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2017 Income & Expense Review

Discussion in 'Ask An Owner Operator' started by ChicagoJohn, Dec 28, 2017.

Page 6 of 7
  1. Jan 20, 2018 #51
    HalpinUout

    HalpinUout Road Train Member

    7,074
    18,158
    Oct 2, 2011
    0
    What are you pulling a van?
     
    HalpinUout, Jan 20, 2018
    HalpinUout, Jan 20, 2018
    #51
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  3. Jan 21, 2018 #52
    me myself and I

    me myself and I Heavy Load Member

    716
    308
    Oct 5, 2009
    vernon hills,Il
    0
    Van. I cant imagine doing it with anything else
     
    me myself and I, Jan 21, 2018
    me myself and I, Jan 21, 2018
    #52
  4. Jan 21, 2018 #53
    stayinback

    stayinback Road Train Member

    3,911
    8,254
    Jan 24, 2014
    chicago,il
    0
    Ok, And you paid over $20,000 in taxes then? (That's almost $500 per week just in taxes) plus another $500 week in maintenance- Not enough for the bottom liune savings account is it? The Goal for me over the years was to put pure profit of 60-70k in savings

    That's the Biggest thing we need to know on this thread.
     
    stayinback, Jan 21, 2018
    stayinback, Jan 21, 2018
    #53
  5. Jan 21, 2018 #54
    Ruthless

    Ruthless Road Train Member

    8,322
    80,690
    Aug 28, 2010
    The City.
    0
    At those numbers, I can't imagine doing it at all.
     
    Ruthless, Jan 21, 2018
    Ruthless, Jan 21, 2018
    #54
    PoleCrusher and SL3406 Thank this.
  7. Jan 21, 2018 #55
    ChicagoJohn

    ChicagoJohn Road Train Member

    2,378
    2,732
    Jan 14, 2016
    Chicago
    0
    Maybe I wasn't clear. I have $20,000 sitting in an account that's set aside for taxes. I haven't done my taxes yet, so if the need arises, I have the money. My taxes on the net should be in the neighborhood of $7,000-8,000.

    There's a lot of guys reading the forms and I've known a lot of guys who never considered the tax side of being an O/O.

    I keep a separate maintenance fund for repairs.
     
    ChicagoJohn, Jan 21, 2018
    ChicagoJohn, Jan 21, 2018
    #55
    Zaros and stayinback Thank this.
  8. Jan 21, 2018 #56
    stayinback

    stayinback Road Train Member

    3,911
    8,254
    Jan 24, 2014
    chicago,il
    0
    Need some advice then- I Do the Same as ruthless and Rollincoal- Pay the Penalty(Cheaper) Than pay quarterly...

    WHY Am I Paying $14-15k per year in taxes on $50k Profit? That's around 33%
    When I ran Harder I paid $20k on 70k profit- Is my CPA Tax preparer not Doing it right for me?

    I Feel im paying too much- Do I Need to S-corp and Split a Payroll for me directly to offset taxes?

    I Know Zilch about tax prep- But I Do know How to Handle money well.

    So,Since Obama forced the self employement tax-35%...Will we go back to 20%?? Does anyone know anything bout this?
     
    stayinback, Jan 21, 2018
    stayinback, Jan 21, 2018
    #56
    Zaros Thanks this.
  9. Mar 29, 2018 #57
    C_Hemp

    C_Hemp Bobtail Member

    16
    5
    Mar 23, 2018
    0
    I realize I'm a couple of months late but I'm curious how many miles you ran?
     
    C_Hemp, Mar 29, 2018
    C_Hemp, Mar 29, 2018
    #57
  10. Mar 29, 2018 #58
    ChicagoJohn

    ChicagoJohn Road Train Member

    2,378
    2,732
    Jan 14, 2016
    Chicago
    0
    ****** This is an update ********

    I realized after completing my taxes, I made a mistake in my income reporting. So to keep things honest, I actually made 197,000.

    When I left my last company, I had a $4,000 escrow with them. When I got it back, I mislabeled it in QuickBooks. Instead of income, it should of been a transfer between accounts, not new income.
     
    ChicagoJohn, Mar 29, 2018
    ChicagoJohn, Mar 29, 2018
    #58
  11. Mar 29, 2018 #59
    ncdriver1

    ncdriver1 Road Train Member

    1,105
    1,249
    Dec 3, 2012
    0

    Total Gross: 167,617.91 86,601 miles
     
    ncdriver1, Mar 29, 2018
    ncdriver1, Mar 29, 2018
    #59
    C_Hemp Thanks this.
  12. Mar 29, 2018 #60
    C_Hemp

    C_Hemp Bobtail Member

    16
    5
    Mar 23, 2018
    0
    Wow. Duh. Sorry about that
     
    C_Hemp, Mar 29, 2018
    C_Hemp, Mar 29, 2018
    #60
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