In someone else's video I was watching, they said "you have to pay taxes in every state you do business in." How does that apply to the trucking industry, as an owner / operator? If I pick up a load in 42 states during a year, do I have to file taxes in 42 states?
That's complete bulshit. After you pay out all that expense you've still got to pay tax on what little bit of crumb is left. That's ridiculous you're supposed to be able to write off your expenses. But I guess you can't. Like if you say gross 200,000 for the year you normally would pay about 30% tax but if you're already claiming 25% of expenses you shouldn't have to pay the full 30% out of what little bit is left
Thank you brother I didn’t known if I had to put my sales revenue as income even though I was at anet loss of 3k per month. is there a way to report loss?
Hello Brandon I have a family member tht want start his own owner operator Co.how do he file tax if he paying his driver. cash? And can he do tht? There more answer I have but I rather ask you another way plz reply back
So in that example the person owes $15,288 on taxes? 12% tax rate + 15.3% s.s&medicare Total of 27.3% on the $56,000 Business Profit.. so in reality he only made $40,712 for the year?
Thanks. Generally, state income taxes are filed and due annually similar to Federal income taxes. Yes, you should find out what the specifics are for your state.
Hello Mr. Lindsay, This is the first time doing a new business taxes. I have all the numbers that came from different sources, bank account, factoring services, and dade entry of all receipts and bills, gas receipts, using a gas card etc. I also file an IFTA taxes every quarter. Can I also claim the mileage on the schedule C instead of using the gas that was purchase? I get more from the mileage than from the purchase of gas. How do I handle? As I mentioned before, this is the first time doing a business taxes.
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THANK YOU! I needed this!
Glad it was helpful to you.
I like your video presentation. It is informative too, at the same time. Thanks a lot for your guidance!
THANKS Calmed my anxiety a lot as someone looking at maybe becoming an owner operator in the next year.
Glad you found it helpful
Very helpful, and thank you.
Please keep making these
Will do! Thanks for watching.
Thank you very much, very helpful video.
What are your thoughts on the video? What other types of trucking business content would you like to see?
info on how/where to go about filing quarterly for o/o?
@Hannah Farmer I made a video about it. Let me know what you think: th-cam.com/video/UAhGUvVCaQ4/w-d-xo.html
Very helpful. Thank You very my much bro
Great info. Keep it coming
Thanks!
In someone else's video I was watching, they said "you have to pay taxes in every state you do business in." How does that apply to the trucking industry, as an owner / operator? If I pick up a load in 42 states during a year, do I have to file taxes in 42 states?
That's complete bulshit. After you pay out all that expense you've still got to pay tax on what little bit of crumb is left. That's ridiculous you're supposed to be able to write off your expenses. But I guess you can't. Like if you say gross 200,000 for the year you normally would pay about 30% tax but if you're already claiming 25% of expenses you shouldn't have to pay the full 30% out of what little bit is left
What about if the llc is a partnership? One drives and the other does the paperwork.
I've been searching for some videos. Typically how much should I pay an owner operator to drive for my Courier service
LLC takes profits and invest a portion into stocks. Does it get taxed that year with the rest of the profit?
very helpful. thanks
Glad it was helpful to you
Thank you brother I didn’t known if I had to put my sales revenue as income even though I was at anet loss of 3k per month. is there a way to report loss?
Good video man.
Thanks!
WHERE DO WE GET OUR 1040 OR TAX INCOME FROM THOUGH?? FROM BROKERS WE GOT THE LOAD FROM??? OR FROM THE DAT LOADBOARD??
Good video man
Thanks!
Hello Brandon I have a family member tht want start his own owner operator Co.how do he file tax if he paying his driver. cash? And can he do tht? There more answer I have but I rather ask you another way plz reply back
So I’ll make more as a company driver? 🤔
So in that example the person owes $15,288 on taxes?
12% tax rate
+
15.3% s.s&medicare
Total of 27.3% on the $56,000 Business Profit.. so in reality he only made $40,712 for the year?
Great video! In reference to paying state taxes is that annually as well or do we contact the office to find out?
Thanks. Generally, state income taxes are filed and due annually similar to Federal income taxes. Yes, you should find out what the specifics are for your state.
Write offs ?
What if I’m a 1099 and I’m payed direct deposit to my business bank account. What can I write off? I work for a company and it’s the truck.
*thier
How would that work when I had a driver ? will they income counts as a expense
Yes the amount you paid the driver would be an expense
Would paying a driver be considered a write off?
Yes
Hello Mr. Lindsay, This is the first time doing a new business taxes. I have all the numbers that came from different sources, bank account, factoring services, and dade entry of all receipts and bills, gas receipts, using a gas card etc. I also file an IFTA taxes every quarter. Can I also claim the mileage on the schedule C instead of using the gas that was purchase? I get more from the mileage than from the purchase of gas. How do I handle? As I mentioned before, this is the first time doing a business taxes.
I claim the actual expenses, not mileage, for trucking businesses.
Are you available for hire ? Would like for you to be my CPA. How can I contact you.
What %do u pay on the profit more or less?
It depends. You can look up the income tax rates on Google
How much % do owner operators pay?
It depends. Every owner operator's tax situation is different.