STPS

Run it like a Business

Run it like a Business

Let’s tackle a trucking tax myth that I hear too often:

The first year you start your company, you’ll never owe tax.

And while this is true some of the time, to take it as absolute certainty is a mistake. You can deduct the depreciation on your equipment the first year if you choose to.

And you might not owe tax, but you also might be really good at what you do and make a ton of money because you’ve got a great rate, and you’re having a lucky year with your equipment. If this is the case then you’re going to owe tax.

But owing tax isn’t the end of the world, owing tax means that you made some money. It means that you’ve run a good business, and you should be proud of that.

Written by Gentry DeWinter

Gentry graduated from Grand Valley with a Bachelor’s Degree in multi-media journalism. She is an artist who loves videography, and writing, and hopes to one day own multiple dogs.

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