View Full Version : Where would I find small co where you pay own taxes
niles 22
Mar 6, 2013, 12:47 PM
Where would I find small truck companies where I would pay my own taxs
smoothy
Mar 6, 2013, 12:49 PM
Find someone that pays on a 1099. But you would have to own your own truck too... and pay your own maintenance, fuel and road taxes as well.
And you are aware your social security taxes would be far higher because you would have to pay both the eployers share as well as the employee share.
joypulv
Mar 6, 2013, 01:33 PM
I have a friend who did that until the IRS came down on him and charged him enough back payroll taxes to drive him out of business, except he was able to hire an ex-IRS agent to schmooze him into a deal (that's how it's 'done') but it still cost a lot.
You can't 'pay your own taxes' unless you qualify as self-employed contractor, and that means at least a dozen things, starting with your own comp and liability insurance, more than 1 source of jobs, no work done on the company premises, and so on. Having your own insurance alone would be more than you can possibly imagine.
AtlantaTaxExpert
Mar 6, 2013, 06:54 PM
I prepare tax returns for several truckers, and they are barely making it.
The big costs are maintenance on their trucks and the highway taxes.
The only thing keeping them in business is the fact that I can claim a large food per diem as an expense, which virtually wipes out their tax liability.