[Skywalker]

Rev, that last line was a doozy!!! :lol: :lol: :lol: But so true!!

What a lot of people don't know, or lose sight of is that in general it costs you $3.00 to be able to get $1.00 back on your return. What Rev says is correct, in that it is far better to keep the $3000.00 and pay a little bit of it in taxes.

As to CRE's lease program.....another Judge just ruled in favor of the drivers suing CRE over the lease program. That should tell you something.

However, if you are so inclined to get voluntarily "shafted", please PM me your address, and I will send you a dry shaft, unsanded with lots of splinters and invoice you weekly for about $495.00. That way you can get the benefits of the lease without any fuel costs, or other costs. Should you elect to grease the shaft, the cost of the grease will be borne by you.

Hopefully.....you are getting the point, and will dodge the shaft. 8)

[Ridge Runner]

I have a better deal. Anyone needing a "write-off" send me your billing address and I will invoice you for any amount you want. You send me a check for that amount and you can " write-it-off ". Hell you can sit at home and we can do this all day and you will be rich in no time. :lol: :P

[silvan]

Originally Posted by Ridge Runner

" they'll just write it off". :roll:

Doesn't anybody understand that a write-off is a LOSS???

I do, but many don't. That's like with mortgage interest. Everybody trying to sell you loans against your house, so you can deduct all the interest and save money. No you don't.

I add everything up at the end of the year just to see what's what, but I have taken the standard deduction for the last several years. If what I can get by itemizing is close to what I can get with the standard deduction, then screw it. Less hassle, less chance of an audit. I've never spent enough to deduct any of my medical expenses, and my wife almost died one year, and was in the hopsital for two weeks. Eyeglasses, same thing.

I think all these people deducting all this crap are spending too much money to buy deductions, so they can get $1 back for every $3 they spend, instead of giving $0.50 to the government, or whatever.

However, I suppose people believing they are going to save money by spending it is good for the economy overall.

(All of this is null and void now that I'm a 1099 employee. I have no idea how I'm going to handle tax time. I hope putting 40% of my gross back in savings will be enough to cover my bill a the end of the year, and maybe give myself back some money. I hope.)

[Skywalker]

Originally Posted by Ridge Runner

I have a better deal. Anyone needing a "write-off" send me your billing address and I will invoice you for any amount you want. You send me a check for that amount and you can " write-it-off ". Hell you can sit at home and we can do this all day and you will be rich in no time. :lol: :P

Hey, you and I can go into business together and set up a billing company, and that way we can split the take and make them rich at the same time.... 8) :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

[Skywalker]

Originally Posted by silvan

(All of this is null and void now that I'm a 1099 employee. I have no idea how I'm going to handle tax time. I hope putting 40% of my gross back in savings will be enough to cover my bill a the end of the year, and maybe give myself back some money. I hope.)

You should be ok if you are holding back 40% in savings. Thats allowing 15.2% for social security/self employment, and 24.8% for income taxes. The only pitfall I can say to watch out for is that requirement to file quarterly if you make or expect to make over $50K. $50K used to be the threshold for that, but its been a few years since I had to worry about that kind of thing. The threshold may be higher now. But...just to be on the safe side you might want to find out about it. I know there used to be some stiff penalties for not filing quarterly if you were affected.

[heavyhaulerss]

Hey you all would be surprised how many drivers tell me I am making a mistake by not buying a high priced truck. i have been in the same truck for over 8 years. paid 15,000 cash & have been making great money year after year, with over a mil mi's & no major work done. I still get people saying yeah but your trucks not worth anything & you have nothing to write off. you need to buy a new one to have a write off ???? :roll: i tell them i have no debt no truck,trailer or house pymt & i should go into dept to have a write off ???

[Truckfam]

They sure don't call it a fleece program for nothin. Yonder over to www.ooida.com and start readin one of their main articles: Judge rules in favor of drivers in C.R. England case. Fer those who don't know, it just might be an eye opener.

[Uturn2001]

i should go into dept to have a write off ???

I should think that you would have a rough time coming up with around $18,000 in real money on your taxes to justify buying a new truck. (Based on a 1500 per month truck payment).

As long as the truck is not falling apart around you, IMHO you would be better off if you had to put in a new engine and transmission compared to buying a new or newer truck. Just the savings of one year of truck payments would more than pay for it.

Some people just do not understand. The concept of working smarter instead of harder is totally beyond them.

[Cripplecreek]

You all need to get an accountant who knows what the hell is going on.
My first full year getting 1099'd I made $35000 as a subconractor in a home improvement biz and paid $400 in taxes. Now instead of getting bent over and having $100+ per week deducted from pay due to Fica,medicare etc , I recieved all my pay,i.e. instead of grossing $650 and letting Uncle Sugar work his evil and give me $490 and flipping me back a measly $1000 bone on a refund at the end of the year, I had the extra money each and every week. Gross $35000,deductions total 29000,Does that mean I have to come up with reciepts totalling $29000, by your logic is does, but this is the real world

To Silvan who is holding back 40% of his pay to cover his taxes,that's nice but not necessary, it's not gonna be as bad as you think, IF YOU GO TO A GOOD ACCOUNTANT LIKE MINE,WHO WAS AN IRS AGENT FOR 25 YEARS AND THEN FOR THE LAST 20 YEARS HAS HAD HIS OWN PRACTICE and has forgotten more than all these armchair tax experts will ever know.

[Rev.Vassago]

Originally Posted by Cripplecreek

Does that mean I have to come up with reciepts totalling $29000, by your logic is does, but this is the real world

So tell us how, in the "real world", you come up with these magical deductions to eliminate $29,000 in income, short of the home office deduction and the medical insurance deduction, which aren't gonna even come close.