I guess I’m back

IMO, you’re setting yourself up perfectly for another miserable experience. I’m sure there are exceptions but, in general, 1099 jobs have a pretty bad reputation.

 

I wanna hear the long story about covid killing the restaurant world.

 

I guess in the restaurant world you are used to getting tips and not worrying about taxes. Trucking on a 1099 will be a whole new program for failure. You have been warned!

 

You obviously have not researched what is involved with a 1099.

Actually, neither have I for the most part. Just what I have read here and there.

But, have you ever run a company?
Paid all the bills, paid all the insurance, and doing taxes...?
Because if you go 1099 that is exactly what you will be doing.

What a headache!

 

Save 25% of your settlement to pay taxes, and never consider not saving that money every time you are paid. You are expected to pay quarterly estimates on your income, but the form is 1-2 pages and you don't have to be exactly right. DO NOT WAIT UNTIL NEXT APRIL to pay taxes for the first time. If you do, the amount you owe will feel like a million dollars and you will be tempted to not pay. The IRS will find you and you will pay far more than if you had paid the original amount. EVERY settlement, put 25% in a savings account or similar. Every expense you pay reduces your income. You pay taxes on the difference between the money you received and the expenses you paid.

 

Lots of dishonest companies pay 1099. 1099 doesn't mean the company paying it is dishonest, but it means there are less rules to protect you and it means the company is probably mis-classifying you as an IC when you are actually an employee. If they are providing the equipment, picking your loads/dispatching you then you are almost certainly, according to the IRS an employee. 1099 give dishonest and honest companies a way to make the pay seem like a pay raise compared to identical W-2 pay. Most of us W-2 employees look only at the after-tax amount. If they waive 1099 pay in your face it automatically seems like a 20-20% increase, except YOU have to do the work of paying income taxes to the city/state/feds, Self-employment taxes (Social Security X 2), and finding your own health insurance or volunteering to do without.

How do you know the company you might work for is honest? There are tanker companies that hire experienced CDL drivers with no tanker experience.