Quotes 911

It takes all of that for any household to survive. Excepting "vacations" and "toys". Those are wants not needs. There is a difference. Not to say I don't like those things, I do, but for the time being my sole focus is building back what I lost at the previous carrier over the two year period I was leased there - where I made less as an o/o than I did as a company driver. "Wants" should always take a back seat to everything else if one desires a solid financial situation to where they don't even blink about a "want" that may cost several thousand dollars. That is the difference between those who accumilate wealth living a comfortable life and those who spend a lifetime frittering it away struggling and stressing.

 

All i was trying to point out is that many put their household cost into the business. They are seperate. You wouldn't work(for long i hope)to just pay the bills with nothing left over.

 

All you have to do in an S-Corp is pay yourself company driver wage and the rest can be pass through. Plenty of company drivers making 25% of gross and I can show an auditor adds all day long proving it.

Problem for many is that this strategy won't work because they make less than company drivers and don't even know it.

 

As long as you use an industry average you're fine.

 

This is correct.

 

Yes it does eliminate some of the tax burden. I am not assuming anyone is anything, just stating a specific instance that a lot of small business owners use to reduce overall tax rate.

As you can see, I stated that if you pay yourself within range, but not at the top of the range, and take the rest of my income as profit, it is a way to pay less tax. This is the ONLY benefit for a one truck/owner driver S corp since the driver will be named in any lawsuit.