Trucker Tax Tips | How To Pay Zero Income Taxes | Starting Your Trucking Business | Owner Operator

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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
My NEW channel / @1davidmcgill
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
Trucking From Scratch®️ is a registered trademark.
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[@TruckingFromScratch]

👕 Get your Mind Your Trucking Business T-Shirt: truckingfromscratch.myshopify.com

[@dianec3854]

Your receipts is what matters the most

[@silviupoenar7143]

Very helpful insight as a new trucker owner opperator.

[@KhadafiTonedFit]

You are highly appreciated with this wealth of knowledge you share. God bless you and your family

[@CLOVEONE1]

Awesome thank you👍🏼Simple breakdowns

[@AdelitaWilliam-dl7ci]

Thanks for the new video! I’m looking forward to seeing what other content you post! Always good to learn as much as you can!

[@TwoBerrystruckingalong]

Great video. Thanks for your honesty

[@EddieBonez1000]

Thanks bro, another great video

[@jackfrost4919]

Boi u dropping jewels 💪🏾

[@foxyroxy8374]

Thank you!🖤

[@JoshHamilton11]

Excellent videos! Thank you very much for your hard work.

[@karenpatterson3726]

it's important to talk to a CPA and an Attorney understand hoy not to pay taxes Legally!

[@tonystites2134]

Everybody pays taxes, some pay them through the year so they don't owe at the end of the year but everyone pays taxes. your w2 shows you what you paid, the IRS tells you what you owe. if what you paid is equal to what you owe then you don't have to pay anything. if you paid in more than you owe you get money back. I don't care who you are at some point you pay taxes. the media said trump did not pay taxes, but trump tried explaining your correct I did not pay any at the end of the year because I paid them all early, meaning he paid what he owed quarterly.

[@coachknows]

chances are if you pay no taxes, its not totally legally, unless you also happen to be homeless. Basic rule of Thumb, You have to show u made enough to cover living expenses. How can I pay $1,000.00 Mortgage, $500. car pmt, $200 car ins, Utilities $500, groceries $300, Gas for car $300. etc, it i legally made no money, Cpa's are not smart enough to change common sense and Logic. Goal is pay lowest tax rate possible, maximize expenses and use common sense. people who pay NO taxes legally, are not business owners, they are Homeless!! (p.s. if u could pay not taxes, wheres the SSA check coming from?? and medicare?

[@craigj.651]

@@tonystites2134 not totally true billionaires get breaks an deals get made behind the scenes, plus he wasn't paying contractors their money, yes he used legal loopholes, but that's not the whole story as we will all find out his lawyers are getting caught up in crimes, plus cooking the books reporting a loss year after year.

[@kennydawson265]

Thank You!

[@chasepatterson2036]

Thanks for the content

[@davidduran1016]

We are a new team owner operators and we are looking for some advice. We really appreciate your videos they are very informative.

[@oscarmarroquin4374]

Basically what he is saying is that it's impossible for an owner op. To pay no taxes. I was an owner op for 2 years and he is right. I grossed 145k my first year after playing around with the numbers I was able to bring down that number to a little over 100k I still had to pay nearly 10k in taxes I have family also so that helped a little.

[@edgaralvizo9886]

Thanks for sharing the numbers bro!!

[@jasdeuce2262]

You wouldn’t have had to pay if you would’ve put that money into real estate...

[@iamOAKland]

Jas Deuce bruh you just gave a golden nugget... most of these dudes brains ain’t developed for this.

[@nicolasrivera3752]

@@jasdeuce2262 Thank You !!!

[@victorhubbard6028]

@@jasdeuce2262 you are telling ppl to put their money into something without telling them how and you have no videos on your page to help. teach don't perch #helpus

[@HodoJerry]

Good stuff man

[@j4sho748]

I love this Guy

[@martianmusicllc]

Great info bro

[@abuelita4094]

In a true Capitalist society, your money is not taken away from you.

[@mrs.dllieberman3609]

Hello, David: It is all about the End-Game. You can make money; however, you Zero out your income with Expenses. This can hurt you if you are looking to purchase a home where you need to actually show income. Speaking with a CPA is essential.

