[no_worries]

You're supposed to be paying quarterly now, whether you're an LLC, corporation or whatever.

[henboy1]

Yeah, I wasn't making money because I was pulling a freaking van most of last year,didn't know the "system" and swimming with other BCO sharks for the same freight.
Thank God for this Deck, getting RATES that I never had with a VAN.

[geomon]

henboy wrote:

How will I calculate depreciation on my truck?I only have about 15k left over after I subtract the gross from the expense/cost to operate.

I believe you take the total cost of your truck (what you paid for it) and depreciate over 3 (or 5??) year period. You can do a straight line (same amt per year) or an accelerated. Your CPA should know all of this.

[BanditsCousin]

You're still losing me with "subtracting the gross". Remember, gross is the big number. Expenses come out of the gross. Net is whats left.

If you missed parking, tolls, etc, I'd redo the tax form. There is a fee, but see if your expenses meet or exceed the fee. Also, your accountant is tax deductible.

Also, note or not, you can depreciate the truck. How long ago did you buy it? You don't have to write it off the first year you buy it. But there are time limitations, I believe.

And to refute the above comment- Some guys that zero out are making money. Like I said, I netted 24K in '07 :wink:

[henboy1]

Originally Posted by BanditsCousin

You're still losing me with "subtracting the gross". Remember, gross is the big number. Expenses come out of the gross. Net is whats left.

If you missed parking, tolls, etc, I'd redo the tax form. There is a fee, but see if your expenses meet or exceed the fee. Also, your accountant is tax deductible.

Also, note or not, you can depreciate the truck. How long ago did you buy it? You don't have to write it off the first year you buy it. But there are time limitations, I believe.

And to refute the above comment- Some guys that zero out are making money. Like I said, I netted 24K in '07 :wink:

Guys who are zeroing out are doing something to trigger an audit.Before I went to see him I knew nothing about
Tolls,parking,depreciation,faxes and some few others.bear in mind that I have gone through tolls,faxes,towing and parking etc... but have no receipts for them.The only receipts I have are the fuel,IRP,registration,2290,advalorean tax,maintenance and repairs,supply,fuel,insurance and trailer lease.With all these expenses from the gross, I took home about 23k.I did mention 8k as net because I had the Accountant throw in some figures for parking,toll,faxes,showers, and few others to bring my net down to 8k.I know that was illegal and they will come after me during an audit because I don't have receipts for these few expenses.Fuck it, most O/O leased on with a company don't even do their taxes.Let them come after me.This should answer your statement "heavy duty".Sorry I didn't mention it but he and I talked about depreciation.He did ask how much I purchased the truck.
Yes 23k is still no money but trust me my net is going higher this year.He also explained the Per diem which fluctuates according the the states you run.If I was left with 8k as my net I wouldn't still be doing what I am doing.

[henboy1]

I am laying more cards on the table.I only grossed 69k last year because I was towing that POS box around and deadheading soo much because I didn't know "their system".I am running much smarter because soo far my gross at present 18k(not independent but leased), I am deadheading less (not more than 100 miles for less than 600 mile runs)and I am out only a week at a time.My fuel is 32% and not 40% like last year.I think I am doing OK for a truck that is paid for.
I am sometimes getting loads that is paying 1.90 TTT without it being gone at the blink of an eye.(SD loads stays on the board longer though they are not many)

[no_worries]

He also explained the Per diem which fluctuates according the the states you run.

The smartest thing you could do right now is find a new tax guy :roll: The above is not true for those subject to HOS regulations...we're special.

[Bigmon]

Zero-ing out doesn't mean you're a tax evader. In Dec. you could have bought 8k worth of extra fuel, tires, etc. and put it in storage. Your tax would show zero. People do a lot of extra spending in Dec for things they need for the next year.

[stanman63]

any one in business. should be incorperated so you dont loose your home and your personal belongings if something happens to your business.if your not incorperated and you have to file bankrup. they can take any thing!!! if your incorperated they can only take whats in your business

[BanditsCousin]

You say most o/o's leased to a carrier don't even do their taxes? Sorry, but I think you are mistaken.

Zeroing doesn't trigger an audit. Some take the full depreciation on their equipment the first year, rather than spreading it out. Showing a loss or no income for 5 consecutive years will trigger/red flag an audit.

And there are different per diem rates, much to my own surprise. There are high and low rates. I did a split of 80% high/ 20% low. My accountant has been doing trucking for well over 25 years 8)

Don't worry about the lost reciepts for the faxes and tow charges. Say your truck had a leaky window or got broken into and thats why the reciepts aren't accounted for. I use my debit card sometimes, so maybe you have records of these purchases in your '07 cc statements. As long as you're not pushing the envelope, you'll be ok. I listed $75 in tolls I have no receipts for due to unmanned toll booths like you see all over Chicago, Texas, and even Oklahoma.