Don’t ever buy something solely to receive a tax deduction unless you need the item you are buying. On average to get a 30-40 cent tax deduction most people have to spend a dollar. Not a good return on investment if a tax deduction is your only motivation.
I bought new equipment and I am in the last year of tractor depreciation and the third of 5 years on the trailer depreciation. Depreciation is a huge tax break and I pay very little income tax currently compared to my income, but when I run out of equipment depreciation I can raise the amount I put in my individual 401K and get the exact tax break that I receive from depreciation.
Bottom line is you only pay taxes on profit and the more profit you make the better off you are going to be, even after paying taxes.

Miami Trucker · Mar 29, 2018

Banker said: ↑

Buy what ever you want and your business can afford. Don’t ever buy something solely to receive a tax deduction unless you need the item you are buying. On average to get a 30-40 cent tax deduction most people have to spend a dollar. Not a good return on investment if a tax deduction is your only motivation.
I bought new equipment and I am in the last year of tractor depreciation and the third of 5 years on the trailer depreciation. Depreciation is a huge tax break and I pay very little income tax currently, but when I run out of equipment depreciation I can raise the amount I put in my individual 401K and get the exact tax break that I receive from depreciation.
Bottom line is you only pay taxes on profit and the more profit you make the better off you are going to be, even after paying taxes.
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Bottom line is you only pay taxes on profit and the more profit you make the better off you are going to be, even after paying taxes.

P/K/ You COMPLETELY LOST Me ! ?

The MORE You Make the Better Off You'll Be ?

Unless I Missed something My WHOLE LIFE !

I thought The MORE MONEY you Make : The MORE TAXES are Taken OUT !

Especially being SINGLE where I've Learned the HARD WAY that WE are The One's who get Screwed over The MOST !

Now Keep on Mind I've always been a Company Employee most of My Life.

EXCEPT for the 4 Years I was a Local Courier where I got to DEDUCT My Miles and Paid The Minimum Taxes .

Can You EXPLAIN what You mean ????????????

Banker · Mar 29, 2018

Miami Trucker said: ↑

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Bottom line is you only pay taxes on profit and the more profit you make the better off you are going to be, even after paying taxes.

P/K/ You COMPLETELY LOST Me ! ?

The MORE You Make the Better Off You'll Be ?

Unless I Missed something My WHOLE LIFE !

I thought The MORE MONEY you Make : The MORE TAXES are Taken OUT !

Especially being SINGLE where I've Learned the HARD WAY that WE are The One's who get Screwed over The MOST !

Now Keep on Mind I've always been a Company Employee most of My Life.

EXCEPT for the 4 Years I was a Local Courier where I got to DEDUCT My Miles and Paid The Minimum Taxes .

Can You EXPLAIN what You mean ????????????
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I really don’t want this to sound as bad as it is going to sound but I can’t help it. If you don’t realize that the more profit you make the better your business will be, you aren’t ready to be in business.

Banker · Mar 29, 2018

Think of your business as a pie. The bigger the pie gets the more the govt gets of your pie. However the bigger the pie gets even after you give the govt some pie(taxes) the more pie you have to feed yourself and your family.

Miami Trucker · Mar 29, 2018

Banker said: ↑

Think of your business as a pie. The bigger the pie gets the more the govt gets of your pie. However the bigger the pie gets even after you give the govt some pie(taxes) the more pie you have to feed yourself and your family.
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Listen.....I'm Really Trying Hard NOT to be a Smart ### ! But what You just said Completely Contradicts itself !
(a) The bigger the pie gets the more the govt gets of your pie.

Reply : Of Course I already knew that !

(b) However the bigger the pie gets even after you give the govt some pie(taxes) the more pie you have to feed yourself and your family.

Reply : WHAT ? ! O.K. The Pie gets BIGGER ! And so does Your TAX BRACKET ! : Right ?

So What are You talking about ?

Unless you KNOW some Loop Holes your Using ?

If You want to Share that Info ?

Banker · Mar 29, 2018

Miami Trucker said: ↑

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Listen.....I'm Really Trying Hard NOT to be a Smart ### ! But what You just said Completely Contradicts itself !
(a) The bigger the pie gets the more the govt gets of your pie.

Reply : Of Course I already knew that !

(b) However the bigger the pie gets even after you give the govt some pie(taxes) the more pie you have to feed yourself and your family.

Reply : WHAT ? ! O.K. The Pie gets BIGGER ! And so does Your TAX BRACKET ! : Right ?

So What are You talking about ?

Unless you KNOW some Loop Holes your Using ?

If You want to Share that Info ?
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I can’t help you. Sorry.

Accidental Trucker · Mar 29, 2018

Miami Trucker said: ↑

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Listen.....I'm Really Trying Hard NOT to be a Smart ### ! But what You just said Completely Contradicts itself !
(a) The bigger the pie gets the more the govt gets of your pie.

Reply : Of Course I already knew that !

(b) However the bigger the pie gets even after you give the govt some pie(taxes) the more pie you have to feed yourself and your family.

Reply : WHAT ? ! O.K. The Pie gets BIGGER ! And so does Your TAX BRACKET ! : Right ?

So What are You talking about ?

Unless you KNOW some Loop Holes your Using ?

If You want to Share that Info ?
Click to expand...

Homework lesson #1. Learn the difference between a tax credit, and a tax deduction.

If you earn $10,000, the government takes 10%, you keep $9,000.

If you earn $1,000,0000, you are in the highest tax bracket, and the government takes $390,000, You keep $610,000.

Would you rather keep more of a small pie ($9,000) or less of a big pie ($610,000)?

Buying things "for the tax deduction" makes your pie smaller.

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