Based on 2500mi/wk, the cost of all expenses is ~$1.50 per mile, right?

It’s ok. He doesn’t own a truck yet but has it all figured out.

 

I don't necessarily agree with the notion that Billy has to be naive enough not to know that from all the business proceeds not only does he have to cover his living expenses but ALSO business overhead and put aside enough cash reserves.
Knowing your overhead and then how fuel price, anticipated repairs, and maintenance affect your profitability is not too difficult to assess, thus to know what gross left - over you should be able to secure after a day, or a week or even a month. Perhaps, paying yourself ensures that you - as a person - will have money for your own daily life needs but it does not change how much money you were able to generate, to begin with.
Generally, there's nothing wrong with paying yourself, as if you hired a third person to pay their wages as a driver. I find it even helpful in establishing a sound framework on which your business might expand if indeed, you start adding trucks and hiring drivers.
I simply don't see 'not treating your own pay as an expense as a crucial error, as some of the members here try to make it seem like.

 

As far as I remember there are some legal differences between LLC and Corporation. But at the owner-operator level, they are too subtle to matter and they don't matter whatsoever at the S-Corp level. All S-Corps are the same for tax purposes, regardless of whether their legal entity structure is LLC or Corp.

 

I don't need to know it from you, nor nobody else. You can go to the political section of this site and enlighten everybody about it there. We talk trucks, and business here.

 

Are you not intelligent enough to understand that your political rants off the subject are not only against this site's policies but impolite and distracting?
You contributed good info but know you are trying to impress with your anti-government talk. You'll get better attention in the political section of this site where the password is "thickskin" There you can talk about anything between covid vaccines and governmental oppression and share your view on Russia's aggression on Ukraine.

 

It sounds like you already have all the answers and no one is going to change your mind.
So, why the question?