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RE: tax person
On the quarterly payment issue ... Is it correct you do not have to file quarterly if you had no tax liability the previous year ? For example , someone was employed one year and received a tax refund or was self employed and showed a loss . Would this exempt them from quarterly payments the next year ?
Crazynuff,
basically NO It would be up to your accountant of weather he feels or computes a estimated tax payment is due or not depending on your income vs expenses, and calulates the per diem and mileage for a cargo van to see if you owe. it would be the same for a straight truck or Tractor/trailer. but no mileage is taken in consideration,
Normally the 1 st year there is a no profit due to startup, but the second there will show a profit depending on depreciation and expenses that are taken.
Frank
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