leased a truck a month ago but still dont know very much about it.

Discussion in 'Ask An Owner Operator' started by bubbaray30, Feb 13, 2015.

  1. bubbaray30

    bubbaray30 Light Load Member

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    i leased a truck with PTL about a month ago now. i seem to be doing good with it so far but still dont know really what i should expect. i did research into this before doing it but it is a whole different deal between research and actually doing it. the orientation lasted a day and the guy went through everything pretty fast and i dont remember half of what we talked about because we went through it so quick. so what im asking is how often i need to pay my taxes, where do i find a good accountant for this, and how many other taxes are there. i know about the fuel taxes and federal income taxes and so on but what else do i need to expect? i realize i know nothing about this even after researching it but thats why im asking these questions. i dont need to miss out on something and have the IRS all over me. thanks in advance any help on this matter.
     
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  3. mp4694330

    mp4694330 Road Train Member

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    Is truck paid off, title on hand?
     
  4. bubbaray30

    bubbaray30 Light Load Member

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    crossville tn
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    no i just leased it through quality truck sales about a month ago now. they say that i can pay on it then buy it for 1 dollar at the end of the lease which is 5 years.
     
  5. Jumbo

    Jumbo Road Train Member

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    Ok, I will ask. How old of a truck did you get?
     
  6. keebler13579

    keebler13579 Heavy Load Member

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    Check out johnturnercpa.com you can also Google John Turner cpa and it will bring up a link. He's out of houston but he does taxes for truckers all over USA he has been doing my taxes for years now
     
    bubbaray30 and TruckDuo Thank this.
  7. bubbaray30

    bubbaray30 Light Load Member

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    Jan 13, 2014
    crossville tn
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    the truck i have is a 2013 . unfortunately it is a prostar with the maxforce engine. on a good note, the truck doesnt have 200,000 miles on it yet and has another 150,000 miles on warranty with international. they say the bugs are worked out of the maxforce but we will see i guess , hopefully before the warranty runs out.
     
  8. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Your company (PTL) will do some taxes for you, actually the truck, and then you will need to deal with IRS and state RE: your personal taxes. Keep all receipts and get a CPA who knows trucking. CPA is better than a regular accountant. IRS will advise you to get a "EIN" # which is free and can be done VIA phone/internet. Best not to mingle truck funds with personal funds. Have fun !
     
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  9. redgod7

    redgod7 Light Load Member

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    May 18, 2013
    Detroit, MI
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    First you need to register a business with your state. It's called filling articles of incorporation. Then you need to file for FEIN with IRS. You can do that online in 5 minutes. Personally I chose to register as an S-corp. I use zen-payroll to pay myself as a driver and they take care of the payroll taxes. The business taxes you can pay at the end of the year your first year with a small penalty or pay in quarterly. I just went through all that and honestly seemed like a lot but it isn't. Btw I wish you good luck with that truck but IMO not the best choice.
     
    chalupa, Lonesome and bubbaray30 Thank this.
  10. Dryver

    Dryver Road Train Member

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    Buy a dictionary and look up 'research', because what you did wasn't research. Yeah, hard words but this is a prime example of a driver that shouldn't have leased and a company that shouldn't have give them a lease.
     
    walstib and ShortBusKid Thank this.
  11. Jerry12

    Jerry12 Heavy Load Member

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    Here's a video part 1 of 7, tips on becoming a successful owner operator
     
    Last edited by a moderator: May 9, 2015
    J-money Thanks this.
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