Lease operator is working well for me so far

I'm happy to see his thread. I also was successful lease/purchase operator. I lease purchased two Centuries from May Trucking ( one at a time ). Completed both on time. Had clear title in my name only both times. I ran 11 western dry van with the first truck. I ran Oregon- Washington with the second one. I enjoyed that the most. My policy was no loads to - from or through calif. I would still be there but I developed severe night blindness and retired at 62.
There are so any threads referring to " fleece purchase" that make it sound impossible to be successful. It's not all true. There are many, many crooks in the trucking business. The trick is research potential companies before doing a lease/purchase. Are there any owner operators that continued with the company after they own their truck? Work for them as a company driver and get a good idea of their business ethics. Good Luck

 

As a S Corporation if the Corp. Shows a profit, can you not pay yourself a bonus at the end of the year out of the profit?

 

All net profits of the S Corp go to the owner in the form of distributions. Just like an LLC or Sole Proprietor. While salary to yourself in the S Corp model is subject to both Income Tax and FICA, distributions from S Corp profits are only subject to Income Tax. So any distributions get to avoid the 15.3% FICA tax on it. Depending on situation, that can be a sizable amount of savings.

 

Glad your doing good.Atbs I dealt with a lot of years ago you will do a lot better to get a good accountant closer to home.I saved so much money when I got away from Atbs.i used them many years ago

 

A building is considered a permanent fixture, you can't deduct it all at once and it can't be depreciated over 5 years like a truck so be sure to speak with a real accountant on how to get the most tax benefit or of the expense.