Little help from the owner ops out there.....Landstar?? 1099??

took me three months to get through the LS bull

 

You are really gonna have to discipline yourself to set aside the money, and most people have a hard time with saving. Something that seems more important always comes up during the quarter, car breaks down, kid needs braces, etc., etc. What I would do if it was me? Give it to my grandmother (Shes a retired banker), tell her to save it for Est. Taxes only. then she wouldnt let me have it under ANY circumstances, until it was time to pay them. But thats just me.

 

good luck with this one...
l/s leases all there trailers,and the ins co will most likely decline you.
even with the 1099 you will still have to come up with a workmans policy b-4 l/s will qualify you and that could run you up to $100 a week,which will show on your owners settlemnt and he/she will deduct it from your pay,this will cause a major headache for your accountant...which you will need...and will cost you more...your average pay if you are trying to book your own frieght will be about $420 gross if he does not have a trailer to $500 if he owns a trailer,cost of being out on the road per week with your wife not contributing is $280- $320 at best...find a job...sorry

 

Unless there is a written contract between you and the vehicle owner specifically stating that you are an independent contractor the IRS has clearly ruled you are legally an employee and the vehicle owner must pay the workmens comp., Social Security, deduct taxes and give you a W-4 for your income taxes. Insurance is between you and the vehicle owner. Verbal agreements are not accepted as a contractual agreement either. Failure to have a written contractual agreement and offer you a 1099 will cause him to be fined by the IRS.

There are many instances of the IRS issuing fines and penalties to vehicle owners who do this. As a business owner, the vehicle owner is supposed to know this. The problem is most don't and then get in a jam when the IRS comes calling. And if this is the instance (no contractual agreement) and you are injured on the job, then the carrier to whom the vehicle is leased could be held legally responsible as well as the vehicle owner assuming the vehicle owner doesn't or can't pay for the injury/injuries. That would probably terminate the lease with that carrier & no company would then lease that truck on due to the added risk caused by that vehicle owner.

From a retired federal DOT official.

 

If nobody else will take u im possitive landstar wnt best of the best

 

I don't know why everyone gets all worked up about taxes. Keep track of the days your out on the road. You rate a little more than 50 per day and being an exp. Driver I'm sure you know ways to save on food. I have a fridge and cook almost all the food I eat. I can't live on canned food and soups. Again just on per diem alone for one year you should have anywhere from 12000-14000 to claim and its currently 80 percent deductable. Its not a bad idea to set some money aside but if you keep track of every deductible you should owe little to nothing.

 

If you owe little or nothing you really didn't make any money.

 

If Landstar accepts you with that DAC, you WILL have workers comp. Landstar with force the O/O to get it for you before your hired.
Ask about dead head. There is lots of free dead head miles at Landstar.....

 

On a 1099 you are responsible for all income taxes, all social security taxes, in some states workman’s comp, and any insurance (personal)! The owner of the truck is trying to get out of these, so that he may be profitable. If I were going to work on a 1099, I would make sure that I understood owners intention on all tarp pay (if flatbed), stop pay, and any other accessorial pay's, Also I am not sure that is an actually legal to work on a 1099, unless you are leasing the truck from him, a lot of people do it, but I am not sure it would stand up to an IRS audit, (really should speak to an CPA about that) The rates at this time are running around $1.30 to $1.80 per mile, if you have your own trailer, you would get about 73% of that rate to the truck, If you are pulling their van then you will get about 65%, then of that 73%, you will get 29% to you, you will not become rich, but since you do not appear to have much over head, you will get by. It is hard for most truck owners to break even, so getting by, is not so bad. At least that is what I keep telling myself! Good Luck!