Owner Operator taxes (Do It Yourself)

[@Hearmeout503]

My head was spinning i'd probably have to replay it quite a few times ! What about the schedule SEC i didn't hear any mention of it thats for the medicare and ssi deduction ..

[@Ced334]

I'm a lease to own owner operator paying a CPA $25 weekly but after seeing this I now know I can do it myself... thanks for the video!

[@derickhudgins3542]

So I'm new to this all. Are you filing this on personal taxes or as a business? I can't get hr block to let me do the vehicle worksheet like you're doing

[@Davinciofai]

dude you are so awesome for this. as an inspiring owner operator I'm really glad to see videos like these on youtube :) keep it up!

[@taxstarmobile7200]

Nice attempt. But I don't suggest any owner operator do their taxes on a schedule C. They would have to pay more taxes that way. And for the depreciation, you have to know the rules for that. certain properties have to be assigned how long they will depreciate over time. Tax Pro's don't use consumer software, we have to use professional software. Data entry is simple. but knowing the tax rules to legally reduce your taxes...welp that's what why we take the classes every year.

[@sberger6604]

This is an awesome video man. I learned a lot just by watchin this....things I'm gonna need to know soon 👍 Great job as usual brother!

[@Listen2Like]

+sberger6604 Thanks Steve.

[@404TRUCKERTV]

Would recommend the step by step wizard Q and A version for first time users so you make sure you're doing it right!

[@saidabdulle7329]

i see here two different software, truckn pro and H & R Block do i need to habe bouth or only one you using H R Block?

[@saidabdulle7329]

Schedual-C means S-Corporation ? thanks for youre information

[@zeroderickwilliams6741]

Question 1. Let's say you bout a wrench for $15 in supplies and you add that to your list of write offs how much do you get back out of the $15 toward your tax payment or refund? Question 2. Is the percentage we have to pay as owner operators 15.3%?

[@kwamepoku1072]

I'm wondering how owner-operator self-pay or wages is reported on the tax returns

[@koitatransportationinc8886]

Thank you for sharing your knowledge with us.

[@Listen2Like]

your welcome

[@manuelluhanga]

Very well explained. Do another one for 2018 taxes 👍

[@WereGururumon]

Thank you for this video. Extremely helpful

[@glackaglack1534]

so you pay taxes base on what's left after your deductions.?

[@rbwe2008]

I cut ATBS thanks to a few IC's. Thanks for the video Jeffery!!!!!!

[@Listen2Like]

Thanks for watching Robert

[@koitatransportationinc8886]

I'm cutting them this year.

[@ISLANDTRUCKER]

Robert Webb I just get rid of them too, they were a waste

[@mastermindtax3033]

So being a self employed truck driver or owner operator, you are going to owe something? Is there a way to get your clients any money (refund) back?

[@simplybuiltgarage]

Wich tax software are you using. With hrb

[@Flipping_Assets]

taxable income is 23k??? for trucking??

[@TheBLACKMQQN]

his numbers are hypotheticals. he's not putting in actual data as he's going along. he states that many times.

[@reginaldwiley6849]

Taxable income is the amount that is taxed after your deductions, not what was actually earned for the year.

[@markfein8090]

WHAT IS BETTER...CORPORATION OR LLC?

[@JoshJorg44]

Do you have to worry about the inclusion amount because you leased?

[@robertgoulet1405]

Thanks that info really helps 👍🙂

[@King_Cardo]

so can you put that you pay insurance?

[@Listen2Like]

+craig Yes that actually goes on self employed health ins worksheet or schedule A depends on your tax structure

[@pattylm31]

Where can you get the truckn pro software are does anyone know?

[@TheRightBrotha]

there it is

[@Listen2Like]

TheRightBrotha what's going on my friend

[@chucktucker9410]

Great video!! I am having trouble though finding the forms that you were filling out on H&R block. I log on to their site but the heading for forms is not there. What is the web address that u are using? Thank you!!

[@Listen2Like]

+Chuck Tucker I am using HR Block tax program downloaded onto my pc

[@Kickinitwithd18]

What about the per Diem?

[@TheMrss04]

Do you split the expenses if you have more than 1 truck?

[@SvoBrianRobles]

Shouldn’t have because one person is spending for both trucks

[@THETRUCKINGGURU]

So I could do my taxes one a year or every quarter ?

[@Listen2Like]

+Trucker Stevo That's up to you and if the IRS makes you send in quarterly or not.

[@ovigada]

How does this apply to a trucking operation that never files in the first place? Couldn't one save up the tax money for the day when the IRS finally meets up with them and gives them an actual tax bill? These people never send an actual bill for you to pay and they rely on you to voluntarily give them a report about your ops and for you to voluntarily give them money.

[@russdmay]

I did mine this year with turbo tax

[@Listen2Like]

+Russ Maynard Cool Russ .Get the list done.

[@interstateceo303]

Did you owe?

[@404TRUCKERTV]

tax act is pretty good. 39$ for premium self employed.

[@arthuntley8551]

Does this have a s corp option in tax act?

[@404TRUCKERTV]

@@arthuntley8551 www.taxact.com/business-returns

[@arthuntley8551]

@@404TRUCKERTV do you have fb or ig so I can ask you some questions

[@404TRUCKERTV]

@@arthuntley8551 [e-mail]

[@arthuntley8551]

@@404TRUCKERTV ok I just emailed you from arthuntley

[@nicolasjimenez9697]

hello my friend... i would like to know how muchas did you make in 2015

[@RocketFutures]

Jeff - You are Sole proprietor or LLC? thanks

[@Listen2Like]

sole proprietor

[@King_Cardo]

I mean health insurance

[@404TRUCKERTV]

yep... been using tax act for years, its ez. for premium self employed its 39$, they have 50% off right now.

[@j.manuelcharriez8115]

👍

[@jamesbaxter2812]

You have to many add on's

[@taylorashley4807]

Mfs always trying so hard not to hire a professional. Lmao. I hope yall don't get audited

[@reginaldwiley6849]

As a tax professional, I agree. Just because you can do it yourself (and you can) doesn’t mean you are getting the best results possible. But to each his/her own.