Quarterly payments are just estimates. If you netted more money in one quarter than the last one than it would be a good idea to send more money for that quarter so you won't owe at the end of the year. Like one poster said,if you don't think you owe anything you don't even have to pay anything until the end of the year when you file. :lol: The first 2 years I started as an O/O I never made any payments until the end of the year and after I wrote all the expenses off I was lucky to barely pay even 500.00. :lol:

 

the goal is to convince the government your operating at a net loss every year :lol:

 

A friend of mine did that for 3 years with his business then got an audit, tax evasion and federal prison for 1 year but only served 3 months. You can't show a loss every year unless you can prove that your mother paid all your bills, food, mortgage, car payment etc etc etc etc....

An interesting side on this friend. They woke him up in the middle of the night in his cell and told him to pack his things. Would not tell him anything about what was going on. They prison guards met our local town police half way and took him to his house. Once again, no information on what was going on. It took Joe 3 months and a lawyer filing a freedom of information complaint to find out what happened.


Jail was full, need room, release the soft criminals.

 

What is classified as entertainment or supplies. Husband also would buy remote controlled airplanes for down time when he couldn't fly at home. My accountant told me to call that supplies but I thought it would fall under entertainment. where would you find the definitions for both deduction? Anyone. Thanks

 

When it's in the air, it's entertainment. When it's in the truck, it's a supply. So it's easy, claim it twice, once under each category. :lol: :lol:

 

Entertainment on a tax return refers to entertaining clients. If you try to write off a model airplane used for your own leisure and you are audited you will have a problem with that one.

 

Yup, puddle of mud is correct. Also, you should not be asking these questions to a bunch of truckers unless it's for amusement. Ask a professional.

 

that's why I come here :lol:

 

This board is quite entertaining, can we write it off?

 

Oh I write off plenty of posts