Is paid for equipment better or is depreciation?

Thank you, that’s what I was trying to say but was dealing with an distraction.

this of course is different from a straight lease where the asset is returned.

 

There’s no law about working 12 months a year, either. After you’ve run a while and kind of know what your expenses are per year you can also figure out about how much income to make versus those expenses and then figure out how much tax you’re ok with paying every year. The tax game is fairly simple for a one man show.

This year I had my guy go through my paperwork when my truck was down in September. We ran through different scenarios depending on when my new truck was showing up. And I decided to play it safe in case it doesn’t show up this year and I parked my truck at the end of October. Where I was sitting it wouldn’t have really done me much good to go pound out a couple more months so I called it a year.

 

Semi unrelated... I owned my truck still do but it was total. Trailer is fine though going into this game an owner truck is better than payments in a bad market. When this market flips the truck will be raining from the sky. Upsidedown in value. Had was my word for my truck as I own it still and it's impounded for investigation due to crash severity.. I am on I was not at fault pickup came through stop sign on icy road and was struck. He ####ed my business. I'm debating on what to do as far as truck goes. Buy an overpriced one? Mine was an 05 Volvo vnl 670 d12d 13spd almost New after 4 years on work on it last thing I needed was an overhaul to do and it was new.. that said as an independent who says screw it I'm going home when things are bad and as I'm home now thinking of this #### storm that is how do I replace my truck and still operate? Any answers.. also. Some reason can't create a new thread.

 

I cashing out... I'm Done with this side. I love what I do or better yet did for my job love driving.. but no truck for who knows how long + trailer payment + insurance I'm not dropping 2500 this month just to not work then repeat next month.. trailer is impounded for accident investigation. Might be available by the end of the month if I'm lucky and have no truck to pick it up 1200 miles away. I'm not at fault. #1cause for an accident is driving to fast for conditions. Driver blew the stop sign straight into state highway in front of me and brakes don't work on Ice. I was in my travel lane with right of way and going slow they were not. To recover from this with current truck market.. is a hard task. An uphill battle that when you step back and look at where you are your almost better being a 1099 llc and not owning anything in the game that's trucking... I Know that's not all true because you can make lots when you are the owner /dispatcher/ driver/ and everything else.. but that price is very high. Almost 9 years and my first accident that was not preventable.affects you heavy on the mental side just as much as if you were hurt physically.

 

I cashing out... I'm Done with this side. I love what I do or better yet did for my job love driving.. but no truck for who knows how long + trailer payment + insurance I'm not dropping 2500 this month just to not work then repeat next month.. trailer is impounded for accident investigation. Might be available by the end of the month if I'm lucky and have no truck to pick it up 1200 miles away. I'm not at fault. #1cause for an accident is driving to fast for conditions. Driver blew the stop sign straight into state highway in front of me and brakes don't work on Ice. I was in my travel lane with right of way and going slow they were not. To recover from this with current truck market.. is a hard task. An uphill battle that when you step back and look at where you are your almost better being a 1099 llc and not owning anything in the game that's trucking... I Know that's not all true because you can make lots when you are the owner /dispatcher/ driver/ and everything else.. but that price is very high. Almost 9 years and my first accident that was not preventable.affects you heavy on the mental side just as much as if you were hurt physically.

 

Pay off is the best way to go. You are avoiding interest on the loan
You can choose either a 3 year method, or section 179, or bonus depreciation and do it all the first year...

 

Get an accountant that knows how to move numbers around wisely.

 

Lol I am an EA but waiting for admins to approve my posts where I can post my business name. Also a trucker...
I hope they have paid marketing not only for trucking companies looking for a drivers...

 

Hmm interesting business strategy...