Taking the plunge. My journey as an O/O.

1. Form the LLC

2. Apply for S-Corp filing status with the IRS on the basis you plan to "expand" your fleet in the future.

3. S-Corp pays your "reasonable" salary and benefits, including per diem. Of course your SS, Medicare, Federal & State taxes are calculated & deducted from the taxable W-2 Gross, just like it would be if you were an employee. The S-Corp pays the matching side of any SS tax, etc.

4. After all expenses are deducted, including your payroll costs, any distributions you take from the S-Corp are taxed on whatever tax bracket you're in for that given year. Keep in mind, you're not paying social security tax on either side of the equation, or medicare tax on the distribution either. That alone can potentially save you thousands of dollars in a given year.

It's not rocket science. Heck, even Joe Biden utilized this structure by forming an LLC on a book he had published a couple of years ago and saved over a hundred thousand (plus) in taxes that year LOL

 

Shhhhh...just don't tell anyone though LOL

 

WOW! I hope they get you patched up and back on the road soon.

 

Here is what I would have done if that was my truck: open up that mirror and see what's going on, most likely just a corroded wire. Rip that stupid onguard system off and forget about it. Less stuff to break down.


To change this coolant leaking stupid silicone hose, two days ago Freightliner charged my driver $500 and he sat at the dealer for 12 hours.
If I was the one driving, I would have gone to Home Depot, buy few of their orange buckets, hide at the end of the parking lot somewhere, drain the coolant, install the hose, put a new hose in and be back on the road in less than two hours.

IMO you have a Mega driver mentality and you will never be a good o/o, you will just keep spinning your wheels for a little reward.

You are good hardworking person, but after watching your journey for the last couple of years, it looks like you will be way better off being a driver at a good company. Since you don't need to be home often, you should be able to clear $ 100k every single year.

I just don't see how you will make this whole o/o thing work in the long run. You gotta hustle, yet you always choose the easy way to drop your truck at the most expensive repair place and go relax in a hotel and play video games.

 

I totally agree with what Dune T is saying, BUT what I was going to say is....

If you are going to be as picky as you are, which there is nothing wrong with that, then you need to buy a new truck. You have spent so much time and money on this truck that it’s counter productive for YOU to own it at this point.

Now you get to sit for at least 5 to 7 days doing absolutely nothing over random bs. This is probably a 10k swing for you when revenue is subtracted and bills are added. At least if you weren't with Crete.

 

No one hates new trucks more than me, but you might want to jump ship get your feet on the ground. Then do the math on a new truck.