TAXES WHAT WILL UNCLE SAM TAKE

You really need to go talk to or at least call a cpa So you can get the correct info for your specific situation. If you can't get in to see a cpa go to your local hrblock office and sit down with one of their folks that do business taxs you'll be able to uptain the same info.

I'm not going into a bunch of personal info on here but , I'm a leaseer too and last yrs bill was slightly over 8gs but this persuant to my situation. Everyone's is different you really need to understand yours .

 

Remember that you pay Federal Income, State Income, and Self Employment Tax (assuming you a receiving a 1099 at the end of the year. This can easily be 30% of gross income. How did you calculate the estimated quarterly taxes you are paying?

Are you responsible for your fuel taxes (i.e. IFTA)?

 

It was told to me several years ago, that factoring 7-8% of your total revenue for taxes puts you in the ballpark. I have found that to be pretty true overall. While it is true that that can be 30% of what you Net, it does play out pretty close to 7-8% of what your total revenue (before expenses) is. That is about as simple of a formula there is. It gets more complicated form there, but it will be a good starting point.

 

With this amount of savings /profit
I would max out an IRA.. at the very least. Next would be some income property.
You should get your specific information from a tax accountant... CPA or other professional.
Nice job and Good luck

 

This is why I'm married to a numbers girl... she works miracles come tax time... Plus shes a great cook and I think she kind of likes me.
Save EVERY receipt from EVERYTHING you buy... And if you're leasing a truck that's 100% write off...

 

Idk about paying 18k in taxes for 60k net. Per diem alone e will drop it about 15k, then add in cell phone, etc. Itll make taxable Inome around 25k and even around then he will be taxed in total arou d 15-20% (3000-5000).

 

60k net. NET!! After all those things u said equals net. It’s not net then decduct more things. But go head

 

Net as in after lease payments ts, fuel, insurance, maintenance aka expenses but pretaxed. It's not gross. Post expense

Technically ur correct. I describe NET in 2 different descriptions, 1 being net post expenses but pre taxed and the other NET post taxes after deductions. If I was putting 2g a resume I'm sure I'd be more official lol but it's a blog. Thank u for calling me out cuz I'm sitting at the consignee with nothing 2 do u til 0700 lol

 

Personally, I'd take 30 percent of whatever I had left after I pay my operating expenses. The rest will fall into place at the end of the year when you file your Schedule C.