Most Common Mistakes Made By New O/O?

Just another way sleazeball company owners abuse uninitiated contractors......

1099 means you should be a business/contractor and you are expected to know the tax code or hire somebody that does.

 

But it's totally fine, more money means more money. Don't question it.

 

your uncle lawyer is referring to peircing the corporate veil.

generally people make silly decisions, like speeding or running a hot log. if you are in an accident and you are the diver and corporation you have no legs to stand on.

all things being legitimate, never buy a hot dog or soda pop, on the corporate card. its a pain keeping all transactions seperated. but if you have a victim of circumstance accident or get audited... it becomes much harder to pierce the veil and say that ceo trucker john and driver trucker john are the same people.

obviously you are the same person... but not necesarily financial responsibility wise.

you know... ceo trucker john might loose the truck... but driver trucker john gets to keep his house and the kids’ college fund cant be clawed back.

 

still confusing. Which is one is good one S-CORP or LLC????????????????

 

LL

LLC is more likely what you want to start with, its depending on YOUR plans for now and future. Meet with your tax advisor and make sure you two weigh out the benefits. Most startups start as an LLC. You have all expenses to write off, then the profits are taxed at your taxable bracket. Waaaay to much detail to put on here. That's why you meet your tax advisor. Well worth the money if their good

 

"barracks accountants" is what I would have called us in my early 20's. and your absolutely right. you can get some good pointers, and great places to start from a forum, but take anything you read with a grain of salt. with no way to verify the credentials of who you're talking to.... yeah. find a real accountant, someone with experience working with not only startup companies, but TRUCKING companies. they'll be more familiar with the laws applicable only to this industry, as well as the numerous tax breaks and credits we are eligible for. don't trust anything you read on the internet.

 

I keep thinking about reading this thread but then I think....there can be zero mistakes.....zero...or you will get eaten alive and spit out or #### out. So this thread is essentially meaningless and I am not reading it...LOLOL.

 

Basically, if you're the driver and the owner of the company combined you're fully responsible for the most part. I think sole prop in the beginning is the best way. As you grow you can take a different approach. Don't put the cart before the horse. Many people fail. So what's the point spending all kinds of energy on tax structures when you should be focusing on learning the business from the inside out like a human sponge.

 

who do you work for

 

i need a good accountant