Stupid Tax Question

[Trukrswyfe]

Do your quarterly tax payments need to be all the same size?

Any thoughts?? Dont worry I will consult a tax professional my last accountant is just too busy to ever return calls. Just your 2cents only if it is free, thanks.

Do your quarterly tax payments need to be all the same size?

Any thoughts?? Dont worry I will consult a tax professional my last accountant is just too busy to ever return calls. Just your 2cents only if it is free, thanks.

No, they can be any amount you like. If you have a good idea what tax bracket your in your in a better position to only pay what you need to based on your income for that quarter.

[Trukrswyfe]

Thanks alot,

Out of fear of the IRS I've paid in alot. I don't think that we will be in as high a tax bracket as I've paid in.First year being self employed with no insurance, that deduction alone knocks us down quite a bit. I have three sons I have spent many moons in the ER just this year.
Oh, I do know it is over a curtain % over your over all income. Thanks again.

Off the subject Steve Ive seen you wanted to know once the best thing to clean a truck. The magic erasers by mister clean are the best to get just about anything out, with only water required.They are better than baby wipes or other wipes leaves no residue and actually cleans 100% better. My tip for you.

Thanks for the tip!

[Bigmon]

Quarterly payments are an estimate of what you think you might owe. I know people that never send in any money because they don't expect to owe. If it turns out you do owe when you do your yearly return, then you send in what you owe.

Since many people here think O/O's are going broke then you don't have to worry about owing.

[silvan]

The magic erasers by mister clean are the best to get just about anything out, with only water required.

Good idea! I hadn't thought to try that. Just be careful not to overdo it with these things. They're melamine foam, basically Formica countertop material fizzed up into a foam brick. They *are* abrasive, and you can scrub through plated finishes and paint very easily.

On stupid tax questions, you're pre-paying your first year? I had advice that I didn't have to until after I had done taxes the first time, and thereafter I would have to pre-pay.

I really need to find an accountant. How do you find an accountant when you work all workdays during all business hours, except holidays when people like accountants don't work?

[no_worries]

At the risk of having everybody tell me I'm wrong, the IRS requirements in a nutshell are as follows:

Your total payments must equal either 90% of your tax liability for this year or 100% of your tax liability last year. If you don't meet one of these requirements, you can be penalized.

If you can reasonably estimate your income or you just plan on paying 100% of last year's liability, you must make four equal installments.

If your income fluctuates (which it probably does as an O/O) you may estimate your annualized income at the end of each quarter and make a payment accordingly. For instance, if at the end of the First Quarter my income was $2000, my estimated annualized income would be $8000. Say my tax liability on $8000 was $2000, my payment that quarter would be $500. In the next quarter I made $10,000. Now my annualized income is $40,000 and my payment would be $10,000. So I have one payment of $500 and one of $10,000. This is the only method in which you are allowed to have different quarterly payments. If you use this method you must file Form 2210 with your return.

Of course, just because the IRS requires this does not mean that you're going to get busted if you don't do it. I sure plenty of people are saying "I pay different payments all the time and never had a problem." We all know how efficient the IRS is, I'm simply relaying the requirements. The IRS website is easy enough to navigate if anyone wants to double-check. It's also in Publication 505.

[Trukrswyfe]

As far as the magic eraser goes, don't think I use it on paint or plated finishes, I use it inside when I am scrubbing the wheel, doors, dash, clutch,fridge, basically anywhere road grim and cigarett residue hide. I even climb up and get the inside ceiling and window as I don't smoke and prefer not to have the truck wreek. It works great and I see little if any problem. Interesting though I never knew what the little bugger was made of hope it isn't harmful. thanks

As to the question on finding the time to get a great accountant well I am my husbands personal admin., he really doesn't worry about things like that. He calls baby I need norpass, I need prepass could you set that up.Hey baby I need hazmat, hey baby will you schedule me a flight lesson preferibly Sat, afternoon, no what make that Sun early morning. Thanks
I even got an espresso machine for mothers day and he stop in get one for the road.
Dont worry I still have fringe benies I get to sleep with the boss.
Everything we do together is a write off right as long as we talk about work before, after, or during. :wink:

As far as taxes go I do understand the code I do meet the requirement to pay 100% of the previous years tax liability however I know this year is going to be important to stay on top of due to the run so he is on I rather not have to come up with a lot at the end of the year. but in trucking one break down, and with weather soon to be a factor in yearly income you never know.

Is your husband getting his pilots license? I got mine through the Boy Scouts when I was younger. $10 an hour in a 1946 Tripacer Colt with the old instructor smoking cigars and me doing stalls. I use to puke at the end of the lesson.

[Trukrswyfe]

He sure is, I wish it was $10 an hour. More like 2 to 3 hundred per lesson. He would love to be in that kind of plane, but it is just a Cessna Skyhawk C172 I think. He is just about to Solo he can't wait all the instrustors don't care to do stalls as must as he does. He has also just started taking my 10year old son. My son just had his first flight lesson kids have no fear. If I knew how to upload I have some awesome pics. It is cool how much trucking and flying have in common, obviously minus the altitude.

Thanks for asking

[DD60]

Do your quarterly tax payments need to be all the same size?

Any thoughts?? Dont worry I will consult a tax professional my last accountant is just too busy to ever return calls. Just your 2cents only if it is free, thanks.

Quarterly payments are just estimates. If you netted more money in one quarter than the last one than it would be a good idea to send more money for that quarter so you won't owe at the end of the year. Like one poster said,if you don't think you owe anything you don't even have to pay anything until the end of the year when you file. The first 2 years I started as an O/O I never made any payments until the end of the year and after I wrote all the expenses off I was lucky to barely pay even 500.00.

[brian]

the goal is to convince the government your operating at a net loss every year

the goal is to convince the government your operating at a net loss every year

A friend of mine did that for 3 years with his business then got an audit, tax evasion and federal prison for 1 year but only served 3 months. You can't show a loss every year unless you can prove that your mother paid all your bills, food, mortgage, car payment etc etc etc etc....

An interesting side on this friend. They woke him up in the middle of the night in his cell and told him to pack his things. Would not tell him anything about what was going on. They prison guards met our local town police half way and took him to his house. Once again, no information on what was going on. It took Joe 3 months and a lawyer filing a freedom of information complaint to find out what happened.


Jail was full, need room, release the soft criminals.

[Trukrswyfe]

What is classified as entertainment or supplies. Husband also would buy remote controlled airplanes for down time when he couldn't fly at home. My accountant told me to call that supplies but I thought it would fall under entertainment. where would you find the definitions for both deduction? Anyone. Thanks

[RostyC]

When it's in the air, it's entertainment. When it's in the truck, it's a supply. So it's easy, claim it twice, once under each category.

[mudpuddle]

Entertainment on a tax return refers to entertaining clients. If you try to write off a model airplane used for your own leisure and you are audited you will have a problem with that one.

Yup, puddle of mud is correct. Also, you should not be asking these questions to a bunch of truckers unless it's for amusement. Ask a professional.

[mike3fan]

you should not be asking these questions to a bunch of truckers unless it's for amusement.

that's why I come here

[Fredog]

you should not be asking these questions to a bunch of truckers unless it's for amusement.

that's why I come here

This board is quite entertaining, can we write it off?

[mike3fan]

you should not be asking these questions to a bunch of truckers unless it's for amusement.

that's why I come here

This board is quite entertaining, can we write it off?

Oh I write off plenty of posts