Tax time is coming!!

Discussion in 'Ask An Owner Operator' started by Wespipes, Dec 1, 2020.

  1. Wespipes

    Wespipes Heavy Load Member

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    So this was my first year as a O/O. I use quickbooks i also use them for my payroll. I'm an LLC taxed as an scorp. Anyone here use turbo tax business? Not self employed but the business one as I need a k-1. Was thinking about using turbotax since I use quickbooks so I can transfer all my expenses and such over. I've used turbo tax for personal for the past decade so I'm familiar with their software. Getting a head start on it in case I need to spend some money on the truck to avoid paying some taxes if need be
     
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  3. rollin coal

    rollin coal Road Train Member

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    When I was an employee it was a no-brainer and since my credit union offered it for free that's how I filed in about 10 minutes work every year. I tried it once as an o/o (SP here) and almost had a heart attack when I got to the end of it so I quickly went back to a professional. Your result may vary.
     
  4. OldeSkool

    OldeSkool Heavy Load Member

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    I use a tax accountant. It costs around $500 usually, but that’s a drop in the bucket compared to what I pay for taxes anyway and a good tax accountant will probably save you a lot more than that.
     
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  5. blairandgretchen

    blairandgretchen Road Train Member

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    We use a CPA - $1,000 odd for 1 truck business and couple of rentals.

    We used to use TT as company hands, but I’m more confident in our CPA as a business.
     
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  6. Old Man

    Old Man Road Train Member

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    Do it yourself, then have a professional do it, then you can decide on next year.
     
  7. Wespipes

    Wespipes Heavy Load Member

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    Ya this is what I'll probably do.
     
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  8. Midwest Trucker

    Midwest Trucker Road Train Member

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    My Dad always said that if a good accountant doesn’t pay for himself in tax liability savings, then he should be fired. Meaning, even if it costs you 1000 to 1500 vs 100 yourself, your still ahead. Besides, it is comforting to know your return is on point. As years go by and your operation grows, you become a higher risk for audit. Now, do you really want to worry 3 or 4 years from now that something could be off and potentially bring your whole business down? That thought always kept me on the straight and narrow with taxes. I can’t afford to work for years, only to lose my rear.

    That’s my thoughts on it.
     
  9. Cattleman84

    Cattleman84 Road Train Member

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    Don't spend money on the truck JUST to avoid taxes. If the truck needs something done or you are going to do it anyway then fine, but otherwise dont.

    Why would you spend $100 dollars at a store to save $10 on taxes???
     
  10. OldeSkool

    OldeSkool Heavy Load Member

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    Haven’t you heard the old quote the more you spend the more you save? My wife goes shopping and spends all kinds of money, but all she can see is how much she saved with all the sales and spending enough to get free shipping. I’ve never figured that thinking out, but it makes perfect sense to a woman.
     
  11. abyliks

    abyliks Heavy Load Member

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    because, #### the government

    the $100 goes back into MY business, not some corrupt politicians pocket

    +1 to hiring someone, I suck at paper work, worth the piece of mind to have someone do it.... and it’s a business expense
     
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