5 TAXES Your Trucking Business Can't Afford To Miss
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- Опубліковано 13 лют 2022
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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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You have become my "go to guy" for trucking information...thanks!
Awesome video and I'm so glad to hear you're offering Accounting services. I am about to start up my own authority so I may keep you in mind sir!
Thanks bro....excellent teaching!!!
Dope video 👌🏽 knowledge is power
Hello David thank you for this video, it was very informative.
Thank you
Great info!
Great video.
Very helpful video sir 👍🏿
Good video man
The goat is back with another one ☝🏾
SALUTE TO YOU BRO! WE APPRECIATE THE INFO
amazing content!
My guy where you been
Great video
Thanks Brendan
Hey David my name is Edward I’m a class A company driver and one of your subscribers congrats on everything you have done my brother. I decided to partner with a longtime friend of mine on a box truck business out of Gary, Indiana formed the LLC my question is I saw a video recently while researching some info saying u can’t use a virtual or your personal address for this particular business do you know if this is true and if so what can I use because I have temporarily used my personal address for the time being. I would greatly appreciate any advice on this matter.
Hi David, Thank you for your content! Do you also have to complete Form 1065? Can you do a video on trucking llcs completing that form 🙏🏽 ?
Form 1065 is the annual tax return for partnerships. Unfortunately that’s not something I can explain in the comments, but your accountant should know exactly what to do w it
Indiana is only sales tax exempt on vehicles trucks and trailers for trucking. Or if you resale the inventory you buy.
Hello Dave ,
could you factor or explain opportunity cost for the business owners whom have left a job to go out on there own as an entrepreneur.
I would like to hire you for tax preparation for my trucking company. I only saw a link for consultations in description
Do you still do full company starting, for a new owner?
Loving ALL of your videos!!! but the links are not working for some reason. Thanks for this great information.
Thank you! Can you tell me which links aren’t working? I just tried and they seem to be working fine
Where can i find decent used dryvan trailers for sale? I’ve visited a few sites but it’s a struggle
Where’s the link for the tax service for TFS Financial Services?
🎯
Where’s the link for accounting services
Hey David! Awesome video! I have a question and hope you can help. My husband recently became owner operator, and I am finally going to start dispatching for him. Within a few weeks I'd like to dispatch for other carriers. We have an LLC, and I was wondering if I can operate as dispatch under our same LLC business name or if we'd have to add a DBA under our LLC? Hope you can help.
Personally, I don’t like to mix businesses under one LLC. A DBA would still be considered the same LLC and I don’t like that for myself.
You’re very informative! Do you have an email where I can reach out ? I would like to send you my business plan maybe you can give me insight ?
I wanna find out more on your accounting practice for trucking.
davidmcgill.as.me
Hi David how can I reach out to you
Whew….
How important is a Franchise Tax for LLCs or is that only in Texas. Great videos!
I’ve only seen that in Texas
Very important if you don’t file franchise tax the LLC can get forfeited I’m going thru it right now but working on reinstating my LLC I’m from Texas too you don’t pay tax if the business does less than 1 million per year but still you have to file it annually regardless
David, I have been paying tax on renting a truck. Do I have to use for ST-105 to cut off taxes?
If your state has the sales tax exemption, then yes. I had to do that in the beginning. Then you can apply for a sales tax refund from your state’s department of revenue.
@@TruckingFromScratch thank you. currently I live in Indianapolis and I have renting from Ryder. It looks I need to get ST_105
Do you also offer service for someone who wants to invest in existing company instead of starting company from scratch?
Yes
Do you do accouting for people in other states?
Yes
Which is better buying a trucking company with customers or buying one truck than buying more. So can I use the employees as a tax write off .
its a wonder how a trucker can thrive in this business...
Where I can contact you
The link is in the description
Love it! Now why do we pay the taxes for someone we employed?
Social Security & Medicare are shared taxes between employer and employee
@@TruckingFromScratch I did not know that. Hmm. I thought we as an employer got a tax credit for employing someone. Last year was my first year doing that so I'm definitely new to the tax game when it comes to employing someone. I heard it was a 15K tax credit for doing so.
I’m not familiar with that 15k tax credit. We do however get a tax DEDUCTION for our payroll-related expenses
@@TruckingFromScratch I really appreciate the responses man. One more question for you though. Are we able to write what we paid them off? What if we used our own business and our own equipment, ran as a team, and paid the driver we hire to run our equipment as a team truck. Are we able to write what we paid them off?
Yes, any expense your business incurs to generate revenue is tax deductible
DAVID...California does have a state income tax.......🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
True, I caught that after the fact. I was freestyling. Good catch
@@TruckingFromScratch 😎😎😎
California is the worst when it comes to entrwpeneurs, they take hard working ppls moneyband give it to lazy bums
CALIFORNIA HAS STATE INCOME TAX AND ITS AS HIGH AS WIZ AND SNOOP
Yes, you are correct. It’s the pinned comment
👑👑👑👑👑👑👑
My guy!
"Ummm" 😊
It’s not easy for me to talk in front of a camera
@@TruckingFromScratch it's all good David....I'm guilty of the same thing. Still love watching your videos and will continue to subscribe. I've learned a lot from you (especially the past year). Thanks for being real and always giving us great info.
Hold up CALIFORNIA has no state income tax?!?!
*googles*
Thought not... Otherwise, great vid!~
It was a mistake on my part. Hopefully the pinned comment helps
@@TruckingFromScratch we all goof sometimes. lol.
Why don't you file a sales tax exempt form for your parts trucks and service
Sales tax isn’t charged on services
Lol i didnt let u fish your comment. Nevermind 😆
Trying to find your tax company. I need your tax services asap.
David, did you get my email?
Hey, good morning David I’m looking to get my taxes done… Reaching out to you for your contact info. Thanks.