Team O/O how do you pay yourselves?

Discussion in 'Ask An Owner Operator' started by fireba11, Feb 5, 2012.

  1. fireba11

    fireba11 Heavy Load Member

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    541
    Jul 30, 2007
    Tracy City, TN
    0
    My wife and I have driven team as owner operators for the last 4 years. We normally pay ourselves 1/2 of the pay that is deposited in our account from the company we lease to. This pay is after, fuel, qualcomm and insurance expenses.
    I have recently talked to another O/O team who pays themselves a weekly salary and they said they love it because they can budget their bills easier.

    So my question to you is, How do you pay yourselves for paying your personal bills separate from the Truck expenses? We are just looking for a better way to build up more money in the truck account and yet keep our personal bills paid. We would appreciate your responses.

    Thanks
    FireBall
     
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  3. ts675

    ts675 Bobtail Member

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    10
    May 30, 2011
    Valparaiso,IN
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    I pay all my truck expenses then I pay myself 1000 a week on most weeks. The rest goes 1/2 and 1/2 into maint. acct and business acct. come tax time I make sure I use a good chunk of maint acct to limit my liability on the company side.
     
  4. shoand03cobra

    shoand03cobra Bobtail Member

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    Nov 20, 2011
    Bowling Green, KY
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    Salary is the way to go...
     
  5. fireba11

    fireba11 Heavy Load Member

    864
    541
    Jul 30, 2007
    Tracy City, TN
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    What would be a good salary and do you pay yourselves every week regardless of whether you work or not?
     
  6. fireba11

    fireba11 Heavy Load Member

    864
    541
    Jul 30, 2007
    Tracy City, TN
    0
    Just curious as to why you would have a maintenance account separate from your business account, isn't it all one and the same? Or is there a tax advantage there?
     
  7. Clasix1055

    Clasix1055 Even when I'm wrong I'm right

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    709
    Jan 26, 2012
    Toledo, Ohio
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    I pay myself $.40 a mile I put 3% in a maintenance account and the rest in a business account....the reason I keep the two seperate is strictly for record keeping taxes will still be the same...I also have a seperate account that i put $50 week in to pay for 2290 and plates
     
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