Own authority question..

No, it depends on what your expenses are. I have never cut myself a paycheck. I run everything through the LLC, and with per diem and my write offs, if I do owe, it is minimal, I write a check. But, the rules have changed, and I have had a few rough years, recently divorced. Best to talk with someone like Connie. I need to give her a ring too, as my life and finances have been turned upside down with the divorce. Now I have money...

 

Great spot to start looking for more concrete answers is ooida videos on YouTube sounds tacky but they give a ot of good information and they know what they'e talking about

 

You can get a driver qualification file from OOIDA for 8.00. It has every form you need to be compliant. Application included.

 

You really need to talk to a CPA or good accountant that knows trucking. Do this wrong and it can really screw you up. I thought the same as you, glad I did not go that S corp, as it would not have worked out for me in certain years, where the LLC is easy peasy. No worries regarding filings and all the other BS and expenses an S corp entails. No thanks. But, that is just me and one truck, and I don't like to work, or work as little as possible. The motto around here is, "Work Smarter, Not Harder". And the LLC has served me well.

 

Maybe I'm confused what entity you selected but, if you're a corporation and whatever you selected as an entity for tax purposes, you are required to pay yourself a salary. You are the business owner and also the employee your business has hired. You can pay yourself a small salary and the rest can be disbursements or other benefits. If you really pay yourself no salary at all and only take disbursements; that is fraud as your are skirting your payroll, SSI, and Medicare taxes.

If you are unincorporated and a sole proprietor you can pay yourself only out of the profits and never put yourself on payroll. You are still subject to the self employment tax on the business profit in this example.

I think your goal is to minimize your tax burden and if you're doing well in business with decent profits, running an S Corp will save you money as the full profit of the business is not being taxed at the self employment rate and you have other advantages like depreciation. I also think being in business, not incorporated, operating anything other than a lemonade stand, is asking for trouble. That's more risk than I'm willing to accept.

 

That will vary by State. Arkansas doesn't require Work Comp until you have 3 employees. I carry Occupational Accident on myself and the guy I just hired. I like to have something around just in case.