Trucker Tax Tips | How To Pay Zero Income Taxes | Starting Your Trucking Business | Owner Operator

Подписаться 114 тыс.

Просмотров 90 тыс.

50% 1

Want to work with David?
Book a Private, One-on-One Consultation:
davidmcgill.as.me
Get Your Free Trucking Business Toolkit:
rb.gy/voclya
RECOMMENDED SERVICES:
📌 DAT [Load Board]
Find more loads. Get your first 30 days FREE here:
DAT TruckersEdge: rb.gy/9lbl7o
DAT Power with advanced features: rb.gy/p83ypl
📌 Motive formerly KeepTruckin [ELD]
Get the best deal when you sign up here:
partners.gomotive.com/p1y9mao...
📌 RTS Financial [Factoring + Fuel Card]
Same day funding, 97% advance rate, and fuel discounts:
rb.gy/3qulgx
📌 ITI, Inc. [Safety + Compliance]
Nationwide drug program, driver qualification files & more.
Contact Norb.Fehrman@itihq.com or (317) 999-6945.
For best pricing, tell him David McGill sent you.
itihq.com
By using some of the affiliate links above, I may receive a small commission, at no additional cost to you. This helps me continue making content like this for you. Thank you.
ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
My NEW channel / @1davidmcgill
📸 Instagram: / 1davidmcgill
🔗 LinkedIn: / 1davidmcgill
🖥️ Website - truckingfromscratch.com
📸 Instagram - / truckingfromscratch
DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
Trucking From Scratch®️ is a registered trademark.
©️Trucking From Scratch. All Rights Reserved (in other words, don’t steal my stuff).
#TruckingFromScratch #CloudTrucks #Sponsored #davidmcgill #truckingbusiness

Опубликовано:

17 июл 2019

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 212

@TruckingFromScratch Год назад

👕 Get your Mind Your Trucking Business T-Shirt: truckingfromscratch.myshopify.com

@dianec3854 3 года назад

Your receipts is what matters the most

@silviupoenar7143 4 года назад

Very helpful insight as a new trucker owner opperator.

@KhadafiTonedFit 3 года назад

You are highly appreciated with this wealth of knowledge you share. God bless you and your family

@AdelitaWilliam-dl7ci 2 месяца назад

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!

@CLOVEONE1 3 года назад

Awesome thank you👍🏼Simple breakdowns

@TwoBerrystruckingalong 4 года назад

Great video. Thanks for your honesty

@EddieBonez1000 4 года назад

Thanks bro, another great video

@jackfrost4919 4 года назад

Boi u dropping jewels 💪🏾

@JoshHamilton11 3 месяца назад

Excellent videos! Thank you very much for your hard work.

@davidduran1016 3 года назад

We are a new team owner operators and we are looking for some advice. We really appreciate your videos they are very informative.

@chasepatterson2036 Год назад

Thanks for the content

@HodoJerry 4 года назад

Good stuff man

@j4sho748 2 года назад

I love this Guy

@foxyroxy8374 3 года назад

Thank you!🖤

@oscarmarroquin4374 4 года назад

Basically what he is saying is that it's impossible for an owner op. To pay no taxes. I was an owner op for 2 years and he is right. I grossed 145k my first year after playing around with the numbers I was able to bring down that number to a little over 100k I still had to pay nearly 10k in taxes I have family also so that helped a little.

@edgaralvizo9886 4 года назад

Thanks for sharing the numbers bro!!

@jasdeuce2262 4 года назад

You wouldn’t have had to pay if you would’ve put that money into real estate...

@iamOAKland 4 года назад

Jas Deuce bruh you just gave a golden nugget... most of these dudes brains ain’t developed for this.

@nicolasrivera3752 4 года назад

@@jasdeuce2262 Thank You !!!

@victorhubbard6028 4 года назад

@@jasdeuce2262 you are telling ppl to put their money into something without telling them how and you have no videos on your page to help. teach don't perch #helpus

@kennydawson265 3 года назад

Thank You!

@robertrodriguez1074 3 года назад

Good stuff brother

@karenpatterson3726 4 года назад

it's important to talk to a CPA and an Attorney understand hoy not to pay taxes Legally!

@tonystites2134 3 года назад

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.

