Owner Operators

711268

{"text":"If you make at least 10k a week and have been doing so. I have two questions. \n\n1 What have you invested in? \n2. When it’s tax time how do you deal with the loss/gain? \n\nPlease answer directly not by commenting. Unless it’s useful information that all truckers should be aware of. \n\nPlease no trolling. ","videos":"[]","link":"{}","pics":"[]","canComment":true,"externalShare":false}

977252

{"replyTo":"","text":"1. A solidly performing mutual fund, find on fidelity.com or vanguard.com as they have low fees. You should max out your Roth IRA first (6k under 50 years old and 7k over 50, single. Add spouses contribution if married) Roth, then mutual fund in that order.   2. Form an LLC and be taxed as an S Corp. your accountant won’t tell you this but they’ll say how wise you are for doing it. I think they’re not obliged to divulge certain information for some reason but they do know all the tricks. Make sure your accountant is familiar with trucking accounting. Best of luck! You’ll have to show near the average for a trucker as income when filing as an s Corp which is roughly 45k annually. The savings is not enduring as much self employment tax above and beyond the 45k. There are certain rules and regulations when you form an LLC but they’re not too complicated. Your accountant can help you with that as well.","replyToPid":0}