Taxes for new owner operator

Get yourself a good CPA, Yes,You have to pay your INCOME taxes, And that entails what you pay yourself as a yearly Salary, Should save about 30% of your salary for taxes....No Freebies, (Although thousands of people Lie about their salaries who are self employed)....

If you try and tell the IRS that you didn't have any income-Or the year was a total loss...They'll come back with "Well,How did you pay your Rent/mortgage,Food, etc etc" Followed by an audit.

No Messin' around here, It can turn your life upside down quickly, So Save about 30% of your income and you should be good.

 

you might want to get with abs in Denver or another accountant that specializes in truck taxes at least the first year and you need to pay in estimated taxes quarterly or face interest charges. I do my own taxes but have another buisness mixed in so gets complicated and you need to keep track of everything you buy for the truck. you useually make taxable income your first week or 2 with a truck not sure where you got the3 years from . I assume you are leased to a company who provides a 1099 to you and the government and if you do not file the irs will send you a bill based on the 1099 without deductions and with interest and penalties will be higher than your net profit so even if you can't pay file . but highly recommend you go to an accountant at least at first to set up depriciation ect. you can deduct a lot more things than you did as a company driver so taxes will be less but if you are in California you better save closer to 40% of your net for taxes