My lease adventure

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

  1. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Still waiting on them to be made.
     
    popcorn169 Thanks this.
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  3. jackoboyo

    jackoboyo Light Load Member

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    I know you get home on a regular basis but wondering why you don't pay any per diem? At least I didn't see it on your P&L. Out of your wages would reduce your payroll taxes. On top of your wage would be a write off and make your net smaller so less tax there.
    Happy Easter!
     
    buckmanmike Thanks this.
  4. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Grants Pass, OR
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    It is done by my tax person at the end of the year
     
  5. jackoboyo

    jackoboyo Light Load Member

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    I think you're doing a great job. I was an S Corp in a different line of work and think that is the way to go. The only negative is when you do get old enough for social security you'll be getting less because you paid in less.
    You haven't mentioned a 401k or other retirement plan. If you set one up I believe the company can contribute up to 20% of your salary. That may not be affordable in your situation but something to look at.
    Keep at it and keep us updated.
     
  6. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    At this time I'm not paying into a 401k. I'm in the process of getting out of debt and saving for purchasing equipment. Once I get that all done then I will invest in a retirement plan.
     
    popcorn169 Thanks this.
  7. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Grants Pass, OR
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    Well I'll finally get my new curtains installed on my trailer on the 26th. man I can't wait I'm getting tired of these old ### curtains LOL.
     
  8. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    This month was a really good month. Finally got a new curtains for my trailer and made a pretty good profit this month. IMG_20210427_085747.jpg
     

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    dwells40 and dunchues Thank this.
  9. popcorn169

    popcorn169 Road Train Member

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    That is a nice trailer. I thought you was talking about a regular Conestoga. Should last you a while.
     
  10. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Grants Pass, OR
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    No it's a curtain trailer. I'm not planning on having it longer than another year. I want to get it paid off this year and then go ahead and buy a new trailer next year.
     
    popcorn169 Thanks this.
  11. Crazytrucker77

    Crazytrucker77 Medium Load Member

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    Grants Pass, OR
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    So I found out something interesting. If you have an expense over $2500 you have to depreciate it at tax time and not add it to your p&l as an expense. So my $4700 I paid for the curtains should have not been there. That puts my ytd profit to around $7000
     
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