To pay or not to pay?

[Falligator]

I know it's tax season, and being that this is my first year as an O/O what do ya'll end up paying on your taxes? Is it a substantial amount, small amount? I have saved some money for this (and my reciepts of course), but haven't got my 1099 from panther yet. I was just wondering if ya'll have an estimate and I am a single driver what I would end up paying with an estimate of $50,000 last year, but over half that being spent on fuel, expenses and items cell phone things like that. Thanks

 

[greg334]

I used the rule of thirds, a third for everything. At tax time, I would figure out what I am to pay the feds and state and take the difference out of the tax third.

I would assume that if you keep up on your expenses and know where you stand week by week, you can figure out your tax liability as you go and sock the estimated tax money away. When you get the 1099, you can get your taxes done and then pay them with the money saved, leaving the rest for you to keep.

 

[Crazynuff]

It would have been well worth your while to have consulted with a tax professional from the beginning . You may have missed out on a lot of credits and deductions to reduce your tax liability .