@coachknows 3 года назад

chances are if you pay no taxes, its not totally legally, unless you also happen to be homeless. Basic rule of Thumb, You have to show u made enough to cover living expenses. How can I pay $1,000.00 Mortgage, $500. car pmt, $200 car ins, Utilities $500, groceries $300, Gas for car $300. etc, it i legally made no money, Cpa's are not smart enough to change common sense and Logic. Goal is pay lowest tax rate possible, maximize expenses and use common sense. people who pay NO taxes legally, are not business owners, they are Homeless!! (p.s. if u could pay not taxes, wheres the SSA check coming from?? and medicare?

@craigj.651 3 года назад

@@tonystites2134 not totally true billionaires get breaks an deals get made behind the scenes, plus he wasn't paying contractors their money, yes he used legal loopholes, but that's not the whole story as we will all find out his lawyers are getting caught up in crimes, plus cooking the books reporting a loss year after year.

@ballswanging9750 4 года назад

Thanks for keeping it real,alot of bs misinformation on RU-vid.

@bobbygraham1135 2 года назад

Good video man

@deantait8326 4 года назад

My tax cpa always encourages paying some tax. In early 2000s I had an owner operator expedited van. I had legit additional tax deductions but he strongly suggested paying a few hundred dollars. He used to work with IRS settlement companies and said if you're audited, you will pay something in additional taxes. The goal is to make that amount as small as possible. I believe you can only run a business at a loss for 3 yrs. Don't know if this applies to zero income. I'd be suspicious if my 1099 income and business expenses magically were equal. That's IMO and my 2 cents worth. 😁

@TruckingFromScratch 4 года назад

"I'd be suspicious if my 1099 income and business expenses magically were equal"

@milestone4549 3 года назад

@@TruckingFromScratch k

@anfrae25 Год назад

@@TruckingFromScratch Hey David! I saw you video about the sales tax exemption. I downloaded a few copies of the Indiana DOR GSTEC and it states that it can't be used to purchase utilities, vehicles, watercraft, aircraft, or gasoline. I'm not sure if I misunderstood you but I thought you said that being a trucking company made us tax exempt to purchase vehicles, parts , and equipment. Please help me clarify.

@nevvaworry5451 2 года назад

Great Video 📹 My Brotha (SOLID)

@buzzfeed7410 4 месяца назад

Really great video bro. I'm going owner operator, thank you!

@martianmusicllc 2 года назад

Great info bro

@sharonnzachery4411 2 года назад

David we look fwd to working with you. Thank you for the info.

@mrs.dllieberman3609 4 года назад

Hello, David: It is all about the End-Game. You can make money; however, you Zero out your income with Expenses. This can hurt you if you are looking to purchase a home where you need to actually show income. Speaking with a CPA is essential.

@brianburns7211 3 года назад

It’s all about how your company is set up. If it is a corporation, then it is almost like the corporation is another person. The corporation can make very little profit, but you could make $100k, in theory. Your income is obtained as an employee of the corporation. You have to pay yourself. Maybe if your wife keeps the books, she could also be an employee.

@luxurytaxprep 2 года назад

Agreed. Structure is an important part of strategy!

@nevvaworry5451 2 года назад

U Hit the NAIL on the Head 🛠 4r4r (Perfect Analysis Breakdown) 🤩

@marcuscrossgrove1700 Год назад

I agree. There's ways to go by doing this because if u don't register ya owner operator business right then you will only be looked at as an employee with ya own truck and you definitely don't only want that. Get with a CPA and get help with this ASAP

@PermanentHigh Год назад

@@brianburns7211 Yeah but you have to pay taxes on that $100K paychecl

@aleciaanderton-georgie2973 4 года назад

Thank you

@edwardmccue5982 Год назад

thanks for sharing

@twank10 3 года назад

If you making money u better be spending money within your business. If you have a good accountant you will be fine! Pay your taxes and and keep on trucking!💪🏾💪🏾

@coachknows 3 года назад

sorry you are giving cpa's too much credit! explain how I cover basic living expenses if Im paying no taxes (meaning im making no money???) cant pay all basic living expenses within buisness? home mortgage, car pmts, car ins, groceries, cable, etc, etc, etc!!!

@coachknows 3 года назад

p.s. if what you are saying is true, that means everyone in business can avoid paying taxes becuz they have a good CPA?? Seriously?? SO my business made 761K last after expenses (so I can avoid paying taxes, Right??)

@abuelita4094 3 года назад

In a true Capitalist society, your money is not taken away from you.

@GurjantSingh-kt5nd 2 года назад

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.

