Taking the plunge. My journey as an O/O.

Discussion in 'Ask An Owner Operator' started by Farmerbob1, Jan 7, 2019.

  1. DUNE-T

    DUNE-T Road Train Member

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    It's not for one truck, I got couple. Yes, an accountant that does taxes for well over 500 truckers
     
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  3. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    As long as you are parked in a place that no one will be backing in next to you, then leaving your headlights on is one thing. But it is really rude to leave your lights on if another truck could be backing in neat to you. It could blind the other driver and make it hard for him to get into the place without hitting anything. Like your truck. I have heard of instances where a guy found his lights broken out in the morning.
     
  4. Midwest Trucker

    Midwest Trucker Road Train Member

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    I dislike paying taxes as much as the next guy if not more. But, paying taxes means your making MONEY. If I was Dune I would probably be running new trucks that would give me extra deduction while at the same time increasing my assets and lowering my variable overhead. However, what he does works for him. If you need something then buy it, but if your only saving say... 20 cents on the dollar then it doesn’t make much sense to buy things unnecessarily. IMO
     
  5. DUNE-T

    DUNE-T Road Train Member

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    No thank you lol. I sleep well with my paid off rebuilt pre egr trucks
     
  6. RStewart

    RStewart Road Train Member

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    Or it could mean you have a bad accountant. GE makes billions of dollars each year and pays very little if any taxes. Their accountants are good about taking all the tax advantages that are available to businesses. I usually pay between $12-$15k a year and I only have one truck. I've currently been doing my own taxes but I'm gonna hire a good accountant, as soon as I find one, and have them check my work and see if they can do better. They probably can, I'm not an expert.
     
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  7. snowwy

    snowwy Road Train Member

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    Just let the irs handle it.

    They tried to get me for 70G. For a few years.
    But when they found out they owe ME 2G. They denied it.

    You can owe them forever. But they don't owe you past 3 years.
     
  8. Midwest Trucker

    Midwest Trucker Road Train Member

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    I get what you are saying but I’m not a billion dollar company with lobbyist in Washington. I’m a 10 truck company with a small brokerage. So, you can imagine based off your numbers how much I might be paying in taxes. I’m not going to go buy containers of tires, rooms full of chrome, or do anything lavishly. What I will do is buy new trucks, new trailers, have a dozen truck and trailer tires on standby plus one on each trailer, and pay taxes on what I have too. I’m not going to get myself in financial trouble by trying to not pay taxes. Cash is King and if I’m avoiding taxes by buying unnecessarily then I won’t have any cash.

    Edit: I have a very high end accountant but my wife and I are also very on top of our own accounting. Sometimes taxes “is what it is” and you gotta pay.
     
  9. ready2truck

    ready2truck Light Load Member

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    24 tires is a shipping container full of tires lol.
     
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  10. Opus

    Opus Road Train Member

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    My goodness. Helpful, informative, and empirical and its only Wednesday.
    Well done, @RStewart
     
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  11. Midwest Trucker

    Midwest Trucker Road Train Member

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    Crap. :D lol
     
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