Truckers' Trucking Forum | Message Board | Discussion - The Premier Truck Drivers Forum!  

Trucker MySpace - Truckers Making Friends. Chicken Truckers Come Meet Other Truckers!

Good Trucking Jobs - Forget Those CRAP Trucking Jobs & Find A Good Trucking Job!

Go Back   Truckers' Trucking Forum | Message Board | Discussion > The Owner Operators' Getaway > Ask An Owner Operator
Reload this Page how to pay yourself?
JOIN Forum Donate Truckers Blogs FAQ Members List Calendar Mark Forums Read

Truckers' Trucking Forum/Message Board - The Premiere Truck Driver Forum
Sponsored Links

Important Truckers Forum Notice!
Hello Truckers & Non-Truckers! Be sure to check out our TRUCKERS SOCIAL GROUPS or check out our TRUCKERS BLOGS to make your OWN place on the internet! SEARCH
Truckers, Donate To The Salvation Army! Help Others!
   Truckers, You Can Help Others By Donating To The Salvation Army This Holiday Season! - Truckers Report Goal: $5000

Ask An Owner Operator Always wanted to become an owner operator? This is a place to get tips & advice from owner operators & small business owners here!

Reply
Page 2 of 3 < 1 2 3 >
 
Thread Tools Rate Thread Display Modes
  ^ Top   #11  
Old 10.15.2008
MedicineMan's Avatar
Solution Finder
  
Last Seen: 12 Minutes Ago 06.21 PM
Member Since: Jan 2007
Location: Woodville, TX
Trucker? 13 Years
Age: 34
Posts: 8,083
My Trucking Photos: 4

Thanks: 6
Thanked: 707 Times
Quote:
Originally Posted by rdkatwell View Post
He is paying for the truck.. it is in his name, he pays all taxes, tags, title, and such... he is leased to the company.

So I am just wondering if companies will accept a "paycheck" from himself to himself like that... and if just showing a copy of a check is good enough proof...
not if he is a sole proprietor and doesn't have it incorperated. he can only draw a paycheck if it's incorperated. since he's the sole propretor then all the money is his and there is no company to pay him. you probably just set up the company account under a DBA (doing business as) which means it's his accoutn and it's authorized to accept checks written to the company name.
Reply With Quote
Remove This Ad By Registering. Join Our Truck Forum and Trucking Community For Free. Sponsored Links:

  ^ Top   #12  
Old 10.15.2008
MedicineMan's Avatar
Solution Finder
  
Last Seen: 12 Minutes Ago 06.21 PM
Member Since: Jan 2007
Location: Woodville, TX
Trucker? 13 Years
Age: 34
Posts: 8,083
My Trucking Photos: 4

Thanks: 6
Thanked: 707 Times
Quote:
Originally Posted by rdkatwell View Post
So what's the point of getting the EIN and ID number for the business and setting up a business account then if it's all the same? I know for one, we done it to keep all business expenses seperate from personal.. that's why we want to pay ourselves a weekly paycheck after he gets paid from Crete, to show our income, and have that as personal spending (for family bills etc.) and then to also leave money in the business account to build up funds if needed for breakdowns, supplies, oil changes, and such..
there is no point to keeping it seperate if he isn't incorperated. There is no legal seperation that would prevent anyone from sueing you for it so why seperate it? unless he plans to incorperate and is just getting things lined up.
You say he is leasing the truck from them and you say he owns the truck. Is this a lease purchase program? if so then he doesn't own it, the company does. The word Lease is thrown around this industry so much you never know how someone is using it
Reply With Quote
  ^ Top   #13  
Old 10.15.2008
Roadmedic's Avatar
"Jump Start"
  
Member Since: Apr 2007
Location: Illinois
Trucker? 9 Years
Age: 50
Posts: 4,613
My Trucking Photos: 0

Thanks: 356
Thanked: 458 Times
Quote:
Originally Posted by MedicineMan View Post
there is no point to keeping it seperate if he isn't incorperated. There is no legal seperation that would prevent anyone from sueing you for it so why seperate it? unless he plans to incorperate and is just getting things lined up.
You say he is leasing the truck from them and you say he owns the truck. Is this a lease purchase program? if so then he doesn't own it, the company does. The word Lease is thrown around this industry so much you never know how someone is using it

There are indeed reasons to have an ID number. When you are a business and you pay someone more than 600.00 for services such as a mechanic or contract labor, you are required by law to send them a Form 1099. To send such a form, a ID number is needed.

Many people also use a separate number as a way of keeping the accounts separate. It is a good idea under IRS scrutiny to have a separate account and if it has a name different from the owner, then the ID number is used.
Reply With Quote
  ^ Top   #14  
Old 10.15.2008
MedicineMan's Avatar
Solution Finder
  
Last Seen: 12 Minutes Ago 06.21 PM
Member Since: Jan 2007
Location: Woodville, TX
Trucker? 13 Years
Age: 34
Posts: 8,083
My Trucking Photos: 4

Thanks: 6
Thanked: 707 Times
I meant no reason to have the seperate business acount not that there was no reason to have a tax id number.
I just dont' see the point of having a seperate account when legally there is no seperation anyways.
Reply With Quote
  ^ Top   #15  
Old 10.15.2008
Roadmedic's Avatar
"Jump Start"
  
Member Since: Apr 2007
Location: Illinois
Trucker? 9 Years
Age: 50
Posts: 4,613
My Trucking Photos: 0

Thanks: 356
Thanked: 458 Times
Quote:
Originally Posted by MedicineMan View Post
I meant no reason to have the seperate business acount not that there was no reason to have a tax id number.
I just dont' see the point of having a seperate account when legally there is no seperation anyways.

