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

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

👕 Get your Mind Your Trucking Business T-Shirt: truckingfromscratchmyshopifycom Comment from : Trucking From Scratch

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 brPlease get advise from people who really understand the tax field Comment from : Zuleyma Brizuela

will pictures of receipts do? Comment from : G G

Thanks Bruh I hate for People who are "So called" Business owners and seek to Pay Zero in taxes IS ridiculous Question: How do YOU Pay living expenses on Zero???? Comment from : COACH KNOWS

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 brThis almost like you’re setting yourself up for failure, in many ways Comment from : OfficiallyShanda

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 Comment from : DJ

Thanks for the content Comment from : Chase Patterson

thanks for sharing Comment from : Edward McCue

David do i file two separate ifta filing for each of my trucks?brTwo 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 Comment from : Daddy Sierra

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 Comment from : Ozone

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 Comment from : Mark Niazi

Hi Mc Gill, how to contact you to resolve a problem for me please I need a statement for profit and loss Comment from : Wilmy we are going to live in peace

Hey bruh, high taxes are not the result of capitalismit's a symptom of socialism Comment from : Patrick Garrett

I don't see your email address and the description or the pin comment May I have your email address so I can send you a question please? Comment from : Travel and Explore

🤣🤣🤣 Comment from : Rene Rivera Caceres

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?? Comment from : AW

Question off topic a lil have u ever had a single member llc and did u put llc ein or ssn on w9 form ? Comment from : Mr get it there hauling llc

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? Comment from : Phuntsok Dorjee

Does borrowed money and SEP ira accounts help get you to zero? Comment from : nlskeebo40

Great Video 📹 My Brotha (SOLID) Comment from : Nevva Worry

David we look fwd to working with you Thank you for the info Comment from : Sharonn Zachery

How do i keep track of all my expenses? I have a day cab and work local Comment from : Jose Tellez

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 Comment from : Gurjant Singh

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? Comment from : Cheema Trucking

Great info bro Comment from : Jack Frost

Good video man Comment from : Bobby Graham

so buying a truck with our revenue we can add it as an expense? Comment from : sweetness2689

HOW CAN MY TRUCKING COMPANY PAY FOR MY HOUSE? Comment from : Tank Johnson

The secret ingredient is crime lol Comment from : Alex Johansson

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 Comment from : Akeem

so if i buy a used truck for lets says 25000 pay cash do i get to write that off as a start up business Comment from : Don west

I love this Guy Comment from : J4 sho

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

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

I wanna pay logical taxes I don't wanna the government to steal my money as it is now Comment from : Amd Btr

Good stuff brother Comment from : Robert Rodriguez

Awesome thank you👍🏼Simple breakdowns Comment from : CLOVEONE1

Question regarding owner operator tax deductionsbrbrCan you use both the per mile deduction $0575 and all maintenance expenses?brbrOr are you only allowed to choose one or the other?brbrThanks Comment from : Vandy RV Transport

How can I have your company to do my taxes for 2020? @Davidmcgill #davidmcgill Comment from : Dossantos Making History

How can I have your company assist me doing my 2020 taxes? Comment from : Dossantos Making History

In a true Capitalist society, your money is not taken away from you Comment from : Abuelita

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 Comment from : Frances Armstrong

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 Comment from : E

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 Comment from : Tony Stites

*IRS joined conversation Comment from : yahi A

What are your thoughts on driving a truck for someone and receiving a 1099? Comment from : Jas telf

Nice video Comment from : TRIPLE DIGITS

False! Comment from : viktor andriyets

👍🏼 Comment from : K E I

that is cheating! Comment from : Bob Yang

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 😊 Comment from : Mercedes Bouchard

Confused "HighwayDivas" did a video stating she made $300,00 and paid no taxes?🤔 Comment from : KLASSY RED

What about a refund as an owner operator? Comment from : J REE

Your receipts is what matters the most Comment from : Diane C

You are highly appreciated with this wealth of knowledge you share God bless you and your family Comment from : Khadafi’s Tonedfit

Thank You! Comment from : kenny dawson

Note, that if you wanna buy real estatedoing taxes like this make that impossible Comment from : Dre Alex

👍🏻 Comment from : Elizabeth Tenorio

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 Comment from : jp

If you're in zero income tax statelike FL, WA, NV etc Comment from : CHUPACABRA

Thank you!🖤 Comment from : Foxy Roxy

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

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!💪🏾💪🏾 Comment from : CEOFoxx84

We are a new team owner operators and we are looking for some advice We really appreciate your videos they are very informative Comment from : david duran

I pay a lot i have H$R BL0CK doing my taxes Comment from : Les the independent Unless like minded

Falseyou are given credit every year Stop spreading false info Comment from : Fantasy007 Deo

David McGill I need your email I need you to be our accounts Comment from : millionaires OT

Thanks for keeping it real,alot of bs misinformation on YouTube Comment from : Ball Swanging

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 Comment from : Steven Aleman

What’s your email address? I have a couple of questions Thanks Comment from : D Grandi

Great video Thanks for your honesty Comment from : Two Berrys Trucking along

I'm interested in making you my CPA can you call me 478-832-4183 Comment from : Warren Pittman

Good stuff man Comment from : Jerry Hodo

Thank you Comment from : Alecia Anderton-Georgie

Paying taxes is a part of our social engineering and the super wealthy in this county and around the world have never paid taxes and never will They’ve programmed the working class that we should citizens should pay taxes while they keep all of their money and use our tax money as their personal slush fund sounds crazy but it’s trueYou ever wonder why Trump hasn’t shown his taxes ?? 🤔 Comment from : Ced The Truth

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 Comment from : philius Edmunds

Boi u dropping jewels 💪🏾 Comment from : Jack Frost

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 Comment from : Jonathan Holloway

I still didn’t understand the point how to show zero profit Comment from : Rock hauling D

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! Comment from : Jasmine Bell

Can you do my taxes and if so how much you charge br7855770979 Comment from : Raymon Wilson

Are lease truck payments tax deductible even if you're not leasing to own? Comment from : trell0123

So diesel IS counted as an expense? Comment from : Daddys Fastest Swimmer

Very helpful insight as a new trucker owner opperator Comment from : Silviu Poenar

JUST SUBSCRIBE✊ Comment from : Back4WhatsMines

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 Comment from : R Reed

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? Comment from : Ij Onuigbo

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 Comment from : Michael Chason

Thanks bro, another great video Comment from : TANKZILLA

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 😁 Comment from : Dean Tait

Good Comment from : Family-Fitness-Fun

it's important to talk to a CPA and an Attorney understand hoy not to pay taxes Legally! Comment from : karen patterson

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? Comment from : James Holmes

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