All Set to buy a truck

Did the new tax law end up giving the corporate tax advantages to S Corp pass/through companies as well? I guess that my accountant will enlighten me next week when we meet.

In trucking, and in our current business (excavating...still use trucks) I have always paid myself as an employee, withholding and everything just as our employees, with the exception of worker's comp for which we are exempt as owners in the construction side of things. In the end it probably makes no difference, but it sure helps folks starting out to "pay as you go" if you will and not get hit with large quarterly tax bills. Established people with good money management practices likely do not give the government any money until necessary, but for folks just starting out this can help one to see how profitable the business actually is as if you have an employed driver on the truck, and helps to make sure one doesn't get behind with Uncle Sam.

 

Just remember when looking for a accountant they don't need to be a cpa.

All that means is they went to school and passed a test.

A lot of drivers went to school and passes a test to get a cdl. Enough said.

 

70% doesn't seem that great but i guess depends on other factors