Converting to S Corp ???????

It’s very simple to do. I changed the names on my brokerage and motor carrier recently. Both went from one Corp to another. Fill out the name change forms and it’s done.
https://www.fmcsa.dot.gov/sites/fmc...ration/57211/mcsa-5889-form-6-17-2019-508.pdf

 

I've heard as an S Corp you cant claim the daily per diem. Anyone know if thats true?

 

I’m not a tax expert, but have been incorporated under subchapter s for 24 yrs. Always take meal deduction, on my personal 1040

 

But didn't you sleep in a Holiday Inn last night??

 

I do the same, LLC taxed as S Corp, pay myself as employee, if I don’t work I don’t get paid, send every month how much I paid myself to CPA, She sends in my state/federal taxes every month.
I get paid on W2, same as guy that works with me.

 

The S Corp can take the per diem deduction like the mega carriers do for their drivers who are employees.

 

With a S/corp you can use your W-2 when app. for a loan, put a p/o box as the mailing address for s/corp and it looks like your not self emp. any more?

 

You will have to disclose you are a sole owner of a S Corp because you will have pass through income (or loss) from the S Corp on a K-1 that shows up on your personal tax return on page two of the Schedule E. The bank will ask for a complete copy of your personal tax return when applying for a loan in most circumstances.

 

Under the 'Miss-classification' microscope here in NJ [2nd after Cali] and LLC was treated the same as an individual owner operator when they went after the first trucking company.

However, they discarded any who were type 'S'...so there IS some sort of advantage there, some port companies are thinking having all their lease operators go to type S to avoid the miss-classification issue, even thinking of offering monetary assistance to do so.

We will see how it plays out in court and see what get done to overcome NJ's brain dead thinking.