How do you pay yourself.

Yep. I organize everything and hand it over. Basically all they have to do is plug in numbers. Been doing it that way for years. There's nothing really all that complex about doing taxes on 1 truck.

 

There is a good reason to use a corporation as a sole proprietor if you make more than about 60K. You can shelter income from FICA, some income tax, and reduce costs such as workman's comp.

 

We are employees of our S corp and pay ourselves as employees with our withholdings being paid by the Corp on a monthly basis.

 

Most states, a sole proprietor with himself as only worker isn't subject to workers comp,

 

A one truck operation simply has no need to incorporate, especially if you are the driver.

 

Some of you are wasting money with a cpa

 

Fair enough, but if you aren't covered by work comp, you should have a good disability policy in case you get hurt and can't work.

Just because you don't HAVE to doesn't mean you SHOULDN'T protect yourself and your family in case of a hurt back or broken leg....

 

I been doing this long enough i got it covered. I married a thrifty woman, she has protected just fine

 

You guys understand if you're handing in a shoe box full of random receipts to your tax preparer once a year and telling them to have at it that you're going to pay a premium for your laziness?

 

Other than the fact that by incorporating I save 10-12k per year in taxes. That was as 1 truck, now that I have two it will be more. For several years before I inc my CPA kept showing me how much less my taxes would be if I inc My CPA takes care of both our checks and keeps the Gooberment supplied with their cut. And my taxes straight. He saves me way more than what he cost, and stays updated on any changes in laws.
He did tell me that if you were not clearing 60-65k after all expenses then just stay sole proprietor. I have been over that since my first year in business.