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Tax Classifications

Discussion in 'Trucker Taxes and Truck Financing' started by Eric5220, Jul 1, 2021.

  1. Jul 1, 2021 #1
    Eric5220

    Eric5220 Light Load Member

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    Mar 23, 2021
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    I’m currently leased on to a company and I just got my paperwork for my LLC. Now I’m working on my EIN and they asking me what Classification I’m putting my business under. I only have one truck so I’m not sure which I should do they gave me 3 options c-corporation s-corporation or LLC which is best for me? Future I just want one more truck so I can have two
     
    Eric5220, Jul 1, 2021
    Eric5220, Jul 1, 2021
    #1
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  3. Jul 3, 2021 #2
    Accidental Trucker

    Accidental Trucker Road Train Member

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    They are asking you which tax format you want to use. LLC’s can be taxed as c corps, s corps, or sole proprietors.

    Unless you have unusual circumstances, the general advice is to elect “s-Corp”. It is the most flexible without being cumbersome..
     
    Accidental Trucker, Jul 3, 2021
    Accidental Trucker, Jul 3, 2021
    #2
  4. Jul 3, 2021 #3
    Scooter Jones

    Scooter Jones Road Train Member

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    You're required to file forms with the IRS for an S Corporation. It's not just simply checking off the election box.

    Would probably help if you talked to an accountant for an hour or so to get it in the correct order if you want to go the S Corp route.

    There's a plethora of info regarding this on the Interwebs.

    S Corporations | Internal Revenue Service
     
    Scooter Jones, Jul 3, 2021
    Scooter Jones, Jul 3, 2021
    #3
    r2db Thanks this.
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