2017 Income & Expense Review

Thanks. Why so many bad parts? Was that scrap yard parts?

 

I hope you did not get a Fitzgerald?

 

Hopefully you guys are putting money into a SEP IRA? How about health insurance? Occupational Accident Coverage? Mileage maintenance escrow? Paying your quarterly fed & state taxes?

 

Are you Dave Ramsey? What is Sep ira?

 

It's an IRA structured for self employed folks.

My reason for mentioning these other items is that if these additional benefits are not included into the pay structure of an owner operator, you're making less than a company guy with benefits in most cases.

 

I don't pay estimated taxes: state nor fed & never have. What you pay as a penalty for not paying in advance is well worth it imo bc that $$ doesn't get interest when you prepay and could be used to get a return on if you had it in your possession.

Penalty is <$200 a year.

 

I contributed 3k into a SEP IRA but I paid it out of my personal income.

 

That’s not bad how many days worked?