New rules in Chicago area

Discussion in 'Ask An Owner Operator' started by Verdel, Nov 1, 2014.

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  1. Verdel

    Verdel Medium Load Member

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    Ok, let me explain in simple words, I own a truck, the truck is leased with contract to a company in Chicago, the same company dispatches the truck. On the end of the year, they send me 1099 form for my taxes. I don't have any entity, I am reporting my taxes as an independed contractor. From next year I have to register any type of legal entity in order to lease my truck to this company.

    Is is it more clear now?
     
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  3. Cat sdp

    Cat sdp . .

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    So you still won't have your own authority . You just have to have a business name and fed tax#.....

    If I understand what your trying to say ......
     
  4. bigjoel

    bigjoel Road Train Member

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    Nobody is trying to "hijack" your thread. I was merely commenting on a post.
     
  5. me myself and I

    me myself and I Heavy Load Member

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    Did you hear about it from company you are leased to, one of countless experts at truck stop. And if it's Chicago why did you put " Chicago area" in your title. It surely wouldn't apply to anyplace else but Chicago
     
  6. rollin coal

    rollin coal Road Train Member

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    Maybe it's some state thing with Illinois? They do have a state income tax and are very hostile to business anyways. Not that I agree with 1099'ing employees but anyone who wants to well they know the risks and should cover their bases. But at the same time I also disagree with turning them over to the IRS. Off topic but we as citizens all pay far too much in taxes as it is. The whole tax code is a byzantine code that ought to be scrapped, the IRS should be unfunded and closed up, something simpler put in place.
     
  7. SheepDog

    SheepDog Road Train Member

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    The Federal tax laws are pretty clear, not crystal but, it is understandable, regarding what constitutes a I/C or L/C vs a Company driver. I read this because I knew I was either going to buy an old truck or lease purchase one. I lease purchased one and I do everything, and I pay for everything as well. If you do get to say yes or no to each and every load, drive the route YOU choose, make payments on the truck, buy the fuel, pay the HHUT, pay for Ins. maybe a trailer rental fee and other fee's than, your not an I/C or L/C The more freedom you have, the closer you get to being and I/C and the less freedom you have, the closer you come to being an employee. You can still pay truck payments and be an employee, look at FedEx. They have rules that I learned about when driving for a Contractor that made me laugh. Now I hear, forgot what state, that FedEx is paying a big fine for classifying their contractor's as I/C's but in reality they are employee's. I may have missed something or am wrong on a point or two so, don't throw me to the wolves old timers... I am still learning..
     
  8. Crazy D

    Crazy D Medium Load Member

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    The guy is lying to you.
     
  9. Tuzla075

    Tuzla075 Light Load Member

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    WhiteDog, Let me tell you something, I am Bosnian, and you have no idea what are you talking about.First of all it is true I am born in Bosnia, now I am an American, you can like it or not, and there is no #### thing you can do about it, but keep on whining here, that some hard working Bosnians are guilty of lowering your rates! As you can see I do speak and write English, maybe much better then some of the "real" Americans here, so I am completely integrated in the american community, and no government gave no money to start business here. I worked hard, save some money bought truck, then two, then 3 and so on and so on.
    You are frustrated for some reason, and trying to blame some foreigners for your failing in business. And I kindly ask of administration to stop these clowns, of labeling people that they have never met in their lives, nor talked to them, but still want to keep bashing and labeling whole ethnic groups of people as criminals, thiefs, thugs and so on so on. I am an american citizen, and I stand up when Star Spangled banner is played, and put my hand on my heart, just for the same reason that you do, we both love this country, and you are destroying everything this country stands for....
    Thank you, now keep on going!!!
    And one more thing, only of you are Native American, which i doubt, you can talk about immigration and foreigners, I just wonder, which country your (grand)(grand)grandmother or g'father came? I am sure they came here to start new life and provide for their families, but you dont care about that, you just want to label and blame all immigrants and everybody for your failing in whatever is it you do....You know its true...
     
    TallJoe, SheepDog, RERM and 1 other person Thank this.
  10. Tuzla075

    Tuzla075 Light Load Member

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    I never got any government free loan LOL, where do you people hear all these COnspiracy theories, lay off Alex Jones radio dude....
     
  11. BoostedTeg

    BoostedTeg Road Train Member

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    Haha that's funny government giving bosnians interest free loans and free money. If that was the case not a single bosnian, serbian or croatian person would be a company driver every single one would be an O\O.
     
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