[@brianburns7211]

It’s all about how your company is set up. If it is a corporation, then it is almost like the corporation is another person. The corporation can make very little profit, but you could make $100k, in theory. Your income is obtained as an employee of the corporation. You have to pay yourself. Maybe if your wife keeps the books, she could also be an employee.

[@luxurytaxprep]

Agreed. Structure is an important part of strategy!

[@nevvaworry5451]

U Hit the NAIL on the Head 🛠 4r4r (Perfect Analysis Breakdown) 🤩

[@marcuscrossgrove1700]

I agree. There's ways to go by doing this because if u don't register ya owner operator business right then you will only be looked at as an employee with ya own truck and you definitely don't only want that. Get with a CPA and get help with this ASAP

[@PermanentHigh]

@@brianburns7211 Yeah but you have to pay taxes on that $100K paychecl

[@robertrodriguez1074]

Good stuff brother

[@deantait8326]

My tax cpa always encourages paying some tax. In early 2000s I had an owner operator expedited van. I had legit additional tax deductions but he strongly suggested paying a few hundred dollars. He used to work with IRS settlement companies and said if you're audited, you will pay something in additional taxes. The goal is to make that amount as small as possible. I believe you can only run a business at a loss for 3 yrs. Don't know if this applies to zero income. I'd be suspicious if my 1099 income and business expenses magically were equal. That's IMO and my 2 cents worth. 😁

[@TruckingFromScratch]

"I'd be suspicious if my 1099 income and business expenses magically were equal"

[@milestone4549]

@@TruckingFromScratch k

[@anfrae25]

@@TruckingFromScratch Hey David! I saw you video about the sales tax exemption. I downloaded a few copies of the Indiana DOR GSTEC and it states that it can't be used to purchase utilities, vehicles, watercraft, aircraft, or gasoline. I'm not sure if I misunderstood you but I thought you said that being a trucking company made us tax exempt to purchase vehicles, parts , and equipment. Please help me clarify.

[@buzzfeed7410]

Really great video bro. I'm going owner operator, thank you!

[@aleciaanderton-georgie2973]

Thank you

[@bobbygraham1135]

Good video man

[@edwardmccue5982]

thanks for sharing

[@sharonnzachery4411]

David we look fwd to working with you. Thank you for the info.

[@nevvaworry5451]

Great Video 📹 My Brotha (SOLID)

[@GurjantSingh-kt5nd]

Always show income and pay taxes, this matters a lot down the road when your trying to expand the business, getting loans & mortgage. This is main thing everyone will look at. I'm going through this right now.

[@mlane7261]

I wonder how trump, musk and bezos go without paying

[@matthewhansen5008]

He is right. I have heard folks stories about not paying income taxes. Just wait till the IRS comes a knocking. Then you get to explain how with zero profit you have a home and vehicles that you are making payments on.

[@ALL4SCUBA05]

That’s easy for me. I pay taxes on my retirement check from my previous job. My LLC earned little profit because the money was used to pay off equipment and make bigger payments on the insurance as well as buy a second truck. Think like the rich people! Get better tax advice than what commenters on KZbin say. Speak to a CPA!

[@user-fi1kn3oq4m]

This is why you just need to have your money in crypto and renounce your citizenship

[@ballswanging9750]

Thanks for keeping it real,alot of bs misinformation on KZbin.

[@twank10]

If you making money u better be spending money within your business. If you have a good accountant you will be fine! Pay your taxes and and keep on trucking!💪🏾💪🏾

[@coachknows]

sorry you are giving cpa's too much credit! explain how I cover basic living expenses if Im paying no taxes (meaning im making no money???) cant pay all basic living expenses within buisness? home mortgage, car pmts, car ins, groceries, cable, etc, etc, etc!!!

[@coachknows]

p.s. if what you are saying is true, that means everyone in business can avoid paying taxes becuz they have a good CPA?? Seriously?? SO my business made 761K last after expenses (so I can avoid paying taxes, Right??)

