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

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

 

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

 

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.

 

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.

 

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.

 

24 tires is a shipping container full of tires lol.

 

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

 

Crap. lol

 

I'm total agreement. Just pointing out people can make money without buying taxes. I'll use money for things instead of giving it to the IRS if I can save it makes sense. One of these days I'll figure out how to get a $75k bass boat as a company expense. Lol

Lol. Got a little extra time on my hands this week. Lol