1099 legality for driver that picks their own loads and paid % of load?

Discussion in 'Trucker Taxes and Truck Financing' started by PermanentTourist, Apr 8, 2020.

  1. PermanentTourist

    PermanentTourist Heavy Load Member

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    48 states + Canada
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    I have absolutely no need for an upgrade, I already have two trucks, lol. My primary truck is an old but reliable beast, and it is fully paid off. I firmly believe in buying used, paying off fully, and running machinery deep into the ground. I'm not one of those "buy new and trade after 400k miles" guys.

    So nah. While it would be a great time to buy a truck, I already have one truck too many and I like them both. Honestly, I've just been driving both, switching them every month to spread out the miles and keep either from growing into the ground, and it's been working fine for now.

    Having to pay insurance for both is a bit annoying, but $200 a month is not such a big deal. And it's kind of nice that if one of my trucks has a big break down, I can just get a ridiculously cheap plane ticket and go fly to my other truck and keep working while the broken one is stuck getting fixed.
     
    blacklabel Thanks this.
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  3. Accidental Trucker

    Accidental Trucker Road Train Member

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    Jun 4, 2015
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    Just an observation from the peanut gallery, but this is a LOT of gyration just to avoid running a number through Quickbooks.

    If you don’t want to do that every load, just deposit a 30% “draw” every load, and run a settlement check at the end of every month.

    All the legalities covered, Uncle Sugar happy. Just make sure you have things like work comp covered....
     
  4. dunchues

    dunchues Medium Load Member

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    new brunswick
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    Dont try to skimp on lawyers and accountants fees, it will likely cost a lot more than you save. Find good professionals by your diligent research, meet them to make sure you can personally work with them and they understand you then build a long relationship.
    The personality aspect matters, I had a very competent accountant once who was recommended by a good friend as a nice guy as well as a top pro. Worked together for 3 years but I just didnt really like him so we didnt communicate properly and consequently I know it cost me money. The cost is a long way down the list of important things to consider.
     
  5. mover man

    mover man Road Train Member

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    My next door neighbor has a small fleet of 5 trucks. He had his own customers for close to 2 decades.
    When one customer went out of business he was stuck with 3 trucks more than he needed. After several different carriers, and rather than sell and fire loyal employees
    He put them on with land star. The money is split 33/33/33. Truck, driver, him. I dont no anything about landstar but everybody seems happy. Two years ago, when one of his drivers took 3 weeks off. I drove for him,and one of the other guys dispatched and emailed me load info. I didnt like driving 10 hours a day every day. But I was happy with the money. The moving business is very slow during the winter. So I told him I'd do it again anytime.
     
    Rideandrepair Thanks this.
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