[@TRIPLEDIGITS]

Nice video

[@michaelchason7863]

The bank will not loan you money if you don't profit pay taxes . If you don't profit how can you pay back a loan is how the bank views income , meaning you don't profit to buy a house, so on that side you loose by dodging taxes . We have police and road workers and military. Right thing to do is to profit

[@zakariafarah1101]

Lenders look for gross income/revenue and assets but of course an individual can flag your request if the numbers do not make sense.

[@GC2Productions]

If I was a owner operator and got loads through DAT loadboard where do I get the 1040 from all the loads I did as a box truck owner operator?

[@FocusFinanceFun]

Good

[@truckerownerops]

Don't forget your perdium it of sets your taxes you can claim 300 days a year 65 dollars a day . Also you claim you milage and depreciation value on truck. My perdium pays my taxes basically. But it depends how much you make a year.

[@lynnellechappell3337]

Just a lil clarification - Per diem rates are $66/day and truckers can claim 80%, not the entire $66. 🤗👍🏽

[@geoestrada5001]

I hired a company do taxes and pay roll it save me money and headaches with IRS, you take care

[@terrymitchell4579]

What's the name of the company

[@rreed336]

Great video and great info bruh. I'm in the process of interesting my CDL and a truck as we speak. Definitely subscribed to the channel.

[@oas9235]

How it goes? Did you start?

[@Deuceleven]

Note, that if you wanna buy real estate...doing taxes like this make that impossible

[@TruckingFromScratch]

I agree! I was being a little facetious in this video. Thanks for the input

[@Deuceleven]

@@TruckingFromScratch no prob. Thanks for all this information! Really a blessing

[@dereksmith72]

I'm trying to find out about home office space write off. Do you have to have a space designated at the house or not? I've heard no specific space needs to be designated for my home office because I'm an owner operator. Please help.

[@phuntsokdorjee9983]

i have a coporate account and i am an self employed truck driver. i am filling my T2 on the software, my question is as i am paying salary to myself, what other forms i need to add onto it?

[@Jay-BT2024]

Can you do a video on hazmat load in how to get them when you have your own authority forest driving tankers And other types of hazmat loads when you use a dry van or flatbed to haul it plz

[@TruckingFromScratch]

Sorry Jonathan but I don’t have any experience with hazmat or tanker loads

[@Jay-BT2024]

OK thank you and I appreciate the time that you took out to respond back to me , do you may know someone I can contact to find out about that hazmat and tanker loads

[@Mr.Bathelus832]

@@TruckingFromScratch how much money should truck drivers(company driver)put a side for taxes?

[@mercedesbouchard9762]

My husband is an owner operator that works with the company. He has a corporation in Nevada. Can he keep it in Nevada if we move to South Carolina 😊

[@robertvondeusche6245]

Hello, thank you for the video. I watched it and although I am not owner up but a 1099 company driver, can you or anyone else watching us possibly wake me up or send the information on somebody that is good at doing taxes? Thank you in advance

[@Sick_Boy.]

Do you have any tips for a 1099 employee who isn’t the owner operator? What examples are there for writeoffs? Since vehicle,maintenance and fuel isn’t really my responsibility.

[@antstransportation9243]

Gloves and CB radios

[@GurjantSingh-kt5nd]

- Cell phone bill - Car expense your using to get to work and from - Food on the road - Clothes like Jacket, work boots. Gloves, vest, etc. - Your insurance, even your car insurance - Health Insurance I'm sure there is others as well but this is what I know or my accountant has told me. Have a bank account just for work. Use that account to pay or everything and deposit your pay into that as well. Makes it easy to track expenses.

[@TruckingFromScratch]

*TRUCKING FROM SCRATCH* Check out my tools + resources designed to help your business succeed: truckingfromscratch.teachable.com

[@tyronex38]

What’s your your phone number ??

[@ThisTruckingLife]

I sent an email to your one with with newsletter at the beginning I have no idea how to contact you. I need a trucker Is accountant Asap

[@mattyp3860]

Du you du taxes for truckers?

[@jamesholmes5033]

Btw isn't there a way to pour all the money you make back into your company to hire new drivers as operational expenses say buying new trucks/trailers for equipment?

