Your choice...
I take a draw every month as an employee of my S Corp. I send the taxes in every month.
I've seen too many sole proprietors in many different vocations suffer irreparable damage by not paying their taxes as they go. Thinking they were making more than they were, living beyond their means, then boom, they owe the tax man 15-20 grand and don't have it.
Not everyone makes the big bucks like you do
2017 Income & Expense Review
Discussion in 'Ask An Owner Operator' started by ChicagoJohn, Dec 28, 2017.
Page 3 of 7
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Last edited: Dec 28, 2017
Scooter Jones and Ruthless Thank this. -
-
Lol well, that may be. I just can't see giving the government an interest free loan on money I can utilize to make more money than the penalty they charge for not giving them that interest free loan.
Different strokes for different folksblade, HopeOverMope and Justrucking2 Thank this. -
You'd be hard pressed to find a CPA worth his salt recommending paying your self employment taxes on April 15th of the following year.
Unless you don't owe any -
Well, I've paid the accountant $8k so far this year- I go by what I know.
Things may change this coming year with the tax changes. I may be switching to an s corp myself.Scooter Jones Thanks this. -
No, I don't pay quarterly, I put aside 8-10% of gross every week into a separate account for taxes.
I've traditionally just done an IRA, but I'm considering starting a SEP next year. My wife has health benefits, so that's covered.
I've seriously been thinking of going out on my own, but looking over my numbers, I don't think I can do any better running spot market. Or at least better enough to be worth the risk and headaches.TBDHUE, Scooter Jones and Pieter78 Thank this. -
-
Banker Thanks this.
-
redoctober83, Justrucking2 and Ruthless Thank this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 3 of 7