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Double Yellow's Company Driver to Independent Thread

Discussion in 'Ask An Owner Operator' started by double yellow, Nov 5, 2014.

Page 51 of 198
  1. Mar 30, 2015 #501
    TruckerPete1990

    TruckerPete1990 Road Train Member

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    So it won't hurt my taxes? I'm still driving for a company right now.
     
    TruckerPete1990, Mar 30, 2015
    TruckerPete1990, Mar 30, 2015
    #501
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  3. Mar 30, 2015 #502
    Blu_Ogre

    Blu_Ogre Road Train Member

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    EIN is like a social security number for a business. You should be able to get it online in a few minutes time. As long as you are starting you business this year it should not cause any tax headaches.

    You should have the number for setting up your bank accounts.
    Also if you are going to lease onto a carrier you will need it for that process.
     
    Blu_Ogre, Mar 30, 2015
    Blu_Ogre, Mar 30, 2015
    #502
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  4. Mar 30, 2015 #503
    Skate-Board

    Skate-Board Road Train Member

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    An EIN is available to anyone who doesn't want to give out their social security number. Has nothing to do with business or anything. Anyone can get one.
     
    Skate-Board, Mar 30, 2015
    Skate-Board, Mar 30, 2015
    #503
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  5. Mar 30, 2015 #504
    double yellow

    double yellow Road Train Member

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    State of Jefferson
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    Yup, these guys covered it. I applied for mine in Dec '13 while still at Con-Way, didn't give it out to anyone until May '14
     
    double yellow, Mar 30, 2015
    double yellow, Mar 30, 2015
    #504
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  7. Mar 30, 2015 #505
    TruckerPete1990

    TruckerPete1990 Road Train Member

    8,623
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    Bentonville Arkansas
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    That exisce tax thing confused me lol. My company is paying my fuel tax so for forum 720 I put no.. Hope this was right.
     
    TruckerPete1990, Mar 30, 2015
    TruckerPete1990, Mar 30, 2015
    #505
  8. Mar 30, 2015 #506
    colorado18spd

    colorado18spd Medium Load Member

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    DY, I have a question for you, if you had to do a start up all over again where could you have saved some money? I thought you said you need around $60k plus. Almost there with the coins. Thanks
     
    colorado18spd, Mar 30, 2015
    colorado18spd, Mar 30, 2015
    #506
  9. Mar 30, 2015 #507
    double yellow

    double yellow Road Train Member

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    I still would recommend 60k in cash or reasonably priced credit for getting your own tractor, trailer, & authority and working from the load boards. You could shave some of the initial start-up capital by paying insurance monthly instead of annually, using fuel advances, factoring, etc -- but at the end of the year those things wouldn't actually save you any money (some would actually hurt profitability).

    The other option is to lease to a carrier. Initially I pooh poohed that idea because I just couldn't see the value in their 15-35% cut, but I know now there are some instances (particularly niches within certain carriers) where it makes more sense than getting your own authority -- and costs you a lot less up front.
     
    double yellow, Mar 30, 2015
    double yellow, Mar 30, 2015
    #507
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  10. Mar 30, 2015 #508
    colorado18spd

    colorado18spd Medium Load Member

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    Thanks DY, I've owned 2 before, first one just steering wheel holder buying fuel and tires 2nd time around worked ungodly hrs. still couldn't get ahead. Trying to gather inasmuch information that I can before striking out again. You and rollin coal should start your own certified master contractors class lol, that would be no Rutherfrauds school of being bamboozled.
     
    colorado18spd, Mar 30, 2015
    colorado18spd, Mar 30, 2015
    #508
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  11. Mar 30, 2015 #509
    colorado18spd

    colorado18spd Medium Load Member

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    Leasing on at a buck a mile plus fsc. doesn't appeal to me, fuel goes down so does your wage.
     
    colorado18spd, Mar 30, 2015
    colorado18spd, Mar 30, 2015
    #509
    csmith1281 Thanks this.
  12. Mar 30, 2015 #510
    Blu_Ogre

    Blu_Ogre Road Train Member

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    A agree, however leases with a percentage of load that have access to good paying freight can make sense.
     
    Blu_Ogre, Mar 30, 2015
    Blu_Ogre, Mar 30, 2015
    #510
    csmith1281, spectacle13 and tsavory Thank this.
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