[@marcusc1512]

James Holmes yeah, anything you spend for your business is a write off.

[@Cheemaclips]

so pretty much if you make 100k in profit and your expenses are 30 k will the IRS notice if you mess with that number and maybe make it around 40 or 50k?

[@gdotone1]

will pictures of receipts do?

[@vandyrvtransport6430]

Question regarding owner operator tax deductions..... Can you use both the per mile deduction $0.57.5 and all maintenance expenses? Or are you only allowed to choose one or the other? Thanks

[@TruckingFromScratch]

Per the IRS, semi trucks are qualified non-personal vehicles so you can’t use the standard mileage method. You have to claim actual expenses

[@vandyrvtransport6430]

@@TruckingFromScratch Thanks for the follow up answer David. I suppose it doesn't matter that its a medium duty Class 6 SportChassis.........as it is registered as a tractor. David - What are your rates to my quarterly filings and year end taxes as an independent contractor in the RV transport gig with the step deck trailer? I have my LLC and a separate bank account, but now that I've started I want to make sure I'm doing my financial right.

[@cassiadiscipula12]

How can I have your company assist me doing my 2020 taxes?

[@daddysierra2657]

David do i file two separate ifta filing for each of my trucks? Two trucks are registered under my authority but i drive one of them. Does the ifta filling shows one or two trucks at once? Your response will be appreciated.

[@TruckingFromScratch]

1 IFTA filing that includes the information from your entire fleet. Hope this helps

[@Akeem_768]

you can pay zero taxes federally if you're a company owner who is not a citizen & if you're also in a state like Florida or Wyoming. You still have to file taxes with the IRS but your obligations would be zero

[@Yazan.Jayusi]

@akeem_768 how would you do that, I’m a permanent resident not citizen yet

[@Akeem_768]

@@Yazan.Jayusi won't work for you. Permanent residents has the same tax obligations as Citizens 🥹

[@Yazan.Jayusi]

@@Akeem_768 gotcha thanks !

[@tonystites2134]

my question is not how to not pay taxes, but how not to pay at the end of the year, how do I predict what my taxes are going to be so I can pay enough quarterly so at the end of the year I don't pay one big lump sum. I think when most people ask how not to pay taxes they mean how do not have to pay at the end of the year.

[@kfelix2934]

Finding the IRS tax guide, you look at the income-column and calculate the TAXes owed. So let's say you will make or "projected" income of 90k net, and your tax on that is 25000, you could divided that by 4 quarter or 12 months and maybe payments to cover those taxes. This would keep you close to not owing a big $$$$ payment at the end of the year. My parents have been doing just this for 4+ decades by figuring out the taxes due and just paying it. Another way to pay zero-tax is to reduce your netcome to under the limit of minimum IRS tax guide which is 12,400 single under 65 ;) So your net income was 12,400 you would probably own no taxes but the problem here you would have to file & reported that to show that income. I'm not a tax consultant btw. and theirs no way you can run a business and not pay taxes. ;)

[@simplycool2480]

It's best to go off your prior year quarterly taxes. It's give or take, but won't be wildly different.

[@chupacabra9957]

If you're in zero income tax state...like FL, WA, NV etc..

[@AW-mz1zm]

ive heard that if you ran 100k miles in the tax year the the IRS would only tax you on 40k ? Can you shine some light on this please??

[@barfallenmule]

So can food and hotels be considered a buisness expense while yout out on the road?

[@RavinderSangha91]

barfallenmule yes

[@TruckingFromScratch]

Yes

[@widowsson9567]

its call per diem for owner ops not for company ANYMORE due to recent changes in tax laws

[@pamirbadakhshan9934]

barfallenmule I thought you wrote, “hoes” )

[@silviupoenar7143]

@@pamirbadakhshan9934 operator. I thought he wrote hoes too just kidding but great for laughtls man you made my morning Haha Haha thankyou

[@Just_doing_kei]

👍🏼

[@alexjohansson5183]

The secret ingredient is crime lol

[@Bidness100]

😅

[@wilmywearegoingtoliveinpea7614]

Hi Mc Gill, how to contact you to resolve a problem for me please. I need a statement for profit and loss.

