Tax Question

Discussion in 'Trucker Taxes and Truck Financing' started by highspeed1972, Nov 1, 2020.

  1. highspeed1972

    highspeed1972 Light Load Member

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    Jul 23, 2010
    Weatherby Lake, MO
    0
    So I file as LLC and taxed at Scorp?

    I pay myself 800 a week which I pay the employment tax on. Say I have another 65k in earnings.

    Where do my per diem get written off of the 800 a week?

    What if I start a solo 401k can that be taken out of my 800 a week to lower the taxes on my personal tax return?

    Thank you
    Brian
     
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  3. Accidental Trucker

    Accidental Trucker Road Train Member

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    Jun 4, 2015
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    Per diem is ticklish for the one man shop, I suggest getting the advice of a REAL CPA with experience in trucking.

    You can do a SIMPLE, a Solo 401K or a SEP. If you don’t have employees that have been with you for more than 3 out of the last 5 years, the SEP has the most flexibility. Again, seek the advice of a REAL CPA.
     
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