Why? Give me one good reason why, as the owner of a business, my wages should not be guaranteed, no matter what business structure I am under for tax reasons. We aren't talking about accounting for tax purposes. We are talking about accounting for business purposes. It would appear that you are failing to differentiate between the two.

If my wages are not covered, I did not profit. That's called "running at a loss", or "buying a job". It's something poor businesspeople do so that they can feel better about their lack of success. If your home bills are not covered (whether you want to call it wages, profit, or money off the top), then you are running at a loss, and buying a job that doesn't pay you enough.

Business 101 includes no trucker math. Return on investment (profit) always includes salary or wages.

 

Exactly, there's only a column for "income" so stop calling it "profit" and stipulate sole proprietor and we won't give you a hard time :lol:

Cam, first and foremost, I value my time. There aren't many businesses out there where you can work when you want for as long as you want. I work as much or as little as I like, depending on what I want to do with my time outside of work. Sometimes that means busting ass for several months straight. Other times it means taking a year off. So long as being an O/O allows me the freedom I want and sufficient income to enjoy it, I'll continue to do it. Once it starts to require too much time or becomes too much of a struggle to make a buck, I'll move on to something else. I left law school (and a full-tuition scholarship) to go back on the road. I'm not driving because I think it's the road to riches :lol: By the same token, have had several opportunities to greatly expand, but getting tied down is not terribly appealing either.

Also, I run team with my fiance, so it's a different ballgame on many levels.

 

Rev, as a sole proprietor, wages simply don't exist. Salary doesn't exist. It's only profit, that's it.

The profit is what is declared to CRA or the IRS.

You're talking as if your mortgage payment is a business expense.

 

They're the same thing, that's my point. as a sole-proprietor, income IS profit.

There's no wage.

Period.

 

The money I need to earn to cover that mortgage payment most certainly is a business expense. It's called a wage. If I don't earn that money for the wage, the mortgage payment does not get paid. Therefore, I did not earn a "profit". I ran at a loss.

Here is the actual definition of profit, according to Wikipedia:

Any questions? :roll:

 

Doesn't do any good to argue. Remember the IQ thread and 99% of the people on here are smarter then Einstein with IQ's that far exceed genius.

Yet, they chose to be truckers!! lol

 

So let's see - you want to claim that if you are a sole proprietor, you don't include wages in your expenses. What if you, as a sole proprietor, have someone driving the truck for you? Do you include those wages then? Is everything beyond those wages considered profit? Why should you treat it any differently if you are the one driving the truck (other than you can make it look prettier on paper)?

 

Rev, I like you, I respect you, and you've helped me many times. You're one hard-headed mother trucker, though- all over some semantics!

no worries, I appreciate it, makes sense, all except the full-ride scholarship you blew off :?

 

Again, under a sole-proprietor, unless you have OTHER employees that are not yourself, there's no wage taken.

Show me anywhere on the form where it says "wage" or "salary".

You won't find it.

Profit(taxable income) = wage

NOT:

taxable income = profit + wage

 

Rev I really think you completely misunderstand what a sole-proprietor is.

Under the business, there is ZERO wage for YOU as the truck driver. All of the income comes from owning the proprietorship. There are no two separate entities, like there is when you drive a company truck, or when you incorporate.

That's why the government calls it "self-employed income" AND NOT WAGE.

There is no wage!