[@jastelf8998]

What are your thoughts on driving a truck for someone and receiving a 1099?

[@pottnah6152]

Don't lol

[@mrgetittherehaulingllc]

Question off topic a lil have u ever had a single member llc and did u put llc ein or ssn on w9 form ?

[@TruckingFromScratch]

Yes & EIN

[@mrgetittherehaulingllc]

@@TruckingFromScratch why do everyone going against the irs rule listed below If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner’s SSN (or EIN, if the owner has one). (Do not enter the disregarded entity’s EIN).If the LLC is classified as a corporation or partnership, enter the entity’s EIN.

[@josetellez1980]

How do i keep track of all my expenses? I have a day cab and work local.

[@eduardomendoza7168]

Quickbooks, or bookkeeper I can help!

[@ijonuigbo7417]

Thank you for the video David. If for example I operate a trucking business and also have rental real Estate all without llc, can both income tax filing be one under my individual tax return?

[@TruckingFromScratch]

I wouldn’t dare operate those businesses without an LLC, especially a trucking business. That’s way too risky for me. How you file your taxes will depend on your LLC setup & other variables.

[@ijonuigbo7417]

@@TruckingFromScratch I have a lot of questions. I will need consultation.

[@baileyhilbun5164]

Orrrrrrr get some debt in your hands. Well how do I live off debt? a loan. But then ill have to pay crazy interest! Nope, if you set up a C corp, shove MAJORITY of the profits into a specific universal life insurance policy and take out a loan on that money youre set. I forget which one but we're setting it up for our business, essentially what this one allows you to do is say you put in $100,000 into this policy, you then take out $100,000 loan from that policy, the money you put in initially is still in that account earning about 7-9% return each year. The interest rate on that loan is super low because the collateral is the cash value death benefit of the 100k. SO if you take out the 100k loan, dont pay it back well they’re just gonna take out that 100k you put in when you die. So you have an investment earning you interest, this could cancel out the interest payment of the loan, this investment also has market reversal protection so if market dips youre not affected, accumulaties 7-9% return, death benefits for the fam, andddd infinite banking possibilities. Say you need a car loan just pull a loan against your policy for that amount so you dont pay crazy interest from the loans. You can set up personal ones as well but if you have business revenue going in you gotta have a C corp. Hope this helps business owners out there. The tax system is built for business owners to thrive! Orrrrr get an investment property, Air BNB it and write it off. Boom more passive income and EQUITY! But you gotta get a good property in a good location. Or write off a G wag and use it for "business" kinda sorta maybe. Or a jet or small turbo prop for "business trips" maybe to go look at some investment properties???? Highly recommend a southwest credit card and Marriott credit card for free flights and hotels. Shove a ton of business expenses on those and the points rack up like crazy. I got my southwest card like 4 months ago already got 100,000 points and some flights are a few thousand points. Cheers thanks for the amazing content!

[@donwest7314]

so if i buy a used truck for lets says 25.000 pay cash do i get to write that off as a start up business

[@TruckingFromScratch]

Yes

[@narvik9035]

How much taxes are due without the deductions? Do I pay 50%/30% of my profit or my revenue?

[@narvik9035]

When are the taxes due and how do I pay them? Will I receive notice by the IRS when and how much to pay?

[@pamirbadakhshan9934]

So, Revenue 100 Expenses 30 Profit 70 /13% = 9100 you pay taxes What is the precent for federal and state taxes they take from your profit ?

[@RazorHog56]

More like 20-25%

[@YoungJoone]

On some things, McGill on point, but, he lost me on "This is America, you make money and pay taxes on it." Bezos made 11 billion in 2018, he paid NOTHING in taxes." I get it... we're truckers. We pay, but we have heavy expenses and families. It's not as hard to get it down as you think. On a 100k dollar truck, your expense will be tremendous for the next 5 years. That's a heavy write off. It's about being honest and creative. You don't have to feel guilty paying less taxes... the rich don't.

