Sole Prop or LLC taxed as S Corp?

Tax shelters are not what these guys are discussing. They are only asking for simple tax advice concerning the ownership.

Tax shelters are borderline tax evasion depending on the ones that get shut down.

There is no need to cloud the issue for these guys. I could dig out more regs and make it worse, but for what purpose? To make myself look important?

 

The original question was about entities for the purpose of saving taxes. The purpose of those entities is for asset protection, not tax savings. That was (and still is) the point of my post.

I only brought up tax shelters in response to your statement that people can structure entities for tax benefits, and the IRS would accept them. Tax shelters are simply one example of where that statement is not correct.

 

You should watch making incorrect statements then.

"The IRS will disregard them if your only purpose of setting them up is to save taxes"



I will state that you will be a benefit to these guys concerning your background on asset protection. This should be a concern for many, but keep in mind, most of the business formations you will see here are extremely small. One or two in the ownership, such as husband and wife. Asset protection is very hard to accomplish and also be the driver at the same time.

 

I don't see anything that's incorrect about this statement. If there're no business reasons for the structures (both objective and subjective) other than saving taxes, the IRS'll treat 'em like they don't exist.

Wow, Roadmedic! I've read your posts, and you know your stuff. From the speed with which I've seen you post some of your answers, you don't even have to look 'em up, either. So, coming from you, that statement really means a lot. Thank you.

Stay tuned. I have something just for this that I'll be sharing in early 2011. (It's still under development now.)

For the most common kinds of things that oo's have financial troubles with, such as not paying their taxes or not making their truck payments, you're 100% correct — asset protection won't do nothin'. However, for the kind of situations like [POST=1399617]Emulsified mentioned[/POST], there's nothing like it, even for the sole driver owner op. Now, when you can do that and get a tax benefit, that's a winning combo.

 

I am sole prioriter using my EIN number seems to work fine so long as u have no employees as stated earlier by another poster

 

I am in Afghanistan, ready to head back to the house in KY. I want to start a small trucking company. Im working on getting a few trucks to start. I have one truck so far working on another one. I am going with some older trucks. The trucks are in great shape. One is a 95 INT EAGLE mid range sleeper. fresh rebuild, new tranny good truck getting ready to have a new paint job on it, second one is a 99 Freightliner Classic XL same deal fresh on all. I am looking at contracting trucks to small carriers probably flat bed. ok thats my introduction and where I am now.

I am needing some advise on LLC or INC. Is there a good Step by step process I can look up or is there someone that wouldnt mind sharing information. I am wanting to set business up in 2 to 3 months. I am starting Debt free on trucks, and I want to make sure I do everything right. I am looking at 10 to 15 trucks long range.I am not using this for a income, I want to use it for a investment. I have a income, so I feel if I put every penny back in business I wil be better off long term. I want this to be successful, and I want to Provide more jobs out there. HELP!!!!!!!!!!
I know there are some great truckers out there. My family have all been truckers. Just dont have none of them with us anymore for the advice. I will leave my skype and email, shoot me a email........Thank you, Hub skype:robert.l.hubbard or email: robert_hubbard2001@yahoo.com