Help With My Specific Situation

Here we go...

I am an owner operator leased to a small company based in Arlington, TX. I am buying my truck from a guy who lives down near Waco. I took possession of the truck early September 2011. I could not get financing, on my own, to purchase the truck so me and him put together an agreement and had it notarized. The agreement states I get the truck, am fully responsible for everything, I lease the truck on with my company, and I recieve all the money the truck makes. Basically I took over payments but the truck is still in his name... First couple Questions...

- Is this going to cause me problems when it comes to deductions??? (Depreciation,payments,maint.,ect.)

- Should I start doing my taxs quarterly for 2012???
(I do not have an LLC set up, should I set one up???)

Now when it comes to alot of the road expenses I incurr they are split between me and the company. For example I pay half of reefer fuel, tolls, scales, trailer washouts, ect... I do pay for my own fuel but the company charges 1.5% for using the fuel card...

- How do I write all this stuff off when the receipts are going to show the full amount? Should I just write off the full amounts?


I prolly have some other questions I just cant think of right now... any help is greatly appreciated...

 

Come on Drivers... I know there is at least one of you who can answer some of these questions... Help me out here...