Our experience with Success Leasing

LOL Me thinkith me needs to learn how to spelllll. LOL

 

Interesting timing that I trip in here as this topic is up for discussion....

My accountant (AKA: My Wife) just e-mailed me the spreadsheet for my 1st 12 weeks as a L/O....

August average net - 795.33/wk
September average net - 788.86/wk
October average net - 960.91/wk

12 week average 848.37/wk

Now, it should be noted here that I take 3-4 days off about every 3 weeks out... so I'm not exactly killing myself doing it either... then again, I'm at a point in my life where I can afford that luxury... so, that week kind of kills the average, as my settlement for that week will only be somewhere around $300-500 or so... for me, as long as I can go home & still not go in the hole... I'm good with that.

I leased right out of the gate... but then, two things about that...

First, I've been self-employed nearly all my adult life... so running a business is not exactly unfamiliar territory.

Second, & most importantly... I had an outstanding teacher... my trainer was a 14-year OTR vet more than willing to show me anything I wanted to know... about everything... not just about driving a truck... but how to run a truck as well... & that second part is key to making money at it.

I spent that time on his truck as a total sponge... & he gets all the credit for my success thus far.

 

So, do these amounts have your tax payments to the IRS factored out?
You pay quarterly, right? I'm not talking IFTA or truck taxes... Your self employed taxes

 

Does Prime have accountants that can assist you with the quarterly Taxes or is it better to find a accountant in your Home Town/State

 

There is an accounting firm that has an office on site. I don't know much about them. Personaly I will use the accountant I have for years as we have a relationship though he said he may have one of his associates that does a lot of truckers do most of it and he will sign off on it as he is not very familiar with trucking. What ever you do keep records and keep them organized. My old business partner and I used the same accountant and our 1040's were very similar though I had a lot more short term investments. My bill was 30% less than his. The rationale was that my file came in sorted by the month labled and catagorized. My buddy had 3 shoe boxes he would drop off. So no matter who you use at least keep your receipts by the month.

 

Cool So If I want a Local Accountant I will search for them in Washington

 

Abacus CPA is what they're called now. They do an adequate job, and don't try to push the limits. I've used them for 3 years now and don't have any complaints.

If you get a "local" CPA to do your taxes, make #### sure they specialize in trucker taxes. Many of the generic tax preparers don't really have a clue about the transportation industry - there are enough differences that they can make assumptions that will cost you plenty.

This year (through 42 weeks) my average gross income is $1.745 per mile, yielding an average net profit before taxes of $1149.08 per week. I'm making quarterly payments through the IRS EFTPS service.

 

Thanks will do and I will make sure that they are a trucking CPA will they also do my house, Wife income and my Navy retirement Income at the end of the year

 

that other should be standard cpa stuff. The trucking stuff is different.