Against all odds!

Why would he have paid taxes already?

 

Because you have to pay an estimated amount quarterly

 

I don't think you have to unless he is incorporated or has a LLC

 

I was under the impression anyone self employed had to pay quarterly estimated taxes. Maybe I'm wrong, but i could've swore that's what i was told

 

I'm not 100% either I know for the first 8 or so years I never paid quarterly but since I now have a LLC and 4 trucks I pay quarterly. Never hurts I guess but either way your right about one thing and that's not all your money for sure and make sure your set aside a minuim of 25% of your earnings or you will regret it.

Oh and have a very good tax person that specializes in trucking!

 

You do not have to pay quarterly if your income is below a certain level. But I am betting you should be paying quarterly.

Also, why buy a truck when you can lease one. Leasing a new truck and trailer as well as getting your authority is less then your $20,000. No credit cards needed.

From a bankers point of view, do what the big companies do. They lease.

 

I've been an S Corp for 15 years and was a sole proprietor 3 years prior. Have always been required to pay quarterly if taxes due are less than $2500/qtr. Pay monthly if over $2500

 

Of course you could donate to the Clinton Foundation and then the rules won't apply to you.

 

That's it. You can pay annually but you'll be penalized and pay more when you do and increase your chances of being audited.

 

Op ...go for it ! Watch your expenses like a hawk .
You got the right frame of mind .