Tax’s w/ own auth, wait for 1099's, or file my gross figures

Depends on if you are using accrual or cash basis for your accounting. Cash basis that revenue will be accounted for when you actually receive payment. Accrual basis will be accounted for when you actually perform the service.

 

Ten 4. Thanks

 

Use the calendar year. Some corporations declare thier physicall year. What if that broker doesn't pay? Do amend the tax return? Idk But cash is King an iou is still an iou.

 

I forgot,Are you a 1 truck operation?

CPA will probably tell you to pay yourself a salary, No More 1099's or very few come anymore.

Lets say you grossed $195,000or over $200k.......(Like so many guys claim to do)

make sure you pay yourself a reasonable salary out of that that you'll pay your taxes on.

Cause lets say you Grossed $210,000 dollars and after expenses your sitting at $100k....Your looking at 35,000 in taxes- Your using basically a net after expenses only-Plus your dependents-mortgage-depreciation etc.

 

Just remember, do you want your taxable income to be as small as possible.

So make sure you account for all expenses, and yes don’t forget to pay yourself a salary.

 

Yea 1 truck now. I’ve debated doing the salary. Really at this point, it’s ok. But if I do more I will probably need to do that

 

I need to form an LLC/s-corp. So I can do the salary and avoid the 15% for Fica. I think you can do it for the first 45 days of the year.

 

Be sure to ask your accountant/cpa about the process. There's some hoops you have to jump through to receive s-corp status with the IRS.

 

I run under s Corp. small filing fee and a description as Interstate trucking purposes. Same inc. papers show Me as sole owner of 1000 shares. I add up all income received for the year. All expenses, Categories are Fuel, maintenance/ repair, Lumpers,scales,Tolls and Truck washes. Simply add each up per mo. And keep in envelope for each month. Heath Ins premiums added separately.All out of pocket ,meds, aspirins etc and bills paid added together. All logs for meal deduction. Add all revenue collected. Very simple been working for 22 yrs. Never been audited, supposedly less of chance than if sole proprietor. S Corp always makes $0. What’s left is gross minus standard deductions or itemized whichever is more. New rules require higher % of pay be subject to SS taxes smaller % taken as pay through stock dividend. That’s the best of my understanding. Only a tax person can really tell you. And the rules constantly are changing.I still get 1099s they are optional. But a lot of Large Carriers Brokerages send them. We staple the few We get to the return just as you would any w2 or other 1099 since an audit may have them on file as paid also.

 

Also don’t forget home office % of utilities. However don’t let them depreciate your home as a bussiness. I’m told that can create a big problem when home is sold.