$10,000 owed in fed and state tax too much?

You need an acct that KNOWS the trucking industry as you would never pay this much as he would alert you to all the possible deductions that are out there and where, when and how to maximize those. This year I donated a car to charity, 300 buck car got 500 in a charity contribution. little things like this can go a long ways. I would say find another acct.

 

im paying 9400 state and fed no big deal just save money during year to cover it

 

I paid $4800 in quarterlies, and still owe @$9k this year. Not a normal year by any means, but wind energy was balls to the wall last year and I paid the price. Net was @$48k more than my average years, so no big surprise there.
Never mind the gross, it's the net that bites you in the rear.

Martin

 

Everyone be careful with what you say.

http://www.foxbusiness.com/personal-finance/2013/04/09/is-irs-stalking-on-social-media/

 

well at least he saved on IFTA by using gasoline....


I know that was teriblle, but I could not belive nobody busted him for it.

 

H&R Block will reveiw your return, then make any corrections. Those guys are pretty good. They make it their MISSION to get you the highest refund possible. I was a 1099 last year. I went to HR Block. Net was 19k from 151k. I actually ended up with a refund.

 

H&R Block will reveiw your return, then make any corrections. Those guys are pretty good. They make it their MISSION to get you the highest refund possible. I was a 1099 last year. I went to HR Block. Net was 19k from 151k. I actually ended up with a refund.

http://www.thetruckersreport.com/tr...xes/203669-h-r-block-1099-lease-operator.html

 

I read this entire thread because I was going to use that as well, joking of course.

Wonder why this person did not come back to update this? Curious to know if he got some of that reduced or if another accounting firm found some alternate solutions.

The person who does mine is great, but she is not truck specific & since my truck is depreciated out & paid off, may have to look elsewhere.

 

We're having the same problem. The more we make, the less we earn and keep even less. We owed taxes last year and we're using a CPA this year.

 

stay on the road more. Per diem adds up quickly to a rather cheap deduction. And covers a LOT of income. That's what I learned last year after the CPA did our taxes.