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end of year is near

Discussion in 'General Expediter Forum' started by geo, Nov 27, 2017.

  1. geo
    Bashful

    geo Veteran Expediter Charter Member Owner/Operator US Navy

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    keep a eye on the end of year expense's buy or replace anything so you have it for taxes. get that last oil change end, tires, battery's etc. order before the end of year so you will be able to write it off for 2017. also good time to buy a new unit take advantage of tax savings. when buying new unit.
     
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  2. Worn Out Manager
    Amused

    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    Thanks, I have more expenses than I could ever deduct. Anybody want to buy some?

    Sent from my XT1710-02 using EO Forums mobile app
     
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  3. ntimevan

    ntimevan Veteran Expediter Owner/Operator

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    Mileage & Per Deim ... is all i need

    ... still pond hopping
     
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  4. Mailer

    Mailer Veteran Expediter

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    Agree.

    On the downside, I couldn't contribute to the Soc Sec during the last 5 years.

    but hey that merely $70 a month increase @62.

    Not worth it.....Lol.
     
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  5. Worn Out Manager
    Amused

    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    In 2015 before I quit/retired I had a lot of income and I needed to itemize and use accelerated depreciation. So now we always itemize the LLC and pass the loss through enough to get my personal withholding back. Ends up zero tax but contributing to SS.

    Sent from my XT1710-02 using EO Forums mobile app
     
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  6. Treadmill
    Caffeine Fix

    Treadmill Veteran Expediter Owner/Operator

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    That’s what I end up doing.
     
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  7. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    What specific tax advantage do I have buying in next 30 plus days over waiting until the first 1/4 of 2018 ?
    Are there programs ending ?
     
  8. Mailer

    Mailer Veteran Expediter

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    I tried to play with the numbers and assume I paid into the SS. In my case, it didn't make sense and wouldn't benefits the pay out that much.

    In early years with regular career, I made too much and in these later years with expediting and all of the deductions that came with it, the SS contributions will not be large enough to replace the lowest grossing of earlier years. Besides, I already have enough qualified years.

    I do agree that everyone should continue to contribute especially if one has not meet the number of the requiring years or has lower gross in earlier years.

    Yeah, for some of us the social security may be the only income at retirement...Bummer.

    Now just in case, if anyone want to check on their current or future Soc Sec status, you can register and check online and get the projected benefits in a few minutes. Don't cry when you see your number, Lol.... Oops!

    my Social Security Update Message | Social Security Administration
     
    Last edited: Nov 27, 2017
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  9. Worn Out Manager
    Amused

    Worn Out Manager Veteran Expediter Owner/Operator US Air Force

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    The only difference Geo is addressing is if you have exceptional profit get an expense like tires in this year

    Sent from my XT1710-02 using EO Forums mobile app
     
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  10. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    Oh, that’s what “take advantage of tax savings when buying a new unit “ means.
     
  11. Treadmill
    Caffeine Fix

    Treadmill Veteran Expediter Owner/Operator

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    He’s just trying to make a buck or two.
     
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  12. BlindSquid
    Crappy

    BlindSquid Active Expediter Owner/Operator US Army

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    Oh lord bless me with this dilemma at least 1 year b4 I cash in my shower ticket in the big truck stop in the sky.
    Sigh!
    Wait a minute ???? noisy trucks forever idling. Vapor trails of blue (or black)smoke streaking the sky. Shadows @ night of lumbering rotund creatures between vehicles. Loud stupid arguments around big TV (75 in TV with 1 channel "sports only").
    CRAP !!! This ain't heaven it's ....it's ... Damn dispatchers !!! Lied too again S.O.B !!!!
     
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