Equinox..Tax Help
- Thread starter wvcourier
- Start date
wvcourier
Expert Expediter
do I have to keep all my reciepts? Does the CPA need them. Is thier an average number I can just type into Turbo Tax, to get maximum deductions without getting audited. would it be easier to just do mileage or expense..is per diem also considered lodging? Does everyone pay quarterly taxes?
Dont steal, the government hates competition. ~Ron Paul~
Dont steal, the government hates competition. ~Ron Paul~
Simple rule for most your questions is cya. Keep a log with all vital info like date milage city as a back up for taking the per diem. If your receipts are more than the per diem deduction your probably going broke. You should even copy receipts because now days many will fade to a blank white piece of paper. Save things like you will be audited and be happy when your.not.
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Monty
Expert Expediter
You're new at this, you need EVERY receipt ... for your own number crunching.
I, personally, only give the CPA my figures and no receipts, but then he and I have been in business together for many years. But ... I do have those reciptes in case they are needed.
In another thread, you mentioned about problems with payments .. things like that affect your bottom line .. big time!
I, personally, only give the CPA my figures and no receipts, but then he and I have been in business together for many years. But ... I do have those reciptes in case they are needed.
In another thread, you mentioned about problems with payments .. things like that affect your bottom line .. big time!
wvcourier
Expert Expediter
Well actually FKatz has already answered this question in another thread. Yeah, I was having trouble because the carrier wasnt paying me on time. But my new carrier (panther) pays 55 percent of load as soon as I leave shipper..dosent get any faster then that. Plus thier insurance is alot cheaper then what I was paying. only downside so far, is just trying to figure Qualcom out.
Dont steal, the government hates competition. ~Ron Paul~
Driving a van solo at panther is kind of like sleeping single in a double bed. Good luck some people make it work.
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chefdennis
Veteran Expediter
I am not trying to be a smartazz here , but based on the questions you are asking NOW (which is not a bad thing at all) how much research of this business did you do BEFORE you jumped in??? Seems that while you are trying to educate yourself now, the mistakes you have made already have run directly thru your wallet and if you aren't careful, that road thru your wallet is only going to get wider and deeper....
You got messed around with your 1st carrier(s)...you are already looking for ways to get freight from other sources other than Panther and don't know if they will let you do that (yes they will, but they take a cut) it just seems that you need to slow down, read here going back a few yrs and figure the business out before you go broke....Asking questions now is good but man...well i don't often with people luck because i believe we make our own luck, but ..good luck..
Let me ask you, do you have a business plan? Do you know your cost per mile? Do you know what you need to be financially successful on a quarterly basis?? These tax questios you are asking are pretty basic for any business and something that you would have found in researching before you jumped in..and as for using a Tax company as a Solo in a CV...wait....you are going to have more then enough to spend the money you make without paying a tax service during the yr to do your books....i personally in 5 yrs in a CV/Sprinter type unit dont know anyone in the same type of truck that uses a service like that ... most of us use a good CPA that understands the business
You got messed around with your 1st carrier(s)...you are already looking for ways to get freight from other sources other than Panther and don't know if they will let you do that (yes they will, but they take a cut) it just seems that you need to slow down, read here going back a few yrs and figure the business out before you go broke....Asking questions now is good but man...well i don't often with people luck because i believe we make our own luck, but ..good luck..
Let me ask you, do you have a business plan? Do you know your cost per mile? Do you know what you need to be financially successful on a quarterly basis?? These tax questios you are asking are pretty basic for any business and something that you would have found in researching before you jumped in..and as for using a Tax company as a Solo in a CV...wait....you are going to have more then enough to spend the money you make without paying a tax service during the yr to do your books....i personally in 5 yrs in a CV/Sprinter type unit dont know anyone in the same type of truck that uses a service like that ... most of us use a good CPA that understands the business
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wvcourier
Expert Expediter
My business plan was to eventually save enough money for a straight truck, but after learning about all regulations and restrictions ect..ive come to conclusion the extra money wouldnt be worth losing freedom I have with cargo van. So now im looking to save money for a Sprinter or one of the Cargomax vans. And my other carrier finally sent me a check, when I mentioned EO, and contacting customers directly. But now, as far as taxes, I know you can claim miles and Per deim, so I think that would be more easier then try to do expenses.
But other then that, I have no plans on leaving Panther, I was just asking if last week was a slow week.
Dont steal, the government hates competition. ~Ron Paul~
But other then that, I have no plans on leaving Panther, I was just asking if last week was a slow week.
Dont steal, the government hates competition. ~Ron Paul~