You can be an LLC and taxed as an s Corp. That's the only reason a single o/o would have to form one. There are many threads here that state that. One on the first page right now. Of course there are the ignorant posting in there about protection, but there are also experienced people blowing that out of the water. You said you did a lot of research. You might want to look back and figure out why you missed these things.
IFTA not good for NY?
Discussion in 'Ask An Owner Operator' started by Mattflat362, Apr 30, 2016.
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I can tell you why I missed them without really looking back....2 kids, 2 dogs, 1 man, 1 truck.
Then the second I was able to roll the phone started blowing up.
Beside I have your know it all ### to talk with now... -
Man the more I look at that NJ one....how is that friggin legal!? I have one truck based in Ohio and make under 100k and I can pay 500 and run NJ. You have 1 truck and make 101k and you have to pay more....lololololol.....straight up thuggary! LMFAO!
I am shocked those gangsters left a loophole for a single truck sub 100k LLC sol prop like myself!rank Thanks this. -
The funny part of all of this is my wife is a CPA. She is just in waaay different stuff (non profit health/human services stuff) and works her ### off.
But now I have her doing some reading up on all of this... -
Headed in to bank first thing tomorrow to get my credit card out of my name and in the name of the company for sure. Makes total sense now after hearing it. I use it for all purchases but mostly for fuel due to the tripple points on fuel.
It is a business account....just with my name on it instead of edgewaterflat....oops.Last edited: May 1, 2016
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I remember reading this many times when I started all of this:
"All of the [LLC's] income is taxable as self-employment income," Pittsford says. "Therefore if the company is going to be very profitable and has a taxable income each year of more than $300,000 to $400,000, they may want to set up an S-corporation."
http://www.truckinginfo.com/article...ions-whats-the-best-fit-for-your-company.aspxrank Thanks this. -
Well, the non profit part isn't way differentrank and Mattflat362 Thank this.
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Still says they are charging for the stickers......even thought they are not supposed to be.
Just shows how all of these agencies can't keep up with their own changes yet we are suppose to be perfect from prior to day 1 and forever thereafter. -
Says that, if you mail a check with the TMT form they'll mail you the check back.rank Thanks this.
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