TAXES WHAT WILL UNCLE SAM TAKE
Discussion in 'Trucker Taxes and Truck Financing' started by SmoothtruckerArt, May 18, 2017.
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I'm not going into a bunch of personal info on here but , I'm a leaseer too and last yrs bill was slightly over 8gs but this persuant to my situation. Everyone's is different you really need to understand yours . -
Are you responsible for your fuel taxes (i.e. IFTA)? -
It was told to me several years ago, that factoring 7-8% of your total revenue for taxes puts you in the ballpark. I have found that to be pretty true overall. While it is true that that can be 30% of what you Net, it does play out pretty close to 7-8% of what your total revenue (before expenses) is. That is about as simple of a formula there is. It gets more complicated form there, but it will be a good starting point.
DSK333, K Wopper906 and HopeOverMope Thank this. -
I would max out an IRA.. at the very least. Next would be some income property.
You should get your specific information from a tax accountant... CPA or other professional.
Nice job and Good luck -
This is why I'm married to a numbers girl... she works miracles come tax time... Plus shes a great cook and I think she kind of likes me.
Save EVERY receipt from EVERYTHING you buy... And if you're leasing a truck that's 100% write off... -
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Personally, I'd take 30 percent of whatever I had left after I pay my operating expenses. The rest will fall into place at the end of the year when you file your Schedule C.
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