Why do people scream about taxes?

Discussion in 'Ask An Owner Operator' started by brsims, Jan 2, 2020.

  1. mpd240

    mpd240 Road Train Member

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    In MN we have mandatory truth in taxation hearings before the city council. Shows where every penny goes. Bree years in a row nobody showed up. Lots of complaints about taxes though when I went for coffee downtown.
     
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  3. lester

    lester Road Train Member

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    There's lot of things that are easy or hard for different people. You are good at keeping organized and paperwork. I'm pretty good at fixing everything on my truck or trailer and keeping the wheels turning. I hate paperwork.

    Don't hate on people for not being great at everything.


    Side note or question. What is the advantage or using an accountant? I've never used one. I just tally up all my different expenses and income and hand it to my tax man.

    I've considered getting an accountant but figure if I could get myself organized enough to have something to hand an accountant that's half the battle right there. Instead of my usual combing through statements a week before tax appointment
     
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  4. Trucker Jon

    Trucker Jon Bobtail Member

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    What about the fellas that want to be an o/o because we "make" 5k+ a week?? Lol

    The same ones with 0 capital starting out, and blowing through the little revenue they're bringing in because they've never seen money before...

    Oh well, better freight for the people that at least kinda know what they're doing... theoretically anyway...
     
  5. Opendeckin

    Opendeckin Light Load Member

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    Because Taxation is theft!
     
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  6. Ruthless

    Ruthless Road Train Member

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    92D13F1F-627A-4317-A604-A0BC5AB2941D.jpeg



    Organization plays a part, cash flow plays a part, and coming to the realization that as a one truck chuck, you could pay a full time employee with the money you “owe” the government for letting you work 3,000 hours or so a year.


    “We let you drive the truck you paid for on the roads you paid for with fuel you paid for: all of which we already taxed you on- now give us $75k or we’ll lock you in a cage!”
     
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  7. brsims

    brsims Road Train Member

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    In answer to your side note question:

    I got a CPA because 1) I've known this person since high school and trust this person to up front and honest with me. We weren't friends (ran with different crowds), but we did work together in class projects and such. And 2) having an accountant makes dealing with audits ever so much easier!

    I pay for professionals to handle those parts of the business I either lack sufficient knowledge to do myself, or lack the time to attend to in the proper manner. Either way, it is money paid out to increase the efficiency and profitability of my business over the long term.

    I pay the carrier I'm leased to for a variety of back office services like Safety and Compliance monitoring, Accounts Recievable (getting paid for the freight I move), sales and advertising (developing contracts), maintaining certain insurance coverages, providing customer service support and so on. All of this saves me time and let's me focus on my main goal: profit to the truck.

    I pay the mechanic to do the work on my truck I lack the tools, shop, and knowledge to do. Can I do the work for less myself? Yes. But I cannot do it as quickly or as well. The mechanic provides me with an overall drop in downtime, as well as the additional ability to get underneath my truck in a clean shop to check for potential issues that can be dealt with before they create more expensive issues.

    The accountant also serves as a business advisor (a service they provide for free), so I have an outside, non-involved party to keep an eye on what I'm doing and let me know if costs are outpacing profits I insidious little ways.

    Frankly, all I'm missing is a good attorney to keep on retainer. An issue I plan to rectify this year.
     
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  8. Trucker Jon

    Trucker Jon Bobtail Member

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    Sounds like business to me. Not saying I necessarily agree, but it is what it is.

    We chose this road and the things that come with it. If any op didnt know and plan for said things, they were never ready in the first place.
     
  9. bzinger

    bzinger Road Train Member

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    After I went thru 6 years of receipts last year with a gun to my head I discovered how much easier it is to spend an hour every couple weeks to do it ...been staying on that program too.
     
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  10. Cabinover101

    Cabinover101 Heavy Load Member

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    Well if you're in Tennessee, they desperately need to pave the north end of I-65 after you come out of Ky heading south. They also need to do parts of I-40!
     
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  11. ghostcookie

    ghostcookie Bobtail Member

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    The bridges too...like riding a bronc
     
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