im at a lost owner operator

This comment scares me. I was audited. My accountant said "dont worry about it" HA.. I even paid for him to go to the audit. We had to pay. Then he said we will appeal it. Then they audited us for the following 3 years. He said "dont worry" Had to get a tax lawyer. In the end We had to claim BK (the one where you still pay everything back)
Had to sell our house to help pay for it. The IRS sucks. They have NO mercy! They are ruthless. Not trying to scare anyone but its true. It happened to us. Oh that accountant? He got a slap on the wrist. WE ARE THE ONES THAT SIGN THE RETURN. Even though we have a accountant because we dont understand the tax code. IT was truly life changing.

 

Make sure you CPA is specialize in Trucking Taxes, that could make a big difference.

 

I'd rather show a loss than write a $20K check like a buddy of mine will this year.

 

Your first year starting any business well always be the hardest. You may not always make a profit or a big one in your first year. The second year will be better. If you are just in the hole, but not missing payments on the home or business front, you have nothing to worry about. It could also be your accountant but that's a maybe.

 

I`ve showed a loss once.
my cpa said that I need to show profit from then own and
I have since
I cut all the expenses I can.I also funnell all the money I can out of the corp and into my personnel account.
loss/profit and cash flow are 3 different things

 

How can you funnell as much money from the company into your personal account if it is taxed as an S-Corp? Don't you have to pay yourself a salary?

 

I pay myself a small salary and the rest are shareholder distributions
you don`t pay self employment tax on shareholder distributions saving you quite a few thousand dollars a year

 

the more LOSS, the less taxes

the more PROFIT, the more you pay in taxes

your call, if you have any doubts, call the CEO or CFO of any large corporation, they will explain how it works

 

In there case its lots of profit, no taxes

 

If your paying taxes means your making money which is the whole point. If my truck was loosing money, I would find another job.