Hello everybody!
I deliver food for food delivery apps and deliver packages for Amazon. I receive their 1099s. My accountant suggested an S Corporation to save on taxes. I have had this S Corporation for two years now. Now I am getting into truck driving. As a truck driver I will be the employee of the trucking company. Will my S Corporation still help me or I will have no choice but to dissolve it?
Thank you!
S Corporation and Trucking?
Discussion in 'Trucker Taxes and Truck Financing' started by Solo Soul, Jun 21, 2021.
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Yes, it can help you. Pay yourself a reasonable rate, and the rest is taxed as profit.
blairandgretchen and Solo Soul Thank this. -
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I called a tax professional, and they told me that I could use my corporation only if I do 1099 with the trucking company, not when I am their W2 employee.
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Yeah, ok don’t listen to that tax professional, just another clueless ….
so to qualify, the company you “work” for has to actually hire you through your company and in doing so there has to, not a suggestion but HAS TO have a legal binding contract.
and in that contract, there has to be a well defined roles and responsibilities listed with a means of an exit.
this means you are legally a contractor and being one, there is a lot of limitations on you.Last edited: Jun 22, 2021
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You can only use your LLC, SCorp or any other as a 1099 contractor. W-2 means you’re an EMPLOYEE of that company. They will take our taxes, provide insurance etc.
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You will be a w-2 driver for your S-corp. and have to pay with/holding taxes on the pay ck. you write your self every week, when you buy something else later you will fill out loan paper work like you are working for your S-corp. and putting a working address for your co. if you have a diff. address like a p-o box for your co. it will look better on papers you turn into bank later in your new co. name, That you all ready have been using for last 2 years so that gives you a head start?
Bean Jr. Thanks this.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.