Thing of it is...Your going to have so many owner-ops in this position...
Their gonna be showing net profits anywhere between 50-80k ..But only have $6-7k to pay taxes with- I've talked to several guys....And No- They don't send in quarterlies.
Will that Work is the question? I say No- But,this is a legitimate question
Caution Prospective Independent O/O! My Embarrassment.
Discussion in 'Ask An Owner Operator' started by TallJoe, Oct 20, 2017.
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Paddlewagon, redoctober83 and TallJoe Thank this.
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I do tax resolution for clients as well, and the number one reason sole proprietor's, and small businesses in general, go out of business is because they cannot manage the tax paying part of the business.
Every business is unique, so until you run your numbers in different scenarios, you will not know what entity choice will work out best for your particular situation.Last edited: Apr 1, 2018
stayinback Thanks this. -
Not having to rely on social security for retirement comes down to how comfortable a person is investing in the stock market, annuities, etc.. and what type of lifestyle a person wants to live when they retire. Every situation is unique, so a blanket statement cannot be made to say one way is better than another, or do this or do that.TallJoe Thanks this. -
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DozerCowboy Thanks this.
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