pulltabfelix
Bronze Member
- Jan 29, 2018
- 1,011
- 1,631
- Detector(s) used
- Currently have CTX3030 and Vanquish 440.
- Primary Interest:
- Relic Hunting
All I can add to the discussion is - Get a good bookeeper, stash money for taxes, and don't just stuff your recipts in a box - enevlope for each trip, and if you write the idem/cost on the outside, saves shuffling the paper inside.
My ex drove -
I will add to that! - keep all driving and traveling expenses anything related to your businesses on a separate charge card. Get one like Marriott rewards card and put all the business related expenses, repairs and yes fuel on it. Rack up some good points for him and his gal for some super nice vacations. All that on one card makes it easier for your bookkeeper. keep abreast of tax laws relating to his driving business. Lease payments are also deductable. Best get a good CPA that keeps the books for other truckers. Not knowing about taxes or having a good cpa WHO DOES KNOW ABOUT TRUCK DRIVING BUSINESSES is a must. Otherwise you will get screwed at tax time. The IRS is not in the business of advising people but rather collecting from from people and they are very, very good at doing that. This advice comes from a guy who has owned many small businesses and work in accounting and was a small business controller for 5 years. Do it right and taxes won't bite you in the butt. Don't spend the money YOU WILL owe in taxes. Stupid mistake number one, not having the money to pay Uncle Sam on April 15 or you will experience two April Fools days in one month with the latter one being no joke. Hope he has fun. A great career choice in my opinion if it is his in his nature to drive long hauls.