Trucker Tax Tips | How To Pay Zero Income Taxes | Starting Your Trucking Business | Owner Operator
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I love this Guy
Great Video đź“ą My Brotha (SOLID)
Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!
Everybody pays taxes, some pay them through the year so they don’t owe at the end of the year but everyone pays taxes. your w2 shows you what you paid, the IRS tells you what you owe. if what you paid is equal to what you owe then you don’t have to pay anything. if you paid in more than you owe you get money back. I don’t care who you are at some point you pay taxes. the media said trump did not pay taxes, but trump tried explaining your correct I did not pay any at the end of the year because I paid them all early, meaning he paid what he owed quarterly.
you can pay zero taxes federally if you’re a company owner who is not a citizen & if you’re also in a state like Florida or Wyoming. You still have to file taxes with the IRS but your obligations would be zero
I paid $20,000 in taxes in 2021 because I made good profit. Can I use that as a tax write off for 2022? I’m an owner op
Good video man
thanks for sharing
Question off topic a lil have u ever had a single member llc and did u put llc ein or ssn on w9 form ?
Orrrrrrr get some debt in your hands. Well how do I live off debt? a loan. But then ill have to pay crazy interest! Nope, if you set up a C corp, shove MAJORITY of the profits into a specific universal life insurance policy and take out a loan on that money youre set. I forget which one but we’re setting it up for our business, essentially what this one allows you to do is say you put in $100,000 into this policy, you then take out $100,000 loan from that policy, the money you put in initially is still in that account earning about 7-9% return each year. The interest rate on that loan is super low because the collateral is the cash value death benefit of the 100k. SO if you take out the 100k loan, dont pay it back well they’re just gonna take out that 100k you put in when you die. So you have an investment earning you interest, this could cancel out the interest payment of the loan, this investment also has market reversal protection so if market dips youre not affected, accumulaties 7-9% return, death benefits for the fam, andddd infinite banking possibilities. Say you need a car loan just pull a loan against your policy for that amount so you dont pay crazy interest from the loans. You can set up personal ones as well but if you have business revenue going in you gotta have a C corp. Hope this helps business owners out there. The tax system is built for business owners to thrive! Orrrrr get an investment property, Air BNB it and write it off. Boom more passive income and EQUITY! But you gotta get a good property in a good location. Or write off a G wag and use it for "business" kinda sorta maybe. Or a jet or small turbo prop for "business trips" maybe to go look at some investment properties???? Highly recommend a southwest credit card and Marriott credit card for free flights and hotels. Shove a ton of business expenses on those and the points rack up like crazy. I got my southwest card like 4 months ago already got 100,000 points and some flights are a few thousand points. Cheers thanks for the amazing content!
I’m a tax preparer and realtor, I would never advise one to not pay taxes. It just doesn’t make sense, everyone knows that you’re NOT going to work a job and not make money but continue to pay your bills..
This almost like you’re setting yourself up for failure, in many ways.
David we look fwd to working with you. Thank you for the info.
will pictures of receipts do?
Does borrowed money and SEP ira accounts help get you to zero?
In a true Capitalist society, your money is not taken away from you.
Thanks for the content
But if it’s my own company, can I take out my salary from the 70k profit?
Always show income and pay taxes, this matters a lot down the road when your trying to expand the business, getting loans & mortgage. This is main thing everyone will look at. I’m going through this right now.
so buying a truck with our revenue we can add it as an expense?
I wanna pay logical taxes. I don’t wanna the government to steal my money as it is now.
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Hello, thank you for the video. I watched it and although I am not owner up but a 1099 company driver, can you or anyone else watching us possibly wake me up or send the information on somebody that is good at doing taxes? Thank you in advance
He is right.
I have heard folks stories about not paying income taxes. Just wait till the IRS comes a knocking. Then you get to explain how with zero profit you have a home and vehicles that you are making payments on.
Great info bro
so if i buy a used truck for lets says 25.000 pay cash do i get to write that off as a start up business
Question regarding owner operator tax deductions…..
Can you use both the per mile deduction $0.57.5 and all maintenance expenses?
Or are you only allowed to choose one or the other?
Thanks
David do i file two separate ifta filing for each of my trucks?
Two trucks are registered under my authority but i drive one of them. Does the ifta filling shows one or two trucks at once? Your response will be appreciated.
Hey bruh, high taxes are not the result of capitalism….it’s a symptom of socialism
How can I have your company assist me doing my 2020 taxes?
ive heard that if you ran 100k miles in the tax year the the IRS would only tax you on 40k ? Can you shine some light on this please??
If you have zero profit how do you pay yourself. If your not in business to make money. Profit. How do you not pay taxes..
How can I have your company to do my taxes for 2020? @Davidmcgill #davidmcgill
Hi Mc Gill, how to contact you to resolve a problem for me please. I need a statement for profit and loss.
Really great video bro. I’m going owner operator, thank you!
How much taxes are due without the deductions? Do I pay 50%/30% of my profit or my revenue?
what a waste of time, first of all if you are a business person and want to grow you never wanna pay 0 tax always pay some tax so if you wanna finanace or buy anything you 1099 should show some income if you are making 0 you are like a homeless no one will give you load the 2nd everyone knows that if you have 0 income or show zero income it will be 0 tax instead you should show the ways how to bring that 70K to zero and thats when they buy more equipment buy a trailer and you will pay 0 tax
Thanks Bruh… I hate for People who are "So called" Business owners and seek to Pay Zero in taxes….. IS ridiculous… Question: How do YOU Pay living expenses on Zero????
The secret ingredient is crime lol
What if I make 50,000 profit and I invest in another truck in the same year ? I can do something call bonus depreciation and that’s how legally people don’t pay taxes
Please get advise from people who really understand the tax field
so pretty much if you make 100k in profit and your expenses are 30 k will the IRS notice if you mess with that number and maybe make it around 40 or 50k?
I’m trying to find out about home office space write off. Do you have to have a space designated at the house or not? I’ve heard no specific space needs to be designated for my home office because I’m an owner operator. Please help.
i have a coporate account and i am an self employed truck driver. i am filling my T2 on the software, my question is as i am paying salary to myself, what other forms i need to add onto it?
Do you have any tips for a 1099 employee who isn’t the owner operator? What examples are there for writeoffs? Since vehicle,maintenance and fuel isn’t really my responsibility.
How do i keep track of all my expenses? I have a day cab and work local.
HOW CAN MY TRUCKING COMPANY PAY FOR MY HOUSE?
Awesome thank you👍🏼Simple breakdowns
I hired a company do taxes and pay roll it save me money and headaches with IRS, you take care
Good stuff brother
🤣🤣🤣
If I was a owner operator and got loads through DAT loadboard where do I get the 1040 from all the loads I did as a box truck owner operator?