Tax Write Off!!
#1
10-14-2008, 09:26 PM
Tax Write Off!!
If you write your fuel off on your taxes as an owner operator General How much will you see in return on your taxes. I just really want to know how much of my income should i hold back for my taxes. Is 35% of your income enough??
#2
10-15-2008, 01:29 AM
If you write your fuel off on your taxes as an owner operator ???? IF?
Are you sure you know how to run a business?
#3
10-15-2008, 05:41 AM
You should write off everything allowable, this would include, but not limited to fuel, repairs, motels, food, supplies, tolls, special licences, certain taxes, office expenses, depreciation of equipment.
Listed on the schedule C. Depreciation worksheet. And other schedules and worksheets you may need to use. then your net income is what is taxed, and thats around 28% to 35% average.
#4
10-15-2008, 02:33 PM
I project that another new O/O with NO BUSINESS skills will soon go down the drain....:rolleyes:
#5
10-15-2008, 04:59 PM
thanks for the help, but as for the sarcasm i have been wanting to do my own taxes and was curious. Some people don't know how to help someone in need. They only know how to be a smartass.
#6
10-15-2008, 05:53 PM
In all fairness, it was a pretty dumb question the way you worded it. There is no "if" when taking allowable deductions. No owner operator chooses to not write off their fuel expenses, unless they are an idiot or a hobby trucker who doesn't keep track of their numbers.
#7
10-15-2008, 07:28 PM
Well i worded it wrong, come on i wrote that a like 300am in the morning i was a little tired. But all and all do most of you hold back some cash for the taxes each quarter or do you have enough write off's to write it off, so that you don't have to pay in.
#9
10-16-2008, 02:50 AM
Join the club.
come on i wrote that a like 300am in the morning i was a little tired.
But all and all do most of you hold back some cash for the taxes each quarter or do you have enough write off's to write it off, so that you don't have to pay in
Pay in every quarter, you never want to be stuck in debt to the IRS. And Yes I know.... 
#10
10-16-2008, 02:22 PM
Senior Board Member
Join Date: Jan 2006
Location: In my own little world, that rides right behind the cab.
Posts: 615
Kennyg1983 you need to find a tax person that knows trucking, if there is not one locally you can find them on the web ! I was lucky and found a gal in my town that knew what she was doing. She got me straightened right out ! I Have a box that sits on the pass. side floor that right now has October on it, that any piece of paper I get from anything goes in. She takes it and gives me another that will say Nov.
Ahhhhh, is fuel a a cost of trucking, I think so. How long you been doing this ????? |
