To al the O/O out there what kind of business do you guys have? Are you a llc, incorporated ect? Im branching off from my current job and switching my truck and trailer over to a new business and wondering which route i should go. I will be hauling cattle if that helps at all.
What type of business is yours?
Discussion in 'Trucker Taxes and Truck Financing' started by prerunner404, Jun 28, 2017.
Page 1 of 2
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
Tradition incorporation
Save more in taxes than I would doing anything else.RStewart Thanks this. -
Started out as a sole proprietor.. changed to LLC. Expanded and changed to a schedule C... This enabled me to be an employee while keeping business separate from personal and getting company provided benefits.
Tax liability was lowered.
If I stayed as a one truck operation, I would've kept the sole proprietor status..
As the driver of the truck there really is no benefit to incorporate. That I know.
Good luck. -
I'm a new o/o going sole prop for reasons mentioned above. Took a few businesses classes & got a degree and all that jazz. They told me sole prop is best unless your income/personal situation/business outlook changes and S Corp or LLC turns up a better profit. Run the numbers both ways and don't forget about prepaid expenses like that shiny new engine/transmission you store at your Uncle Bobs garage. Deduct everything you can!
-
I'm a single truck owner that has an LLC. I'm going to eject to be taxed as an S-Corp. This will make me an employee of the company I own & CAN save me taxes. I pay myself a decent but low wage & my company has to withhold taxes just like a regular job does. But I can pay myself a dividend from company profits (benefit of being an owner of the company) & that income is taxed at a less rate.
Here's a pretty good article to start your research. Google is your friend in this case. I've read a ton of articles, most say the same thing, but it helped me learn.
Saving Taxes with an S Corporationredoctober83, QuietStorm and Cottonmouth85 Thank this. -
Sound idea in theory. Practice becomes more office work.
You can also do more with depreciation and other write-offs.
Good luck. -
-
The accounting process is a little different. I hired an accountant to set it up in QuickBooks.
Several options for depreciation and capital gains and losses with corporations.
I hire tax attorney and accountant to track all the financials.
Good luck.RStewart Thanks this. -
There isn't anything special about double accounting.RStewart Thanks this. -
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 1 of 2