[@TruckingFromScratch]

As a tax accountant, I can't say someone makes $11B & pays $0 in taxes without seeing a tax return. I try not to speculate. If you have a $100k truck that is deducted over 5 years, that's a business deduction of $20k per year. Once you add in all of your other qualified business deductions, you come up with a total business deduction number. The total deduction is subtracted from your revenue. In a profitable business, your revenue will be higher than your business expenses (deductions) leaving you with a net profit. Net profit is what you pay taxes on. It's tough to run a trucking business that doesn't show profit for 5 years. I don't know anyone personally who could/would sustain those losses. Thanks for watching & I appreciate your input.

[@YoungJoone]

@@TruckingFromScratch The idea is that you have write-offs like truck depreciation that aren't thought of as a true write-off. As a matter of fact, the depreciation is added back into income when applying for loans or anything else, so it's an expense that isn't truly an expense. Also, the Bezos thing has been done by billion dollar oil companies before Amazon, so it's a pretty safe bet that it's true.

[@TruckingFromScratch]

You say depreciation isn’t a true write off, but when it comes to equipment like a truck, depreciation is spreading the cost of what you paid for the truck over multiple years. I utilize section 179 to deduct the full cost of my trucks in the year I place them in service instead of spreading it over over multiple years anyway. Amazon is a C-corp. Keep in mind, Bezos has to file a personal tax return.

[@soldierofthemosthigh2101]

@@TruckingFromScratch You right he's has personal taxes which he keeps low by paying himself in stocks. So he pays capital gains taxes and lot times people of similar resources take loans with their portfolios as collateral. Then so even the loans as losses the system is rigged against the small business owners. Great content.

[@REBO192837465]

@@TruckingFromScratch how does deducting the full cost in one year versus spreading it factor in the long run?

[@Djsunny201]

But if it’s my own company, can I take out my salary from the 70k profit?

[@Djsunny201]

@@maddy1120 nope

[@francesarmstrong7877]

If you have zero profit how do you pay yourself. If your not in business to make money. Profit. How do you not pay taxes..

[@jasminebell3157]

Hey David I’m new to doing taxes for my boyfriend and he’s needing my help and I’m trying to learn as it’s immediate that his taxes get done him and his business partner team drive and have gotten overly busy could you please contact me back when you do have time. Please and thank you!

[@TruckingFromScratch]

Hi Jasmine, for tax consulting, you can use this link to book a consultation, davidmcgill.as.me

[@groneass2006]

HOW CAN MY TRUCKING COMPANY PAY FOR MY HOUSE?

[@sweetness2689]

so buying a truck with our revenue we can add it as an expense?

[@TruckingFromScratch]

It depends on how you or your accountant handles the purchase…I expense equipment purchases using Section 179

[@TheofficalShandaB]

I’m a tax preparer and realtor, I would never advise one to not pay taxes. It just doesn’t make sense, everyone knows that you’re NOT going to work a job and not make money but continue to pay your bills.. This almost like you’re setting yourself up for failure, in many ways.

[@TruckingFromScratch]

I’m an accountant, and I don’t think you caught the sarcasm of the video. The point I was making is, if you make money, then you pay taxes.

[@DaddysFastestSwimmer]

So diesel IS counted as an expense?

[@jackfrost4919]

Yes

[@jamesholmes5033]

How's your blood pressure?

[@yahia627]

He gets hard on knowledge 🤣

[@ozone9784]

I paid $20,000 in taxes in 2021 because I made good profit. Can I use that as a tax write off for 2022? I’m an owner op

[@TruckingFromScratch]

Federal income tax payments aren’t tax deductible, but a certain amount of state income taxes are deductible on your federal return. Confusing right? Lol

[@zuleymabrizuela6165]

What if I make 50,000 profit and I invest in another truck in the same year ? I can do something call bonus depreciation and that’s how legally people don’t pay taxes Please get advise from people who really understand the tax field

[@TruckingFromScratch]

I’ve been an accountant for 16 years. You are correct when it’s come to depreciation and tax planning in the same year. However, this video was created for the people who didn’t purchase more equipment, get their taxes done, and don’t understand why they have to pay taxes. My point is if you make money, you pay taxes. I’m speaking to the rule instead of the exception bc too many of my clients come to me with tax information that doesn’t apply to them

[@stevenaleman9637]

Just file bankruptcy every two or three years so that way when you report the two or three years of zero profit they don't come after you and "create" another trucking business, new DOT number, change company name, same trucks same employees etc. This is risky and the best practice you can have is PAY YOUR TAXES in any legal business. be a good American.

