L.L.C. or Incorporated?

Discussion in 'Trucker Taxes and Truck Financing' started by istumped, Dec 2, 2019.

  1. Driver Eight

    Driver Eight Light Load Member

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    You know what though, If I gross 285k a year, and net 60 before taxes, this man will be my accountant

    [​IMG]
     
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  3. johnnyman1099

    johnnyman1099 Medium Load Member

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    As an owner operator, you have a lot of legitimate deductions.

    Example:
    Cell phones, home office, per diem meals $47/day, mileage for personal vehicles, business dinners, business entertainment, business trips related to trucking in any destination. Truck shows, Vegas, Orlando, LA, etc... uniforms, boots, computers, all maintenance, health insurance, retirement benefits, you can hire kids to clean truck, hire kids to do book keeping/record keeping, etc.......... Alot of deductions. Then you can reduce income further by buying more equipment like trucks, trailers and depreciate them to reduce tax liabilities. Then you can max out on Retirement accounts like IRA etc......

    So when I say i make $40k to $60k, i mean i really make that much even with all possible deductions.

    Can you company drivers beat my deductions and still make $40k to $60k a year ? I seriously doubt it.
     
    Shadow_11Bravo and Simplespeed Thank this.
  4. JonJon78

    JonJon78 Road Train Member

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    What type of business dinners, business entertainment, trips to Vegas, Orlando are you doing that relate to your trucking business?
     
  5. Driver Eight

    Driver Eight Light Load Member

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    Guys, forgive me, I've blown up the discussion due to a lack of comprehension.

    If I'm understand the context of the discussion better now, you're basically saying you've successfully hidden your 285K income into business deductions/assets/accounts/"expenses" until you've left only 60K "personal income" for the tax man?
     
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  6. x1Heavy

    x1Heavy Road Train Member

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    Using the character from Spaceballs with comb scene...

    We cannot deduct *&^%. =)

    Ive been following this thread and am influenced excessively by relatives who were incorporation themselves. With their businesses. A common scenario would be feeding shotglasses to someone obviously over the side and gone and they go out and kill a family. Guess what? you are now party to the suit from the bereaved.

    What I have a minor civil lawsuit insurance among other policies that I have paid for some time so if something did happen for example if I was affected by medicines last year and burned down the house around us, I could stand to replace the property after the law suiting was over and done with. Im not worried about that scenario at all now. But as a licensed carry, other scenarios are possible. Some I don't even want to consider. But some of the insurance on a personal level is there.

    Thats all I can offer here.
     
  7. johnnyman1099

    johnnyman1099 Medium Load Member

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    Read the tax code book. It gives you thousands of legitimate business deductions. If you are a real estate investor, you can travel anywhere and claim your travels if you looked at properties. If you are a trucking business owners and go talk to a shipper about his shipping needs, it is a business trip. If you travel to look at used trucks, it is deductable. If you have a business dinner with business partners, employees, consultants etc, to discuss trucking business matters, it is legitimate tax deductions. Crooks ? I pay more tax then most already. Fuel tax, sales tax, pay roll tax, tolls, self employ tax, tax...tax...and more tax just by spending. Why shouldnt i use the deductions allowed to me by the IRS.

    I am not hiding anything from IRS. I have receipts, e-logs, gps tracking on my phone to prove i was at a dealer, shop, restaurants, customer to conduct business. I do not make up bogus claims or fake repair receipts. Everything has a digital and paper trail. If i lost a receipt, i dont claim it. All business owners can claim entertainment expense while on business trips although i have not used it because i do not need to.
     
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