My husband is just finishing up his training and starting to fill out all of the applications his instructors are sending him home with. All of the info I'm finding on the internet is a bit overwhelming so I thought this might be a good place to start trying to figure out what's fact and what's fiction.
My husband has been in construction his whole life and after waiting many years for business to pick up he decided to just close down his company and try something totally new.
I would welcome any opinions or advice from those of you that have trucker husbands/partners.
One specific question I have is why would a trucking company ask for 5 years of tax returns with the application?
New Truckers Wife - freaking out!
Discussion in 'The Welcome Wagon' started by my5spuds, Dec 15, 2011.
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If your dh was self employed, the tax returns are a form of employment verification.
Sent from my ADR6400L using Tapatalk -
Exactly what cowboy tech said..
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The tax return thing is to verify self employment. As far as companies to go to I can't really say. The smaller the better. But the one thing I can tell you is DO NOT, under any circumstances, do a lease purchase. This will put your husband ( and you) on the hook for a lot of operating expenses. Profit (paycheck) comes after everything else is paid. If there is nothing left after operating cost then there is nopaycheck. Tell your hubby to hire on as a company driver, get a few years experience, then you can make an educated decision about owning a truck. Welcome to TTR and merry Christmas to you & yours!
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Also, delete the income off the returns. They will use it against you and you won't know it.....
Here's how: Lets say hubby was very successful in const. Say he grossed 500k and kept 250k + / - or even 100k. There's no way he'll pull that or even close to that as a new driver. They will think he's use to much more money and he won't stay, be happy etc. and when he leaves , that will cost us money.
They don't need the income to verify employment either........
JMO
Good luck ! -
Its the way to verify and by law they have to verify so many years.
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Chalupa,
Do you think the income will cause concern if it's the other way around? My dh went from an income of $85,000 to $24,000 in the past 5 years. I don't want anyone to think we can continue to live on $24,000 a year, that's why he's making the career change in the first place. -
Concern no, but could be manipulated against him...... EG: he's only made 24 so lets start him there ...or near there...seen that too.
I'm suggesting you take the equation off the table. It's not the law and they don't need to know. If he must disclose a number...make it 35k.....but blacken out the returns for sure. Show SS# , addresses etc. but no gross, AGI or deducts. It's irrelevant from a different business and none of the carriers business.
JMO from experience....... -
Carriers don't care what numbers are on your return, They just have to show the DOT audits that they have confirmed your employment history. Being self employed, the returns are about the only way. They also don't care if you black out all the numbers. Just need to see signature and ssn and selfemployment tax paid.
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