Hi im a long way off from being an O/O but was wondering, if you want to run all lower 48 does it matter where your residence is
if your an O/O with one truck. Or do you get cheaper rates according to your state of residence like it is with auto ins. Thanks
Insurance and residence ?
Discussion in 'Ask An Owner Operator' started by Recurve, Sep 14, 2014.
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The only thing you have to be concerned with, that I can think of at this time, is taxes. Some states like TX, FL, & TN have no state tax. Another thing that just came to mind is plates as in license plates for your truck,,,each states cost is different. I would imagine Insurance costs can be different as well but not sure by how much. That's a start anyway....
Recurve Thanks this. -
Thanks I was curious if it mattered where your running loads as opposed to what state your business is based in. Are there states to
avoid living in if your looking to be O/O. Id be looking to get out of the north east in the near future anyway.SheepDog Thanks this. -
Residency,some states don't have income taxes to pay. As far as running, doesn't really matter.
Recurve Thanks this. -
States to avoid for tax reasons? The three highest taxed states come to mind; CA, NY and UT. For insurance, again, the only states that have an impact on a 48 state authority insurance policy would be being based in heavily laden lawsuit states like CA and NY. Two years ago, I looked into becoming an O/O out of Utah, insurance was $3800 down and $750 a month. Just quoted three policies now that I am in a financial position to actually proceed, and I am still looking at $3700 down and $775 a month now being based out of Las Vegas, NV. I plan on running until July out of Vegas, then moving operations to either Dallas or Houston. Mainly because TX has many tax incentives to move an existing company to their state.
Recurve Thanks this.
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