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Starting a business late in the year

Discussion in 'Trucker Taxes and Truck Financing' started by loudtom, Dec 15, 2016.

Page 1 of 4
  1. Dec 15, 2016 #1
    loudtom

    loudtom Road Train Member

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    My girlfriend and I bought our truck and got our authority in November, but won't actually be making any income until January. Does anybody know if we are supposed to take all of our expenses/depreciation and roll them into next year's taxes?

    @Scooter Jones , how did you tackle this when you started?
     
    loudtom, Dec 15, 2016
    loudtom, Dec 15, 2016
    #1
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  3. Dec 15, 2016 #2
    Dave_in_AZ

    Dave_in_AZ Road Train Member

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    I am putting December 2015's income and depreciation / expenses / on this years ( 2016 ) return per my accountant because I'm on a "cash" system.
    Per the "cash" system, these are his words, the income isn't there, because I didn't receive it until January.
    This guy is very expensive, so I hope he's right lol.
     
    Dave_in_AZ, Dec 15, 2016
    Dave_in_AZ, Dec 15, 2016
    #2
    TruckDrivingtn and loudtom Thank this.
  4. Dec 15, 2016 #3
    Mark Kling

    Mark Kling Technology Contributor

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    I hope you bought the truck via an LLC or Corp? "Girlfriend and I", what happens if you break up? Taxes will be different also. Does the "LLC" pay both of you a salary?

    Contract written as to who can buy who out in case of "breaking up?"
     
    Mark Kling, Dec 15, 2016
    Mark Kling, Dec 15, 2016
    #3
  5. Dec 15, 2016 #4
    belowspeedlimit

    belowspeedlimit Medium Load Member

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    Apr 26, 2013
    Oil country
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    The GF is the second least person you can trust. 1st would be a broker. Keep them both close.
     
    belowspeedlimit, Dec 15, 2016
    belowspeedlimit, Dec 15, 2016
    #4
    tallmon Thanks this.
  7. Dec 15, 2016 #5
    Ridgeline

    Ridgeline Road Train Member

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    Have you driven a truck before?
     
    Ridgeline, Dec 15, 2016
    Ridgeline, Dec 15, 2016
    #5
  8. Dec 15, 2016 #6
    loudtom

    loudtom Road Train Member

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    Yes I have a Nissan Titan.
     
    loudtom, Dec 15, 2016
    loudtom, Dec 15, 2016
    #6
    flatbeb mac and JimmyWells Thank this.
  9. Dec 15, 2016 #7
    loudtom

    loudtom Road Train Member

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    We've been together for over 16 years, we're just not religious and don't care about a piece of paper or ceremony. I'm pretty sure we're in it for the long haul. Either way, we do have an LLC established. We're not sure how much salary we'll receive yet. Truck is paid off and we have no debt, so we're not sure if we'll be running super hard or just casually.
     
    loudtom, Dec 15, 2016
    loudtom, Dec 15, 2016
    #7
  10. Dec 16, 2016 #8
    Ridgeline

    Ridgeline Road Train Member

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    You are kidding right?

    I mean a real truck where you have to know what you are doing.
     
    Ridgeline, Dec 16, 2016
    Ridgeline, Dec 16, 2016
    #8
    SoDel and TROOPER to TRUCKER Thank this.
  11. Dec 16, 2016 #9
    nax

    nax Road Train Member

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    On my watch list....wow
     
    nax, Dec 16, 2016
    nax, Dec 16, 2016
    #9
  12. Dec 16, 2016 #10
    Ridgeline

    Ridgeline Road Train Member

    20,742
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    Dec 18, 2011
    Michigan
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    OH no what did I do?
     
    Ridgeline, Dec 16, 2016
    Ridgeline, Dec 16, 2016
    #10
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