@mlane7261 2 года назад

I wonder how trump, musk and bezos go without paying

@matthewhansen5008 3 года назад

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.

@ALL4SCUBA05 2 года назад

That’s easy for me. I pay taxes on my retirement check from my previous job. My LLC earned little profit because the money was used to pay off equipment and make bigger payments on the insurance as well as buy a second truck. Think like the rich people! Get better tax advice than what commenters on RU-vid say. Speak to a CPA!

@user-fi1kn3oq4m 2 года назад

This is why you just need to have your money in crypto and renounce your citizenship

@TRIPLEDIGITS 3 года назад

Nice video

@GC2Productions Год назад

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?

@michaelchason7863 4 года назад

The bank will not loan you money if you don't profit pay taxes . If you don't profit how can you pay back a loan is how the bank views income , meaning you don't profit to buy a house, so on that side you loose by dodging taxes . We have police and road workers and military. Right thing to do is to profit

@zakariafarah1101 2 года назад

Lenders look for gross income/revenue and assets but of course an individual can flag your request if the numbers do not make sense.

@geoestrada5001 2 года назад

I hired a company do taxes and pay roll it save me money and headaches with IRS, you take care

@terrymitchell4579 2 года назад

What's the name of the company

@FocusFinanceFun 4 года назад

Good

@TruckingFromScratch 3 года назад

*TRUCKING FROM SCRATCH* Check out my tools + resources designed to help your business succeed: truckingfromscratch.teachable.com

@tyronex38 3 года назад

What’s your your phone number ??

@ThisTruckingLife 2 года назад

I sent an email to your one with with newsletter at the beginning I have no idea how to contact you. I need a trucker Is accountant Asap

@mattyp3860 2 года назад

Du you du taxes for truckers?

@rreed336 4 года назад

Great video and great info bruh. I'm in the process of interesting my CDL and a truck as we speak. Definitely subscribed to the channel.

@oas9235 3 года назад

How it goes? Did you start?

@dereksmith72 Год назад

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.

@mercedesbouchard9762 3 года назад

My husband is an owner operator that works with the company. He has a corporation in Nevada. Can he keep it in Nevada if we move to South Carolina 😊

@truckerownerops 3 года назад

Don't forget your perdium it of sets your taxes you can claim 300 days a year 65 dollars a day . Also you claim you milage and depreciation value on truck. My perdium pays my taxes basically. But it depends how much you make a year.

@lynnellechappell3337 3 года назад

Just a lil clarification - Per diem rates are $66/day and truckers can claim 80%, not the entire $66. 🤗👍🏽

@Sick_Boy. 3 года назад

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.

@antstransportation9243 2 года назад

Gloves and CB radios

@GurjantSingh-kt5nd 2 года назад

- Cell phone bill - Car expense your using to get to work and from - Food on the road - Clothes like Jacket, work boots. Gloves, vest, etc. - Your insurance, even your car insurance - Health Insurance I'm sure there is others as well but this is what I know or my accountant has told me. Have a bank account just for work. Use that account to pay or everything and deposit your pay into that as well. Makes it easy to track expenses.

@phuntsokdorjee9983 2 года назад

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?

@jamesholmes5033 4 года назад

Btw isn't there a way to pour all the money you make back into your company to hire new drivers as operational expenses say buying new trucks/trailers for equipment?

@marcusc1512 4 года назад

James Holmes yeah, anything you spend for your business is a write off.

@Jay-BT2024 4 года назад

Can you do a video on hazmat load in how to get them when you have your own authority forest driving tankers And other types of hazmat loads when you use a dry van or flatbed to haul it plz

@TruckingFromScratch 4 года назад

Sorry Jonathan but I don’t have any experience with hazmat or tanker loads

@Jay-BT2024 4 года назад

OK thank you and I appreciate the time that you took out to respond back to me , do you may know someone I can contact to find out about that hazmat and tanker loads

@Mr.Bathelus832 3 года назад

@@TruckingFromScratch how much money should truck drivers(company driver)put a side for taxes?

@daddysierra2657 Год назад

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.

@TruckingFromScratch Год назад

1 IFTA filing that includes the information from your entire fleet. Hope this helps

@vandyrvtransport6430 3 года назад

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

@TruckingFromScratch 3 года назад

Per the IRS, semi trucks are qualified non-personal vehicles so you can’t use the standard mileage method. You have to claim actual expenses

@vandyrvtransport6430 3 года назад

@@TruckingFromScratch Thanks for the follow up answer David. I suppose it doesn't matter that its a medium duty Class 6 SportChassis.........as it is registered as a tractor. David - What are your rates to my quarterly filings and year end taxes as an independent contractor in the RV transport gig with the step deck trailer? I have my LLC and a separate bank account, but now that I've started I want to make sure I'm doing my financial right.

