I thought self employment tax is calculated on personal income only. The SS match usually made by an employer.
O/O tax write off
Discussion in 'Trucker Taxes and Truck Financing' started by mitmaks, Feb 25, 2019.
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Depends on how you’re set up , I guess. Doesn’t apply to Me
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Oy, that’s a lot of work for pennies.
Bottom line: much easier to create an location, and take everything above a reasonably modest wage as a profit distribution.
Look, no self employment tax.dwells40 and Rideandrepair Thank this. -
I pay self employment tax on the minimum % of total income that’s allowed. The rest is paid as a stock dividend, not subject to self employment tax. The idea that I could somehow pay less self employment tax (ss tax) by showing more income,is wrong
dwells40 Thanks this. -
dwells40 Thanks this.
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Tax write offs for oo:
1. Qualified business income, which is 20% of your business profits.
2. Depreciation, which an accountant told me to avoid if I ever plan on selling truck. But what if I keep it forever.
3. Per diem for each day away from home. Home being an actual residence.
4. Any misc business expenses.
5. Any fuel you paid for which was not covered by the fuel surcharge.
6. You can also claim your typical standard deduction of 12k.
Id check out ATBS, they give great advice, so much to learn. -
Also there's this
I'm single and will have over $157,500 as a sole proprietor. And my expenses will be over $20,000 so as I understand it, I won't gain anything from this. -
This is why you need an accountant, trying to understand, keep up and take advantage of tax changes is next to impossible. The money spent on a knowledgeable Tax expert, will save much more than the cost.
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