How to make money in trucking....????

The schatick around Chicagoland now, especially with the Eastern European outfits, and I am sure the Mexican ones are going to fall in line soon too, is this:

The want me to open up a Corporation; then they will pay my Corporation the settlements.

See, evidently, the audits are starting to come down on 1099'ing instead of W-2'ing for these rouge outfits, and I surmise that they believe this Incorporating thing will shield them from prosecution.

I am unclear. What is you opinion on this?

 

It's not hard for a half decent investigator to see through the veil of a sham corporation.

 

Hurst, You are a glorified "sub-contractor" besides not having workmans comp insurance and regular health insurance. Those big pay checks will be gone once you purchase both of those. (workmans comp for when you are hurt on the job. and health ins. to pay for your wife's teeth). Does this company tell you what loads to pick-up? When to pick-up and deliver? Where to buy fuel? If you answered "yes" to any of these you crossed the "Employee" line. and your employer should be at least providing you with workmans comp. ins. Let alone matching "f.i.c.a. and medi-care deductions.
700 mile a week you are hauling a lot of cheap freight then. Myself as an O/O I ran 95,000 miles last year. After taxes we made the same amount. Hey good luck out there. do the math and make sure that you are not fooled by the big pay cecks.

 

No, the rogue companies would insist on a legit FEIN being opened up--some $200-400 in fees, legit corp.

I think the theory is--is that they are hiring a 'Corp' to do their bidding, hence getting around the 1099/W-2 issue. If I, as a Corp, balk at a request, they just don't feed me, the Corp, anymore work. This would be pretty much the same as it ever was while being 1099'ed.

 

How to make a Million in Trucking.??....Hmmmmmmmmmmmmmmm

Start with 2 Million...

 

i dont own the company. I didnt set up the business model. I am paid to perform a service. I should have a taxable income between $68,000 - $75,000 by the end of the 4th quarter. I think I get paid pretty good all things considered.


If anyone gets sued, it wont be me. Like I said,.. I am just along for the ride. I work hard and I know when to jump ship. I am not the type of person to sit idle while the bottom falls out. I will always land on my feet. I have a family that depends on me.

My goal is to eventually buy my own truck and run my own authority. But I like the way things are right now. Much less headache and my family is taken care of. I cant ask for more then that.

So 1099 or not,.. legal or not. I honestly dont care as long as I can provide for my family.

 

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I'm not?

Define self employment to me then.

I have my EIN and DBA set up. What more do I need? My end is perfectly legal to every CPA that I have talked to.

Hurst

 

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Sure he is..As long as he has a DBA or EIN,he is self employed.All they want is the MONEY..

 

I have had health insurance through 'company' insurance plans before. I was Local 77 out of Marlow Heights Md for 14 yrs. You dont save that much unless you are lucky enough to be with a company that pays 100%.

They do set up the loads for me. No set pick or delivery times. Only that if I dont make it by a certain time that I will have to wait till the next morning or sit for the weekend before they can load me. When I get dispatched I get the broker #. I then call and make the final arrangements with the brokers. How much weight I can carry, how soon I can deliver,.. all the pushy tactics they do. Cheap freight,.. some,.. but I have pulled some Landstar loads that paid $5800 - $6500 for 2800 - 3100 mile deliveries. $2 - $2.50 a mile seems pretty common from what I have seen.

I buy fuel where ever I want. I plan my route and then search out the cheapest fuel stops along that route.

This is honestly not a brag,.. but I logged 138k miles last year and also under a 1099. I was paid 1/3 less then I do now with this company. There,.. yes I was instructed on which fuel stops to use,.. where and when to get loaded/unloaded.,. I had strict schedules to adhere to. I hated it there. Home time was none existent. Here I can get home pretty much any time I want.

I am not trying to argue the merits of 1099 and those who work with full benefits. My only contention is that I enjoy where I work,. I like what I do,.. I like how things are,.. and I think I get paid for what I do.