Taxes

What type of taxes?

 

1/4 of what I paid last year...4 times a year...

 

I take it you are self employed O/O otherwise you wouldn't be asking that question.
But really, what makes you think you will owe any taxes at the end of the year.
Don't assume that you will. It's all going to depend on your expenses and they can be all over the map.
However, it's always good to keep a stash of cash for other repairs etc and everyday expenses.
I hope you have hired a competent accountant who is familiar with trucking and he can give you the skinny on what's required to maintain good records.
Good luck

 

Just remember the safe harbor is 110% of prior year when your AGI gets to 150K. 😃

 

I would save at least 20% from your net for income taxes. If you are paying more than 20% at the end of the year, something is wrong. Find a good CPA or tax professional who has experience in trucking. The cost is minimal and deductible. Get a good accounting program to help you track expenses and revenue. You don't want to pay any more taxes than is absolutely necessary. Having current information can help you know when to make changes that will save you money. If you don't want to do it yourself, find someone who will do your bookkeeping for you. I prefer having control over my own day to day accounting rather than paying someone else to do if for me. It is good to have an outside tax professional to help with tax planning.

 

About Half if not more.Is going to taxes.