@robertvondeusche6245 2 года назад

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

@Cheemaclips 2 года назад

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?

@Deuceleven 3 года назад

Note, that if you wanna buy real estate...doing taxes like this make that impossible

@TruckingFromScratch 3 года назад

I agree! I was being a little facetious in this video. Thanks for the input

@Deuceleven 3 года назад

@@TruckingFromScratch no prob. Thanks for all this information! Really a blessing

@gdotone1 Год назад

will pictures of receipts do?

@barfallenmule 4 года назад

So can food and hotels be considered a buisness expense while yout out on the road?

@RavinderSangha91 4 года назад

barfallenmule yes

@TruckingFromScratch 4 года назад

Yes

@widowsson9567 4 года назад

its call per diem for owner ops not for company ANYMORE due to recent changes in tax laws

@pamirbadakhshan9934 4 года назад

barfallenmule I thought you wrote, “hoes” )

@silviupoenar7143 4 года назад

@@pamirbadakhshan9934 operator. I thought he wrote hoes too just kidding but great for laughtls man you made my morning Haha Haha thankyou

@AW-mz1zm 2 года назад

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??

@cassiadiscipula12 3 года назад

How can I have your company assist me doing my 2020 taxes?

@tonystites2134 3 года назад

my question is not how to not pay taxes, but how not to pay at the end of the year, how do I predict what my taxes are going to be so I can pay enough quarterly so at the end of the year I don't pay one big lump sum. I think when most people ask how not to pay taxes they mean how do not have to pay at the end of the year.

@kfelix2934 2 года назад

Finding the IRS tax guide, you look at the income-column and calculate the TAXes owed. So let's say you will make or "projected" income of 90k net, and your tax on that is 25000, you could divided that by 4 quarter or 12 months and maybe payments to cover those taxes. This would keep you close to not owing a big $$$$ payment at the end of the year. My parents have been doing just this for 4+ decades by figuring out the taxes due and just paying it. Another way to pay zero-tax is to reduce your netcome to under the limit of minimum IRS tax guide which is 12,400 single under 65 ;) So your net income was 12,400 you would probably own no taxes but the problem here you would have to file & reported that to show that income. I'm not a tax consultant btw. and theirs no way you can run a business and not pay taxes. ;)

@simplycool2480 Год назад

It's best to go off your prior year quarterly taxes. It's give or take, but won't be wildly different.

@YoungJoone 4 года назад

On some things, McGill on point, but, he lost me on "This is America, you make money and pay taxes on it." Bezos made 11 billion in 2018, he paid NOTHING in taxes." I get it... we're truckers. We pay, but we have heavy expenses and families. It's not as hard to get it down as you think. On a 100k dollar truck, your expense will be tremendous for the next 5 years. That's a heavy write off. It's about being honest and creative. You don't have to feel guilty paying less taxes... the rich don't.

@TruckingFromScratch 4 года назад

As a tax accountant, I can't say someone makes $11B & pays $0 in taxes without seeing a tax return. I try not to speculate. If you have a $100k truck that is deducted over 5 years, that's a business deduction of $20k per year. Once you add in all of your other qualified business deductions, you come up with a total business deduction number. The total deduction is subtracted from your revenue. In a profitable business, your revenue will be higher than your business expenses (deductions) leaving you with a net profit. Net profit is what you pay taxes on. It's tough to run a trucking business that doesn't show profit for 5 years. I don't know anyone personally who could/would sustain those losses. Thanks for watching & I appreciate your input.

@YoungJoone 4 года назад

@@TruckingFromScratch The idea is that you have write-offs like truck depreciation that aren't thought of as a true write-off. As a matter of fact, the depreciation is added back into income when applying for loans or anything else, so it's an expense that isn't truly an expense. Also, the Bezos thing has been done by billion dollar oil companies before Amazon, so it's a pretty safe bet that it's true.

