im at a lost owner operator

Discussion in 'Trucker Taxes and Truck Financing' started by truckereddy, Mar 3, 2014.

  1. Calregon

    Calregon Light Load Member

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    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.


     
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  3. rickybobby

    rickybobby Road Train Member

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    Make sure you CPA is specialize in Trucking Taxes, that could make a big difference.
     
  4. paul 1052

    paul 1052 Heavy Load Member

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    I'd rather show a loss than write a $20K check like a buddy of mine will this year.
     
  5. kw550cat

    kw550cat Medium Load Member

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    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.
     
  6. wrongwaytommy

    wrongwaytommy Light Load Member

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    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
     
  7. kw600

    kw600 Road Train Member

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    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?
     
  8. wrongwaytommy

    wrongwaytommy Light Load Member

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    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
     
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  9. EZX1100

    EZX1100 Road Train Member

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    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
     
  10. Derailed

    Derailed Road Train Member

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    In there case its lots of profit, no taxes
     
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  11. Binder Grinder

    Binder Grinder Bobtail Member

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    Mar 8, 2014
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    If your paying taxes means your making money which is the whole point. If my truck was loosing money, I would find another job.
     
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