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Discussion in 'Ask An Owner Operator' started by zachsweetman, Jul 28, 2016.

  1. Jul 28, 2016 #1
    zachsweetman

    zachsweetman Bobtail Member

    1
    0
    Jul 28, 2016
    0
    Kind of a broad question but in a crossroad in life and went to school for electrical to get out of the trucking career but realizing now I don't really want to leave. I wanna make the best out of trucking and make the most money it has to offer. Thought maybe from a couple of experienced owner operators I could get a few answers on where to go to maybe get myself going as one myself. Pros and cons maybe, or just simply right down to what I should begin doing as of now. Looking to be a one man show and I'm from the New England area. Much appreciated fellas!!
     
    zachsweetman, Jul 28, 2016
    zachsweetman, Jul 28, 2016
    #1
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  3. Jul 28, 2016 #2
    x1Heavy

    x1Heavy Road Train Member

    34,017
    42,104
    Mar 5, 2016
    White County, Arkansas
    0
    four numbers 1099 means you will be paying tax to uncle sam yourself.

    There are tons of posts all over this site with wonderful people like yourself seeking to run free.
     
    x1Heavy, Jul 28, 2016
    x1Heavy, Jul 28, 2016
    #2
    NJtrucx and zachsweetman Thank this.
  4. Jul 28, 2016 #3
    tnevin225

    tnevin225 Road Train Member

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    Jan 1, 2014
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    Thought you were going to escape? You have been assimilated, there is no escape.
     
    tnevin225, Jul 28, 2016
    tnevin225, Jul 28, 2016
    #3
    77fib77, NJtrucx and Puppage Thank this.
  5. Jul 29, 2016 #4
    nj.duxbury

    nj.duxbury Light Load Member

    56
    20
    Mar 9, 2014
    0
    Ive been thinking about buying my own truck next year and have done a little research on the subject and this is some of the things ive found or have been told: first thing is get an LLC before you even buy the truck. Then find a company like ups to sign on with, they will hold the contract until you show them the bill of sale and the bobtail insurance. Now you can buy your truck! Make sure you have some cash flow for any hidden expenses. Now as far as the taxes go....I was told that new businesses can write off 100% of business expenses like new tires, fuel, oil...anything that keeps that truck in business for the first five years. Keep all of the receipts for everything and have a CPA. Im still doing my research but thought I'd share what I already have. If anyone can or wants to please feel free to add more as any useful information will be greatly appreciated!
     
    Last edited: Jul 29, 2016
    nj.duxbury, Jul 29, 2016
    nj.duxbury, Jul 29, 2016
    #4
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