Expedite Trucking Forums - View Single Post - Is it a good time to get in to the business?

Broompilot · 06-29-2008, 12:36 PM

Money and Knowledge than you can make an informed decision.

Otherwise, let me just give you an example of how much trouble you can cause for yourself and NO GETTING OUT OF.

Example you buy two trucks today at $160,000 depreicition this year lets say $27,200 next year it is $54,000 and same the year after. Well business does not go as you like after three years you say heck with it. If your not broke you sell the trucks and have to pay at best a couple of grand to get out from under it. So you have oinly paid down the loan to $100,000 and you sold them for 45 each. Well here is where uncle sam now becomes your roomate. you owe the difference in capitol gains of around $68,000.00 X your tax rate and that rate right there is gona be about 20% of that amount of 68.

Got the picture this is just one way to SCREW YOURSELF and not even no it until the year after you file your taxes.

Good luck and thanks for at least asking first.

06-29-2008, 12:36 PM	#13 (permalink)
Broompilot Senior Member Join Date: Sep 2004 Location: Charlotte, NC, usa. Rating: Posts: 2,590	Re: Is it a good time to get in to the business? Money and Knowledge than you can make an informed decision. Otherwise, let me just give you an example of how much trouble you can cause for yourself and NO GETTING OUT OF. Example you buy two trucks today at $160,000 depreicition this year lets say $27,200 next year it is $54,000 and same the year after. Well business does not go as you like after three years you say heck with it. If your not broke you sell the trucks and have to pay at best a couple of grand to get out from under it. So you have oinly paid down the loan to $100,000 and you sold them for 45 each. Well here is where uncle sam now becomes your roomate. you owe the difference in capitol gains of around $68,000.00 X your tax rate and that rate right there is gona be about 20% of that amount of 68. Got the picture this is just one way to SCREW YOURSELF and not even no it until the year after you file your taxes. Good luck and thanks for at least asking first.