IRS says that in order to take losses, you should show business intent. This includes the separation of the account from your personal checking in order to reflect the intent to make a profit.
Reply With Quote
  ^ Top   #16  
Old 10.25.2008
MIA (Banned or Retired)
  
Last Seen: 1 Week Ago 11.27 PM
Member Since: Oct 2008
Location: klamath falls Or
Trucker? 5 Years
Age: 36
Posts: 134
My Trucking Photos: 0

Thanks: 0
Thanked: 12 Times
having a separate account for yer business is a good idea, a savings account attached to the business account is a good way to keep yer taxes separate from yer business account. especially if yer married.
Reply With Quote
Remove This Ad By Registering. Join Our Truck Forum and Trucking Community For Free. Sponsored Links:

  ^ Top   #17  
Old 10.26.2008
Bobtail Member
  
Last Seen: 1 Week Ago 09.23 AM
Member Since: Apr 2008
Location: Northwest, IN
Trucker? 5 Years
Age: 24
Posts: 29
My Trucking Photos: 0

Thanks: 0
Thanked: 3 Times
Quote:
Originally Posted by MedicineMan View Post
You say he is leasing the truck from them and you say he owns the truck. Is this a lease purchase program? if so then he doesn't own it, the company does.
rdkatwell said the company deducts the truck payment from their settlements. so I would say company owned truck or fleece operator.
__________________
Truckers
Reply With Quote
  ^ Top   #18  
Old 10.26.2008
MedicineMan's Avatar
Solution Finder
  
Last Seen: 12 Minutes Ago 06.21 PM
Member Since: Jan 2007
Location: Woodville, TX
Trucker? 13 Years
Age: 34
Posts: 8,083
My Trucking Photos: 4

Thanks: 6
Thanked: 707 Times
Quote:
Originally Posted by Cummins_444 View Post
rdkatwell said the company deducts the truck payment from their settlements. so I would say company owned truck or fleece operator.
exactly what I firgured which means he doesn't own the truck and this is all a moot point. the taxes are different for someone leasing a truck the they are for someone who owns it. it at least changes the whole discussion. Although I'm not real up on the tax implications of such
Reply With Quote
  ^ Top   #19  
Old 10.26.2008
Roadmedic's Avatar
"Jump Start"
  
Member Since: Apr 2007
Location: Illinois
Trucker? 9 Years
Age: 50
Posts: 4,613
My Trucking Photos: 0

Thanks: 356
Thanked: 458 Times
Quote:
Originally Posted by MedicineMan View Post
exactly what I firgured which means he doesn't own the truck and this is all a moot point. the taxes are different for someone leasing a truck the they are for someone who owns it. it at least changes the whole discussion. Although I'm not real up on the tax implications of such

The tax implications are the same whether it is owned or leased. It is still treated as self employment income. The entire issue of the separate account is still the same as whether an O/O as you are thinking.
Reply With Quote
  ^ Top   #20  
Old 10.26.2008
MedicineMan's Avatar
Solution Finder
  
Last Seen: 12 Minutes Ago 06.21 PM
Member Since: Jan 2007
Location: Woodville, TX
Trucker? 13 Years
Age: 34
Posts: 8,083
My Trucking Photos: 4

Thanks: 6
Thanked: 707 Times
you like bustin my chops don't ya! lol I'm just messing with ya. Where do the differences come in, in depreciation of equipment?
Reply With Quote
Reply
Page 2 of 3 < 1 2 3 >

Truckers Forum Bookmarks - Like This Thread? Tell The World!

Truckers' Trucking Forum/Message Board
Truckers Accessories

« Any O/O Running The Northeast? | Help me find my home »

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Linear Mode Linear Mode
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off
Forum Jump

Similar Threads
Thread Thread Starter Trucker Forum Replies Last Post
May trucking Bigray Discuss Your Favorite Trucking Company Here 258 10.20.2008 09.47 PM
some werner stats varimon Werner 18 08.13.2008 08.12 PM
Tanker companies gerjamr Discuss Your Favorite Trucking Company Here 25 05.06.2008 03.03 PM
How to calculate your equivalent hourly pay as an OTR driver passingtrucker Experienced Truckers' Advice 25 12.13.2007 10.14 AM
SCHOOL, Pay on your own or let a company pay for it? VETTE Motor Carrier Questions - The Inside Scoop 48 08.19.2007 12.12 AM


.

The Truckers Report - Trucker Photo Gallery - Contact Us - Truckers Forum - Top

vBulletin Forum Software, Copyright ©2000 - 2008, Jelsoft Enterprises Limited.
Copyright © The Truckers Report - Trucking Forum & Message Board - Truck Driver Discussion - Truck Forum

Trucker Forum Disclaimer: All content, information and opinions (collectively, the "Material") presented on Our Trucker Forum Discussion Board at TheTruckersReport.com are those of the authors of posts and messages (collectively, the "participants") and not The Truckers Report. The Truckers Report does not guarantee the reliability, completeness, accuracy, timeliness or up-to-date-ness of the material presented on the Truck Driver Forum. The material is published "as is," and does not represent the official views and opinions of The Truckers Report or any company. Any reliance upon the Material presented on these forums shall be at User's own risk. The Truckers Report does not review the substance of the content posted by users on these forums and is therefore not responsible for any of such content. The Truckers Forum merely provides a space for its users to express and exchange their own opinions.


Search Engine Friendly URLs by vBSEO