My lease adventure

Discussion in 'Lease Purchase Trucking Forum' started by Crazytrucker77, Mar 16, 2018.

  1. 51.50

    51.50 Medium Load Member

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    Jan 20, 2016
    Salem Oregon
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    I used a CPA to do my taxes. I was audited for 1989 tax year. IRS thought l owed $11,000 additional tax ( plus they were salavating over the potential interest and penalties). I went alone to the audit. It took 5 days @ 6 1/2 - 7 hours a day. After it was finished, The auditor said "you will becontacted with the results by mail". I owed $312.00. My CPA said "They will not audit you again because they had to pay their agent a weeks wages for $312, they lost money on this case.
     
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  2. highwayMike

    highwayMike Light Load Member

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    Jan 17, 2019
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    I guess there are different levels of accountants/CPA.
     
  3. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Well the adventure continues. I just found out I need to replace all my drums and shoes on my truck. Oh just great. I am bleeding money now lol. There is a silver lining to this situation. I earned $9500 in the last two weeks on top of my earnings for this month so I will be able to weather all of these expenses. Here is what I have paid out in the last month in repairs and tax.

    2 steer tires $1150
    Tax $7550
    Accountant $650
    Brakes Quote $1500 - $2000

    Total $10850 - $11350

    The main reason I am putting these numbers out here is because I want people who are thinking about doing this to know how much it costs to do this. Knowledge is power after all.
     
    Last edited: Mar 28, 2019
  4. SteerTire

    SteerTire Road Train Member

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    Behind the wheel
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    I saw all the tax comments. And walked away wondering if anyone was contributing to their Social security. Or simply investing it.
     
  5. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Well after having my brakes inspected by someone way more qualified then me I don't need to do anything quite yet.
     
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  6. Boardhauler

    Boardhauler Road Train Member

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    Ballin' in it for Shakey
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    You know you have a real asset in the guys there in the company shop. John and Sean are both great people and darned good at what they do. Cultivate their friendship with small gifts and plenty of honest gratitude, your efforts will be rewarded.

    BTW, what's your truck number? I'll look for you out here. IMG_20181127_110350_burst_02.jpg

    I'm rocking it in this, #47.
     
  7. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Trust me I pick their brains all the time. I'm in truck 2800 and John was the one that took a look at my brakes. You got a good-looking truck how come I've never seen it yet I've been here 2 years so you think I would have seen you by now LOL.
     
  8. Zigzag777

    Zigzag777 Medium Load Member

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    Down Yonder
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    Just a tip for those that may not know the following:

    When you go to a lawyer, what you discuss is protected by the Attorney / Client privilege.

    When you go to a CPA, there is no such protection. He can’t talk to other people about your finances. But, when he is in front of the IRS, he is bound by law to tell the truth, and to answer just about any questions they might have.

    He will NOT put his livelihood, and license on the line for you, his client. Trust me on this.

    If there’s any ‘funny business’, most ethical CPA’s don’t want to hear it.

    Also wise not to use a CPA, who is close like family, just not a good idea in general. Keep your business info to yourself.
     
  9. 51.50

    51.50 Medium Load Member

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    Jan 20, 2016
    Salem Oregon
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    Keep accurate track of your expenses. Don't "pad" or exaggerate your expenses. There is a fine line between making a math error and attempted tax evasion. You don't want to be accused or convicted of tax evasion.
     
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  10. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Nov 23, 2014
    Hermiston, OR
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    The saying if it ain't one thing it's another comes to mind lol. I just found out my wire harness for all my hood lights is bad and has to be replaced so I will get that done this weekend. On a good note I am finally seeing some good checks again after the last couple months fiasco.
     
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