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

Sorry man but the IRS is only one of many issues with this deal. On that note, save every receipt and get a CPA.

And trust me on the next: Pare down all your truck contents so it can be moved with one or two duffle bags AND have enough cash or credit on hand to buy taxi and ride on grey dog at all times. You're in way to early and deep with the wrong truck IMO.

Good luck and yes, hate me now for the grey dog comment but you will thank me later.

 

I use CBSI out of Indy.

 

Nothing like diving off the deep end of the pool while learning to swim.......eh? You might want to consider spending every free moment over the next couple months reading everything you can about federal/state taxes. There is a ton of material online through the IRS that fairly easy to understand.

Have you researched any of the following before you leased?

1. IFTA.......do they manage it for you?
2. Heavy use tax for your home state? ...........does your state require it?
3. Required IEN, or SSN for business structure? (sole proprietor, LLC, et. etc.)
4. Emergency escrow........for breakdowns and tires? Do they manage a fund for you, or are you doing it alone?
5. Estimated quarterly taxes
6. Cheapest workers comp or accidental workers insurance.........depends on your state as to what is required.
7. Do you know what are legal tax write-off's
8. Keeping records of all expenditures.
9. Setting up your own system for categorizing expenditures, instead of throwing everything into a bag and handing it over to your CPA.
10. The best insurance for the truck, load, and bob tailing? Are they forcing theirs on you, or can you shop for your own?
11. Do you have to fuel using their network?...... you can get raped at some companies with this.
12. Fuel surcharges?............ fair?
13. Maintenance costs? .......... oil, grease, filters, DEF, wash, fluids, mud flaps, lights, cleaning materials, etc. etc. etc.
14. Is there a walk away clause in the lease agreement?
15. Are you a interstate driver like some dummies, or do you also make good use of US/State roads as well. Makes a huge difference with the bottom line for fuel, time, and mileage on the truck.
16. Is the company more flexible with IC's, or are you just another company driver with a asterisk?

There are a hundred other questions.................... I guess you will figure it out for yourself?

 

They can only do that when nobody stops them and says, "can we back up a second, can you explain that second part again, i didn't get it and it sounded important"...

Hopefully the first mistake you correct will be being more assertive...Like 'forcing' traffic to bow to your whim when you need to back in and block all lanes of traffic that seems unwilling to show any kindness...