Newbie FedEx driver gotz sum Q's

[LakeSide]

Heya folks !!!!

Great forum and have diligently read most all post over the course of the last 6 months. [that pertain to my entry into expediting]

Going on as a driver with a guy who owns a few "D" units - FedEx CC white glove [refrigerated] out of N.E. Ohio.

Have just about completed all the neccessary [FedEx] paperwork and should be hitting the road in the next week or so.

What do folks in my position do about paying taxes ?? I am not interested in getting into any type of IRS trouble and need some ideas how to setup and keep current with monthly/quarterly payments.
Is there decent software available that anyones using to facilitate the filing of fed/state/local & social security ??

I got this form called FAST from FedEx [80.00] - Is this a requirement i need to worry about paying for ??

I'll be running team with another person and am interested in what type of income others running FedEx [3 out 1 in] are making.

Appreciate any response ya'll may have !!!

 

[raceman]

I know there are a lot of folks who do taxes themselves and will argue with me on this.

I highly recommend you get an accountant atleast at first. They can help you set up quarterly payments, explain what kind of records and receipts you need etc.

After doing that if you feel you are good on your own, go for it. I simply say, use a proffessional up front. I know of what I speak on this matter. I will leave it at that.


Raceman
OTR O/O

 

[redytrk]

Maybe you should ask this question on the Tax Topics forum.Also you can search the archives,this question has been answered many times.

I belive you are permitted to send in quarterly what ever you feel like the first year.In following years you must send in a minimum of 90% of what your previous years tax bill was.

Life and earnings for a "D" team with FECC has allways been a roller coaster ride.Stay in service and accept as much as possible while the freight is hot,because I promise you there is a slow period around the corner. Those who fail to be frugal as possible cant survive the slow times.This is true of all of the major Exp companies not just FECC.

 

[Tennesseahawk]

Our accountant told us that to be safe, hold 30% of earnings after cost. For you cost should be easy... $41/day for food, your fuel reciepts (if you're going that way), and any other truck related reciepts that you agreed to pay.

 

[LakeSide]

WOW !!

Hard to believe it's been 3 1/2 years since i posted my n00b questions. Overall its been a cool experience and boy am i glad i did it when i did.

Just finalized the sale/purchase of "my truck". Ive ended up purchasing the 04 century i started out with. My original owners are selling off the 3 trucks they owned and since it only has 390,000 miles,i couldn't pass up the opportunity. [all miles driven by me]

I've already peeled off ALL the doggone stickers and awaiting my plates and numbers. Im going to venture out on my own. No more dome. No more annoying "beeps in the night"

Im going to be hauling mostly LTL via the brokerage networks and thru contacts ive encountered the last 3+ years. Got my "BANK" [survivor funds] in order and credit lines established. Looking forward to hitting the road and working for the most important employers in the world = my Wife and I.

 

[juliewray60]

Hey You......

I forget your name but im
pretty sure youre the guy
I met in Green. We were the
female team with the new shiny
truck. LOL

We were ahead of you getting
TVAL check out. You were waiting
for rental car? That had to
be you. So looks like your plan
worked out just like you were
telling us. Congrats big Dude.

You going to put on those Sup80's ?
The guys whose nfo I gave you
has a great special w/rims. You
need to call him.

PM'ing you with cell# pls call.

 

[LakeSide]

Good evening Ladies. Its Julie and Diane if I remember correctly. Farmington,Mi area.

Shocked to see a response from you guys. I did my 2 days after you two messed the place up. Passed as always and was only in service 3 weeks before I hung it up for good. That should conclude those pain in the arse tval check-ups.

Yes, everything went as planned as I took ownership 2 weeks ago. Had the truck all detailed so she's lookin brand new. Finalizing some loose ends before I launch out there in the free world. I'm still quite envious of your new truck. About a nice a looking vehicle as ive ever been in before. Don't be getting in trouble with all those pony's.

I'm still on the fence over swapping out the drives. There appears to be aprox 80% rubber so probably not the best time to be parting with the cash for the wide-ones. I did get the APU installed and thats running perfectly. And yes....the mirrors been replaced.

Take care Ladies