Team Couple o/o question

It’s much easier just to pay yourself a dedicated salary every week, you don’t have to keep track of miles or anything and then that money can go into your personal account and keep it separate from your business account.

 

Probably best answered by an accountant, mainly for tax purposes. Don’t need a big surprise in April. IMO, splitting 25% or 30% of the gross revenue, would almost guarantee plenty of funds left to cover overhead. Depreciation of the Truck, complicates things. Maybe a flat salary for Her, and % for You? Lots of options. Ideas, plans for future will dictate the best option. The main benefit of a Team, in your case, would be that all revenue goes to one account. That fact that you’re not Married, yet, and if things change, makes for difficult choices. Maybe just pay Her a flat salary per week, letting her save it all, putting the max allowed in an IRA. If You part ways, there’s no big legal issues with Ownership of Company or Vehicle. And She’ll have some savings, She earned. You’ll both have to agree either way. Don’t let it drive a wedge between You two. Do what’s best tax and savings wise. Best of Luck to you both. My Wife and I bought a house together before we were married, I did it against all conventional advice. Why? I decided if We split up, Id let her have the House. Small price to pay, I figured. Lol 32 yrs and 3 houses later, She’s still around. I think it’s gonna work out. Lol. Be a Team, hope it works out for You two. Ask an Accountant.

 

If you two marry, anything and everything becomes as one person with all assets, cash etc into one pile of marital property.

Trucking having crammed you two into a small space will either destruct that potential future or enhance it.

Generally horse first saddle second and soldier last. Thus truck, bills, fuel, insurance, taxes, withholding, repairs etc etc etc etc payments on same etc and whats left isnt very much. If you have a employee who has signed on as such under a W2 then you have to pay her and also pay her withholding as well.

Money. Ugh.

 

Yeah... just marry her and it's all hers anyway.
She'll give YOU an allowance.

 

Don't go the girlfriend route, marry her first then get a truck.

 

So I'm no accountant. So ya speak with a TRUCKING accountant. But from personal experience and my talks with my accountant. This is what I understand. First off I'm not a team driver. I'm a solo driver But my wife is on the business and dispatches me does paperwork with me and such. So here it is.

As a sole proprietorship. You don't have to pay yourselves at all At the end of the year pay your taxes. Preferred to do it quarterly to stay up with the taxes and have less end of year shock You'll pay full 15% self employment tax on whatever you take out of your business account Personally I'm setup as a LLC designated as a scorp So I pay myself 1000 a week. And I pay my wife 500 a week. At the end of the year or quarterly I pull the rest out of the business account and that is not subject to the self employment take. This is how I'd do it if I were you Again talk to your accountant or tax man. I'm sure theyll be able to explain it way better then me