[Baiteh]

.. Hi truckers/tax experts?. was wondering I purchased a tractor in Oct 2011 lease with a company,I am hauling reefers for them... is there a tax credit for a first timer in business?. I am averaging a modest $900-1000 /week take home after fuel tolls et al... but the settlements show weekly gross of $2600-3100 weekly could be better . I know... is there a possibility of me owing taxes at the end of the year?. I pray not... for I am striving to keep up with the note... what areas can I explore to "cushion" my numbers?. any advice would be a plus for this novice.. I wish you all the best in your respective endeavors as well.Thanks!

[Fr_Chuck]

If you have a income ( after expenses) of 1000 dollar a week, then yes you will have a lot of taxes to pay. Do you have other expenses out of that 1000 dollars a week.
1000 a week is over 50,000 a year

[Baiteh]

Thanks fr... any caveats to explore like in tractor depreciation... mileage and or repairs... or a break / credit for first time business owners?.
Ouch! A little apprehensive here! Lol

[AtlantaTaxExpert]

There are provisions for accelerating your depreciation (it's called Section 179), or claiming extra depreciation, if you are a sole proprietor.

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