@TruckingFromScratch 4 года назад

You say depreciation isn’t a true write off, but when it comes to equipment like a truck, depreciation is spreading the cost of what you paid for the truck over multiple years. I utilize section 179 to deduct the full cost of my trucks in the year I place them in service instead of spreading it over over multiple years anyway. Amazon is a C-corp. Keep in mind, Bezos has to file a personal tax return.

@soldierofthemosthigh2101 4 года назад

@@TruckingFromScratch You right he's has personal taxes which he keeps low by paying himself in stocks. So he pays capital gains taxes and lot times people of similar resources take loans with their portfolios as collateral. Then so even the loans as losses the system is rigged against the small business owners. Great content.

@REBO192837465 4 года назад

@@TruckingFromScratch how does deducting the full cost in one year versus spreading it factor in the long run?

@jastelf8998 3 года назад

What are your thoughts on driving a truck for someone and receiving a 1099?

@pottnah6152 2 года назад

Don't lol

@mrgetittherehaulingllc 2 года назад

Question off topic a lil have u ever had a single member llc and did u put llc ein or ssn on w9 form ?

@TruckingFromScratch 2 года назад

Yes & EIN

@mrgetittherehaulingllc 2 года назад

@@TruckingFromScratch why do everyone going against the irs rule listed below If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner’s SSN (or EIN, if the owner has one). (Do not enter the disregarded entity’s EIN).If the LLC is classified as a corporation or partnership, enter the entity’s EIN.

@Akeem_768 2 года назад

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

@Yazan.Jayusi 4 месяца назад

@akeem_768 how would you do that, I’m a permanent resident not citizen yet

@Akeem_768 4 месяца назад

@@Yazan.Jayusi won't work for you. Permanent residents has the same tax obligations as Citizens 🥹

@Yazan.Jayusi 4 месяца назад

@@Akeem_768 gotcha thanks !

@narvik9035 5 месяцев назад

How much taxes are due without the deductions? Do I pay 50%/30% of my profit or my revenue?

@narvik9035 5 месяцев назад

When are the taxes due and how do I pay them? Will I receive notice by the IRS when and how much to pay?

@Just_doing_kei 3 года назад

👍🏼

@josetellez1980 2 года назад

How do i keep track of all my expenses? I have a day cab and work local.

@eduardomendoza7168 7 месяцев назад

Quickbooks, or bookkeeper I can help!

@wilmywearegoingtoliveinpea7614 Год назад

Hi Mc Gill, how to contact you to resolve a problem for me please. I need a statement for profit and loss.

@donwest7314 2 года назад

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

@TruckingFromScratch 2 года назад

Yes

@chupacabra9957 3 года назад

If you're in zero income tax state...like FL, WA, NV etc..

@baileyhilbun5164 2 года назад

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!

@Djsunny201 3 года назад

But if it’s my own company, can I take out my salary from the 70k profit?

@Djsunny201 2 года назад

@@maddy1120 nope

@alexjohansson5183 2 года назад

The secret ingredient is crime lol

@Bidness100 2 года назад

😅

@sweetness2689 2 года назад

so buying a truck with our revenue we can add it as an expense?

@TruckingFromScratch 2 года назад

It depends on how you or your accountant handles the purchase…I expense equipment purchases using Section 179

@ijonuigbo7417 4 года назад

Thank you for the video David. If for example I operate a trucking business and also have rental real Estate all without llc, can both income tax filing be one under my individual tax return?

@TruckingFromScratch 4 года назад

I wouldn’t dare operate those businesses without an LLC, especially a trucking business. That’s way too risky for me. How you file your taxes will depend on your LLC setup & other variables.

@ijonuigbo7417 4 года назад

@@TruckingFromScratch I have a lot of questions. I will need consultation.

@jasminebell3157 4 года назад

Hey David I’m new to doing taxes for my boyfriend and he’s needing my help and I’m trying to learn as it’s immediate that his taxes get done him and his business partner team drive and have gotten overly busy could you please contact me back when you do have time. Please and thank you!

@TruckingFromScratch 4 года назад

Hi Jasmine, for tax consulting, you can use this link to book a consultation, davidmcgill.as.me

@francesarmstrong7877 3 года назад

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..

@pamirbadakhshan9934 4 года назад

So, Revenue 100 Expenses 30 Profit 70 /13% = 9100 you pay taxes What is the precent for federal and state taxes they take from your profit ?

@RazorHog56 4 года назад

More like 20-25%

@jamesholmes5033 4 года назад

How's your blood pressure?

