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From Independent O/O to Company driver in a year

Discussion in 'Ask An Owner Operator' started by BigBadBill, Jan 2, 2012.

Page 1 of 2
  1. Jan 2, 2012 #1
    BigBadBill

    BigBadBill Bullishly Optimistic

    4,599
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    Oct 2, 2010
    Chattanooga, TN
    0
    So it is official. As of a January 1st I hung up my O/O hat and became a company driver at $.30/mile.

    Worst part of this that I am not going to be driving for my wife. She will own 51% of our S-Corp.:biggrin_25525:
     
    BigBadBill, Jan 2, 2012
    BigBadBill, Jan 2, 2012
    #1
    bullhaulerswife Thanks this.
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  3. Jan 2, 2012 #2
    companyman

    companyman Heavy Load Member

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    Nov 17, 2011
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    Your brave working for the wife. Lol
     
    companyman, Jan 2, 2012
    companyman, Jan 2, 2012
    #2
  4. Jan 2, 2012 #3
    fgb3

    fgb3 Light Load Member

    112
    36
    Nov 2, 2011
    elba ny
    0
    lol dont make her too mad youll be waiting for a load all week. kinda like your dog house
     
    fgb3, Jan 2, 2012
    fgb3, Jan 2, 2012
    #3
  5. Jan 2, 2012 #4
    TennMan

    TennMan Road Train Member

    7,866
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    Sep 21, 2011
    Hazzard County Jail !!!!!
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    Well at least the Bennies are GOOD LOL. Good Luck and i guess get used to low company pay..........
     
    TennMan, Jan 2, 2012
    TennMan, Jan 2, 2012
    #4
  7. Jan 2, 2012 #5
    Skip1965

    Skip1965 Medium Load Member

    385
    142
    Jun 11, 2010
    C'bus, Oh.
    0
    So many jokes here...
     
    Skip1965, Jan 2, 2012
    Skip1965, Jan 2, 2012
    #5
  8. Jan 6, 2012 #6
    gerardo1961

    gerardo1961 Road Train Member

    1,746
    613
    Feb 21, 2010
    Miami
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    My question to you bill,is this deal what you do better for yo irs taxing pay or what is the benefits from this deal,i'am waiting for you answer
     
    gerardo1961, Jan 6, 2012
    gerardo1961, Jan 6, 2012
    #6
  9. Jan 6, 2012 #7
    RickG

    RickG Road Train Member

    12,812
    6,137
    Jul 22, 2008
    Owensboro , KY
    0
    I have known some businesses that benefited from being owned by a woman because it makes them a minority owned contractor . They get preference on some government contracts .
     
    RickG, Jan 6, 2012
    RickG, Jan 6, 2012
    #7
  10. Jan 6, 2012 #8
    BigBadBill

    BigBadBill Bullishly Optimistic

    4,599
    4,439
    Oct 2, 2010
    Chattanooga, TN
    0
    By being an S-Corp, I can pay myself as a company driver at a market rate. I pay all my employment taxes on that money. What is left over in the corporation will pass to me on a Schedule K and I just pay income taxes on that and avoid employment tax.

    In IL, as an officer of the company, I can opt out of workers compensation.

    As far as woman or minority owned. Yes, it can help on bidding but biggest help is in May and June when companies that have contracts with a certain % having to go to certified woman or minority owned company. When they haven't meet that level they need to get percentages up.
     
    BigBadBill, Jan 6, 2012
    BigBadBill, Jan 6, 2012
    #8
    alex94 and AM77 Thank this.
  11. Jan 6, 2012 #9
    Skip1965

    Skip1965 Medium Load Member

    385
    142
    Jun 11, 2010
    C'bus, Oh.
    0
    Then I would pay myself .25CPM to avoid a few more dollars of tax. If the IRS questions it just hand them an application for Swift and tell them to fill it out.
     
    Skip1965, Jan 6, 2012
    Skip1965, Jan 6, 2012
    #9
  12. Jan 6, 2012 #10
    The Real Thing

    The Real Thing Bobtail Member

    19
    6
    Jan 26, 2010
    Alex, OK
    0
    So... what is the going market rate for an S-Corp CEO? How does that factor into the tax equation? :biggrin_25514:
     
    The Real Thing, Jan 6, 2012
    The Real Thing, Jan 6, 2012
    #10
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