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$10,000 EIDL GRANT

Discussion in 'Ask An Owner Operator' started by Scooter Jones, Apr 3, 2020.

Page 42 of 133
  1. Apr 22, 2020 #411
    Taiwa

    Taiwa Bobtail Member

    20
    11
    Oct 16, 2015
    0
     
    Taiwa, Apr 22, 2020
    Taiwa, Apr 22, 2020
    #411
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  3. Apr 22, 2020 #412
    Taiwa

    Taiwa Bobtail Member

    20
    11
    Oct 16, 2015
    0
    We started as S corporation and last December we decided to switch so that we will pay ourselves but the business income dropped between $133,000 to $150,000.
    So my question is how can you pay from this amount knowing that it is not much?
     
    Taiwa, Apr 22, 2020
    Taiwa, Apr 22, 2020
    #412
  4. Apr 22, 2020 #413
    DUNE-T

    DUNE-T Road Train Member

    6,379
    14,985
    May 10, 2015
    Detroit, MI
    0
    Get an S Corp.Pay yourself $50k on W2 and the rest on corp
    Talk to a good accountant before using any kinds of software
     
    DUNE-T, Apr 22, 2020
    DUNE-T, Apr 22, 2020
    #413
  5. Apr 22, 2020 #414
    Taiwa

    Taiwa Bobtail Member

    20
    11
    Oct 16, 2015
    0
    Awesome.
    Thank you much!
     
    Taiwa, Apr 22, 2020
    Taiwa, Apr 22, 2020
    #414
  7. Apr 22, 2020 #415
    Scooter Jones

    Scooter Jones Road Train Member

    9,551
    19,970
    Apr 19, 2011
    0
    Well, if there's not enough revenue to pay yourselves after expenses, not sure what to say.

    For some people who have a very low overhead, $133,000 to $150,000 revenue would be a decent income after expenses.
     
    Scooter Jones, Apr 22, 2020
    Scooter Jones, Apr 22, 2020
    #415
  8. Apr 22, 2020 #416
    Taiwa

    Taiwa Bobtail Member

    20
    11
    Oct 16, 2015
    0
    Yeah.
    That is our gross income though,
    After expenses probably $70,000
    We don’t really run as much, only 5 days a week throughout the year.
    Thank you sir.
     
    Taiwa, Apr 22, 2020
    Taiwa, Apr 22, 2020
    #416
  9. Apr 22, 2020 #417
    DUNE-T

    DUNE-T Road Train Member

    6,379
    14,985
    May 10, 2015
    Detroit, MI
    0
    Scratch my previous response about tax, you have no clue what you are saying or doing
     
    DUNE-T, Apr 22, 2020
    DUNE-T, Apr 22, 2020
    #417
  10. Apr 22, 2020 #418
    Taiwa

    Taiwa Bobtail Member

    20
    11
    Oct 16, 2015
    0
    Thank you for your opinion by the way.
    I may have questions about things that I have doubt or am trying to get other opinion on but it doesn’t means that I have no clue. You’re entitled to your opinion.
    I appreciate that you took time out of your busy schedules to respond.
    Have a good night!
     
    Taiwa, Apr 22, 2020
    Taiwa, Apr 22, 2020
    #418
    Blackhorse77 Thanks this.
  11. Apr 23, 2020 #420
    Coffeejay

    Coffeejay Bobtail Member

    5
    0
    Aug 28, 2019
    0
    That money is finished now and each business get 1000 per employee you have. I am so sorry, The money is gone by now.... we applied and got none, not even a call from local adjuster.
    So forget about it and go get some loads brother.
     
    Coffeejay, Apr 23, 2020
    Coffeejay, Apr 23, 2020
    #420
  12. Apr 23, 2020 #420
    Blackhorse77

    Blackhorse77 Light Load Member

    264
    136
    Feb 29, 2020
    0
    You forgot about unemployment. The rates are too low for our lanes to run.
     
    Blackhorse77, Apr 23, 2020
    Blackhorse77, Apr 23, 2020
    #420
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