Taiowa Lease Raw Numbers

If you or all your LP friends believe that, you all are bigger idiots than I and others thought, and I mean that in the nicest possible way...

Injun..... Is what you posted money to the truck or to you the driver? Also, why did you bother with the LLC paying yourself the driver on a 1099? Just curious...

 

I spent 14 in. But the point I was trying to make is if you love what you do and you can have a way to get a business started it is good route to go. I know a lot of guys who have small business's and make a lot less and put in the same hours.

 

Exactly what I was thinking...so I looked up LLC and the Federal Tax issue.

As a recognized Indian tribe (member of) the LLC can be exempt from corporate tax, depending on #of employees.

Since she has made herself a 1099 contractor to the LLC, perhaps she has found a loophole as an Indian member of a recognized tribe to not have to pay the "self employment" tax that 99.5% of 1099 employees are required to pay.

I think I am close...but not sure how close actually!

One thing for sure..she better have all her ducks in a tight little group if the IRS decides to audit!

I learned the hard way on that one!

 

That's big part of it ... what a person is comfortable with. I spent 20 years getting paid to worry about all that stuff, on a scale of millions a dollars week with a few dozen employees tossed in. Doing it for myself is kind of fun.

On the other hand the restricted control that a company driver has would drive me nuts.

 

This has been a very informative thread I am trying to learn all I can so that I can make an informed decision myself. I would like to get as much info I can. I know that I can't come up with the kind of cash to buy my own truck if thats the route I choose. Injun keep it up. Thanks

 

Well... keep in mind its not just the cash to buy your truck. You need enough operating cash to keep it running as well. And a plan.

You go and buy a truck, head down the road with trailer, load, and a big ol' grin on your face...

Until, you can't find enough freight on the load boards... or a broker screws you for a freight bill. Can't pay your fuel bill?

Until, you blow a turbo... oops - spent the operating cash on that new chrome texas bumper.

Same thing with leasing... you've got to read and understand the lease. Have enough REAL numbers to determine if the freight revenue will support the costs - including the driver's salary. That's right! You've got to pay yourself. And... you have to go over your settlements - every week - to make sure there isn't a mistake, that your costs aren't going haywire, and... to make sure that you're operating efficiently enough to keep operating.

In other words, its not enough to be a driver - any ol' wheel holder can mash the throttle and get the rig down the road. Well... there's plenty of threads on those who can't even manage that... but... you have to be a business person too.

 

Thats why I appreciate all the posts of those that put it out there. Research, Rasearch, Research. I have ran business's for others when I was younger but need info on what to expect. What pitfalls to avoid, etc.

 

I agree, this post has alot of great information. I go to orientation on the 18th and was thinking of doing L/P. However, I wanted to see what other drivers were saying about it. I appreciate the honest answers from all the L/O.

 

Thanks i would've never even thought of that.

 

Here's MY raw numbers for this week!

3/26...$2560
3/28...$1,088
3/29...$5,610

I'm takin' a reset today in Sauk Centre, MN.

Total gross for one week:

$9,258, I'll net about half of that ($4,629) My net in the same 3 month period is $55,548 or about 5 times the numbers you just posted!

We all know how hard you run and how many miles you get....That's a lot of work for not much money!

And they wonder why we call it a fleece deal!!!