[@cassiadiscipula12]

How can I have your company to do my taxes for 2020? @Davidmcgill #davidmcgill

[@nlskeebo40]

Does borrowed money and SEP ira accounts help get you to zero?

[@TruckingFromScratch]

Borrowed money isn’t a business expense; so no. However, a SEP IRA is a business expense so there’s a tax deduction for that

[@nlskeebo40]

@@TruckingFromScratch The borrowed money is used to buy tax deductible items in advance and the interest is deductible. This is a question? I am checking on this because in real estate there seems to be a major way to reduce taxes by financing more and depreciation. Like a brand new truck.

[@anonymoustrucker1782]

So you paying yourself $0.00? IRS is gonna find that hard to believe.

[@TruckingFromScratch]

I think you missed my point

[@anonymoustrucker1782]

@@TruckingFromScratch I didn't even watch the video. You have to pay employee/employer taxes. The only reason I commented was because I seen the pic 100 - 100 = 0

[@TruckingFromScratch]

The answer to your question is there

[@rohandsmith]

@@anonymoustrucker1782 weirdo

[@trell0123]

Are lease truck payments tax deductible even if you're not leasing to own?

[@ljn1477]

Yes you're considered as renting the equipment which makes it a business expense.

[@ELYSIUM555]

Google

[@marksnider6257]

all fake news upay taxes go jail smiple

[@yahia627]

*IRS joined conversation

[@TruckingFromScratch]

I think you missed the point of the video

[@philiusedmunds9393]

Hey anybody I pay my 2290 road tax but the IRS is telling me I have to file my 2290 anyone knows about that I would appreciate any information

[@hiroader11theanalysts65]

Word is, 2290 is a deduction

[@reneriverac]

🤣🤣🤣

[@millionairesot8184]

David McGill I need your email I need you to be our accounts

[@jree6974]

What about a refund as an owner operator?

[@tonystites2134]

Everybody pays taxes, some pay them through the year so they don't owe at the end of the year but everyone pays taxes. your w2 shows you what you paid, the IRS tells you what you owe. if what you paid is equal to what you owe then you don't have to pay anything. if you paid in more than you owe you get money back. I don't care who you are at some point you pay taxes. the media said trump did not pay taxes, but trump tried explaining your correct I did not pay any at the end of the year because I paid them all early, meaning he paid what he owed quarterly.

[@shrek22]

Extremely misleading. didnt explain depreciation, and other cost that can count as tax deductions. one doesnt have to spend money to have an expense.

[@rockhauling.d.4816]

I still didn’t understand the point how to show zero profit.

[@rockhauling.d.4816]

Lumumba Aungk-Hera Hhehe now make sence. Thanks.

[@viktorandriyets5707]

False!

[@bobyang3350]

that is cheating!

[@TruckingFromScratch]

You obviously missed the point

[@amdbtr]

I wanna pay logical taxes. I don't wanna the government to steal my money as it is now.

[@patrickgarrett9866]

Hey bruh, high taxes are not the result of capitalism....it's a symptom of socialism

[@markniazi5959]

what a waste of time, first of all if you are a business person and want to grow you never wanna pay 0 tax always pay some tax so if you wanna finanace or buy anything you 1099 should show some income if you are making 0 you are like a homeless no one will give you load the 2nd everyone knows that if you have 0 income or show zero income it will be 0 tax instead you should show the ways how to bring that 70K to zero and thats when they buy more equipment buy a trailer and you will pay 0 tax

[@TruckingFromScratch]

Sir you explained my exact point. People ask me as an accountant how to pay no taxes. The only way you pay no income taxes is to not make any money, which is not the point of business. Don’t get yourself worked up for nothing.

[@fantasy007deo9]

False..you are given credit every year. Stop spreading false info.