Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

Another s corp question.

Discussion in 'Ask An Owner Operator' started by feldsforever, Sep 28, 2020.

Page 3 of 3
  1. Sep 30, 2020 #21
    feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    Two reasons

    1) we don't have both of our names on anything except the marriage paper work.
    2) I thought I had to have a share holder. For the Share holder tax benefit.
    Or am I making it complicated.?
     
    feldsforever, Sep 30, 2020
    feldsforever, Sep 30, 2020
    #21
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Sep 30, 2020 #22
    Transportacion R&R

    Transportacion R&R Light Load Member

    175
    73
    Apr 10, 2020
    0
    You can do it budm dont let the nay sayers get to you. After you get your EIN number, i do my 2290 through trinity truck tax ( google them ).

    I started my LLC in April, worked my first truck for 4 months, saved up every penny, now i have 2 trucks running, ready for a third in a few months. Trucks are paid in full. Definitely the way to go, screw having payments on your trucks. Make sure you keep that great credit up and youwill be fine.
     
    Transportacion R&R, Sep 30, 2020
    Transportacion R&R, Sep 30, 2020
    #22
    D.Tibbitt and feldsforever Thank this.
  4. Sep 30, 2020 #23
    feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    That's what's up !
     
    feldsforever, Sep 30, 2020
    feldsforever, Sep 30, 2020
    #23
  5. Sep 30, 2020 #24
    truckdriver31

    truckdriver31 Road Train Member

    6,988
    8,343
    Sep 18, 2013
    0
    its more then flying. you cant get into a federal building without it. SSA or IRS
     
    truckdriver31, Sep 30, 2020
    truckdriver31, Sep 30, 2020
    #24
    D.Tibbitt and feldsforever Thank this.
  7. Sep 30, 2020 #25
    feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    I didn't know any of that. Thanks for the heads up.........
     
    feldsforever, Sep 30, 2020
    feldsforever, Sep 30, 2020
    #25
    truckdriver31 Thanks this.
  8. Sep 30, 2020 #26
    feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    Ok,
    The cpa won't talk to me untill I am setup. So I'm trying to do some research on basic taxes. And other stuff prior to the cpa meet and great.
    Its my understanding that the s corp tax option. Will allow for a share holder and a employee. They can be the same person. But don't have to be.
    It is also my understanding that the S corp don't pay taxes, except for payroll matching taxes. Leaving all the taxes on the share holder. And the share holder will pay taxes on all monies that's not spent on the business.
    So if this line of thinking is correct. My company will need two accounts. One for business and my personal one to receive my pay check minus taxes.
    Can the share holder set up a maintenance account and that money not be taxed. I'm thinking 0.18 perloaded mile to this account. Or does it all stay in the business account for 90 days, for the quarterly estimated taxes? And I just make a note some where how much it equals too?
     
    feldsforever, Sep 30, 2020
    feldsforever, Sep 30, 2020
    #26
    truckdriver31 Thanks this.
  9. Oct 1, 2020 #27
    Wespipes

    Wespipes Road Train Member

    1,037
    1,813
    Jul 14, 2019
    0
    You have to notify the irs every single year that you want your llc to be taxed as an scorp. If you don't, then you're taxed as an llc/sole proprietor. Im not sure, but I think you can tell them you want to be taxed as an llc then if that year it works better as an llc jist file like that. Im not sure on that one as the scorp taxation has always worked out in my favor
     
    Wespipes, Oct 1, 2020
    Wespipes, Oct 1, 2020
    #27
    feldsforever Thanks this.
  10. Oct 3, 2020 #28
    feldsforever

    feldsforever Road Train Member

    1,453
    1,440
    Nov 22, 2019
    0
    Can I message a spousal couple who has both of there names on the business license?
    Where one or the other doesn't drive. Thats The biggest hang up I'm having is trying to figure this part out?

    Thanks in advance.
     
    feldsforever, Oct 3, 2020
    feldsforever, Oct 3, 2020
    #28
  11. Oct 3, 2020 #29
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

    10,008
    41,489
    Jan 13, 2013
    SW Arkansas
    0
    On you number 3. Trucking may not be that complicated but you need to find a CPA that has a full understanding of the trucking industry. You don't want the CPA to get his trucking education at your expense. Having a good, trucking knowledgeable CPA out the gate can save you a lot of money.
     
    kemosabi49, Oct 3, 2020
    kemosabi49, Oct 3, 2020
    #29
    feldsforever Thanks this.
  12. Oct 6, 2020 #30
    jackoboyo

    jackoboyo Light Load Member

    212
    297
    Dec 30, 2014
    0
    Switching back and forth could be done I guess but you would have to start being paid that way from the beginning of the year. Checks must be deposited into the S corp account and if they come in after the first of the year the S corp would have income so a return would need to be filed.
    LLC means nothing to the IRS. I believe they have three entities they recognize, sole proprietor, S corp and C corp.
     
    jackoboyo, Oct 6, 2020
    jackoboyo, Oct 6, 2020
    #30
    dwells40 Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

    • Page 3 of 3