@yahia627 3 года назад

He gets hard on knowledge 🤣

@ozone9784 Год назад

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

@TruckingFromScratch Год назад

Federal income tax payments aren’t tax deductible, but a certain amount of state income taxes are deductible on your federal return. Confusing right? Lol

@groneass2006 2 года назад

HOW CAN MY TRUCKING COMPANY PAY FOR MY HOUSE?

@DaddysFastestSwimmer 4 года назад

So diesel IS counted as an expense?

@jackfrost4919 4 года назад

Yes

@nlskeebo40 2 года назад

Does borrowed money and SEP ira accounts help get you to zero?

@TruckingFromScratch 2 года назад

Borrowed money isn’t a business expense; so no. However, a SEP IRA is a business expense so there’s a tax deduction for that

@nlskeebo40 2 года назад

@@TruckingFromScratch The borrowed money is used to buy tax deductible items in advance and the interest is deductible. This is a question? I am checking on this because in real estate there seems to be a major way to reduce taxes by financing more and depreciation. Like a brand new truck.

@zuleymabrizuela6165 Год назад

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

@TruckingFromScratch 11 месяцев назад

I’ve been an accountant for 16 years. You are correct when it’s come to depreciation and tax planning in the same year. However, this video was created for the people who didn’t purchase more equipment, get their taxes done, and don’t understand why they have to pay taxes. My point is if you make money, you pay taxes. I’m speaking to the rule instead of the exception bc too many of my clients come to me with tax information that doesn’t apply to them

@TheofficalShandaB Год назад

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.

@TruckingFromScratch Год назад

I’m an accountant, and I don’t think you caught the sarcasm of the video. The point I was making is, if you make money, then you pay taxes.

@cassiadiscipula12 3 года назад

How can I have your company to do my taxes for 2020? @Davidmcgill #davidmcgill

@stevenaleman9637 4 года назад

Just file bankruptcy every two or three years so that way when you report the two or three years of zero profit they don't come after you and "create" another trucking business, new DOT number, change company name, same trucks same employees etc. This is risky and the best practice you can have is PAY YOUR TAXES in any legal business. be a good American.

@anonymoustrucker1782 4 года назад

So you paying yourself $0.00? IRS is gonna find that hard to believe.

@TruckingFromScratch 4 года назад

I think you missed my point

@anonymoustrucker1782 4 года назад

@@TruckingFromScratch I didn't even watch the video. You have to pay employee/employer taxes. The only reason I commented was because I seen the pic 100 - 100 = 0

@TruckingFromScratch 4 года назад

The answer to your question is there

@rohandsmith 3 года назад

@@anonymoustrucker1782 weirdo

@trell0123 4 года назад

Are lease truck payments tax deductible even if you're not leasing to own?

@ljn1477 4 года назад

Yes you're considered as renting the equipment which makes it a business expense.

@ELYSIUM555 4 года назад

Google

@marksnider6257 3 года назад

all fake news upay taxes go jail smiple

@yahia627 3 года назад

*IRS joined conversation

@TruckingFromScratch 3 года назад

I think you missed the point of the video

@reneriverac 2 года назад

🤣🤣🤣

@philiusedmunds9393 4 года назад

Hey anybody I pay my 2290 road tax but the IRS is telling me I have to file my 2290 anyone knows about that I would appreciate any information

@hiroader11theanalysts65 4 года назад

Word is, 2290 is a deduction

@jree6974 3 года назад

What about a refund as an owner operator?

@tonystites2134 3 года назад

@shrek22 3 года назад

Extremely misleading. didnt explain depreciation, and other cost that can count as tax deductions. one doesnt have to spend money to have an expense.

@millionairesot8184 4 года назад

David McGill I need your email I need you to be our accounts

@rockhauling.d.4816 4 года назад

I still didn’t understand the point how to show zero profit.

@rockhauling.d.4816 4 года назад

Lumumba Aungk-Hera Hhehe now make sence. Thanks.

@viktorandriyets5707 3 года назад

False!

@amdbtr 3 года назад

I wanna pay logical taxes. I don't wanna the government to steal my money as it is now.

@bobyang3350 3 года назад

that is cheating!

@TruckingFromScratch 3 года назад

You obviously missed the point

@markniazi5959 Год назад

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

@TruckingFromScratch Год назад

Sir you explained my exact point. People ask me as an accountant how to pay no taxes. The only way you pay no income taxes is to not make any money, which is not the point of business. Don’t get yourself worked up for nothing.