Blood
Driveler Emeritus
Uhm What? I hate nights.
Moore later.
Uhm What? I hate nights.
Net or gross? Sounds like gross if you don't have your tax bill yet.I don't have my tax bill yet but total net for the seven months of the lease was a tad over $43'000 last year. Personally I have no complaints about that. That's $6142.87 a month average.
Was that 100k business gross or personal? Business is what the truck earns. Personal gross is what you pay yourself. Both have taxes deducted.My gross was a little over $100'000.00 I have my profit and loss statement for the end of the year so I know what I made both gross and net.
Not as a sole proprietor reporting income on a schedule C. You deduct business expenses from the gross, and pay tax on what's left.Was that 100k business gross or personal? Business is what the truck earns. Personal gross is what you pay yourself. Both have taxes deducted.
Do they set up lease ops as sole props?Not as a sole proprietor reporting income on a schedule C. You deduct business expenses from the gross, and pay tax on what's left.
They're as good as anyone - they won't put you in a bad place with a shady return.Iron pony is correct. That's the total business gross. Like I said, I don't have the taxes yet so there will be more to come. Not holding out much hope since I'm stuck with ATBS
Carriers that do lease deals on trucks don't "set anybody up." Your taxes and how you structure your business isn't any of a carrier's concern.Do they set up lease ops as sole props?
I didn't know if they insisted on certain things. Let's face it, leases aren't exactly hands off.Carriers that do lease deals on trucks don't "set anybody up." Your taxes and how you structure your business isn't any of a carrier's concern.
You typically sign two contracts... one with whatever entity leases the truck, and another between you and the carrier. The carrier contract typically bonds you to them for the exclusive use of the leased truck.
If you can't read and understand these contracts on your own, you shouldn't be signing them. If there's s bunch of convoluted "legalese" in them, they're typically trying to hide something shady.I didn't know if they insisted on certain things. Let's face it, leases aren't exactly hands off.
I didn't know they separated the truck lease from the work contract.
That was exactly what I was thinking.
Hint.......it ain't me.
Indeed. But I've never read one because I've never been interested.If you can't read and understand these contracts on your own, you shouldn't be signing them. If there's s bunch of convoluted "legalese" in them, they're typically trying to hide something shady.
At least that's how I feel about it.
Companies change over time, a lot if it has to do with the strengths of the management team.ATBS, they are not what they used to be. They are not great at getting your deductions right anymore increasing what you pay in. And we have at least two drivers that had their receipts they sent in last year mysteriously get lost. I have a different manager there than those two did so I'm going to give them a chance this year because they always did my accounting in the past, but if they screw it up, they will be coughing up their numbers next year for my accountant to get things right.
That's the reason I'll know if they screw it up, I compare their statement each month with my own and so far I have been the only one to miss something.Companies change over time, a lot if it has to do with the strengths of the management team.
It goes back to the the fact that even though you had someone else prepare the return, you are ultimately responsible for it. That means you really have to check it, and make sure it's right.
Never surrender your original receipts... if they're lost, you're done.
About average for most lease drivers who actually have a clue about how to run.After turning in every receipt I knew I could claim, I came out with a taxable income of $28000.00 for the 6.5 months I was leasing. I came out owing uncle Sam $2100.00. Not bad considering I had a ton of receipts just related to making us comfortable in the truck. My sheet shows $32486.00 without the extras and just the necessities deducted. That's right at a $65000.00 net for a whole year. I know this will get picked apart, but that's plenty good enough for me. Oh and the per diem is still taken out of that. If I figured actual food cost, it would be a higher net.