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My lease adventure

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

Page 4 of 42
  1. Mar 18, 2018 #31
    Scooter Jones

    Scooter Jones Road Train Member

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    12% of his "net pay."
     
    Scooter Jones, Mar 18, 2018
    Scooter Jones, Mar 18, 2018
    #31
    Another Canadian driver Thanks this.
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  3. Mar 18, 2018 #32
    Evil_E

    Evil_E Heavy Load Member

    789
    530
    Nov 25, 2011
    Dexter,MI
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    So he is only considering being taxed at 12%....this seems too low IMO
     
    Evil_E, Mar 18, 2018
    Evil_E, Mar 18, 2018
    #32
    Another Canadian driver Thanks this.
  4. Mar 18, 2018 #33
    spyder7723

    spyder7723 Road Train Member

    15,442
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    Mar 31, 2013
    sarasota, fl
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    A lot of perfectly legal ways for a business owner to lower their tax bill. I always plan on 8% of gross and its always been enough to cover any tax liability. Worse case scenario i buy a set of tires before year end and stick them in the garage till they are needed. And that's with no truck payment.
    I'm assuming he is leasing a newer emissions truck, one or two visits to the shop with a fault code and his tax bill will be practically nothing.
     
    spyder7723, Mar 18, 2018
    spyder7723, Mar 18, 2018
    #33
    Another Canadian driver, Jarhed1964, RedBeardedT and 2 others Thank this.
  5. Mar 18, 2018 #34
    MysticHZ

    MysticHZ Road Train Member

    5,817
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    May 28, 2010
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    Actually 12% is going to be on the high side ...
     
    MysticHZ, Mar 18, 2018
    MysticHZ, Mar 18, 2018
    #34
    Another Canadian driver, Memphis10 and spyder7723 Thank this.
  7. Mar 18, 2018 #35
    Scooter Jones

    Scooter Jones Road Train Member

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    You and I operate alike ;-)

    My goal is to lower my tax liability to as little as possible.
     
    Scooter Jones, Mar 18, 2018
    Scooter Jones, Mar 18, 2018
    #35
    wifi_guru, Another Canadian driver, Jarhed1964 and 1 other person Thank this.
  8. Mar 18, 2018 #36
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    832
    990
    Nov 23, 2014
    Grants Pass, OR
    0
    That is a good point and no worries I do it like that. I just didn't go into details with this set of numbers because I didn't want to confuse a bunch of people. But like I said before I am willing to breakdown everything if people would like me to.

    12% of my net income after my truck expenses are accounted for (lease payment, insurance, fuel etc.) I set aside this amount of funds for paying into my taxes.
     
    Crazytrucker77, Mar 18, 2018
    Crazytrucker77, Mar 18, 2018
    #36
    Another Canadian driver Thanks this.
  9. Mar 18, 2018 #37
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    832
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    Nov 23, 2014
    Grants Pass, OR
    0
    Thank you for the advice. The way it looks in my business account is that I just pulled out the money for my bills in one lump sum. It basically looks like I paid myself a wage. I put the funds in my personal account to pay the house expenses.
     
    Crazytrucker77, Mar 18, 2018
    Crazytrucker77, Mar 18, 2018
    #37
    Another Canadian driver, Jarhed1964 and spyder7723 Thank this.
  10. Mar 18, 2018 #38
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    832
    990
    Nov 23, 2014
    Grants Pass, OR
    0
    Yes I am a lease driver and am paid with a 1099 at the end of the year. I will be prepaying my taxes quarterly with my accountant. Once I have done it for the first time I will adjust the amount I set aside accordingly. I am also going to talk to my CPA about putting funds in a IRA and some other tax free things to lower my "taxable income" once I get a few months in and get settled.
     
    Crazytrucker77, Mar 18, 2018
    Crazytrucker77, Mar 18, 2018
    #38
    Another Canadian driver and Jarhed1964 Thank this.
  11. Mar 19, 2018 #39
    Rooster1291979

    Rooster1291979 Road Train Member

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    Sep 4, 2012
    NOLA
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    You should have come up with a different name for your thread. Thought someone dragged mine up again.
     
    Rooster1291979, Mar 19, 2018
    Rooster1291979, Mar 19, 2018
    #39
    Another Canadian driver, Jclark87 and Bean Jr. Thank this.
  12. Mar 23, 2018 #40
    Crazytrucker77

    Crazytrucker77 Heavy Load Member

    832
    990
    Nov 23, 2014
    Grants Pass, OR
    0
    Well back in the shop trying to figure out a phantom transmission fault code. Stupid thing has happened twice and goes away within a few minutes. Of course it don't appear when I get to the shop lol figures.
     
    Crazytrucker77, Mar 23, 2018
    Crazytrucker77, Mar 23, 2018
    #40
    Another Canadian driver Thanks this.
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