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Being your own boss

Discussion in 'Motor Carrier Questions - The Inside Scoop' started by daniebenavides, Jul 8, 2011.

  1. Jul 8, 2011 #1
    daniebenavides

    daniebenavides Bobtail Member

    4
    0
    Apr 26, 2011
    California
    0
    Hello trucking world!
    My Husband just picked up his first load today as an owner operator. He's working with a company, making runs from San Joaquin County to LA. My question(s) are..do we need form 1099, what is it if it's needed, do we need to deduct our own taxes out of the checks he gets or will the company do it for us? And anything else related to these type of questions. Thanks for any help.
     
    daniebenavides, Jul 8, 2011
    daniebenavides, Jul 8, 2011
    #1
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  3. Jul 9, 2011 #2
    PackRatTDI

    PackRatTDI Licensed to Ill

    14,765
    22,567
    Jul 15, 2006
    El Chuco, Tejas
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    I tried being my own boss once. But I ended up being an ####### and I ended up writing stuff about myself on the bathroom wall. Drove my wife nuts.

    As for your husband, if he signed a w-2, they are deducting them, if he signed a w-9, then they aren't. If its the latter, you will have to pay your taxes and you will need that 1099.
     
    PackRatTDI, Jul 9, 2011
    PackRatTDI, Jul 9, 2011
    #2
  4. Jul 9, 2011 #3
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    May 28, 2009
    Rancho Mirage, Ca.
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    You can see when he gets his first settlement, but most O/O's do not have taxes witheld.
     
    Allow Me., Jul 9, 2011
    Allow Me., Jul 9, 2011
    #3
  5. Jul 9, 2011 #4
    Mortar Man

    Mortar Man Road Train Member

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    Dec 16, 2008
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    That's correct , and the form 1099 should be issued to you by the carrier at the end of year if not .. Total up all settlements and put it on a 1099 form the the carriers FEIN# and then your EIN # or SSN so that the wages you claim 1099 are directed back to the carrier . That is a CYOA way of doing it . But most likely they will issue you a 1099
     
    Mortar Man, Jul 9, 2011
    Mortar Man, Jul 9, 2011
    #4
  7. Jul 9, 2011 #5
    Mortar Man

    Mortar Man Road Train Member

    1,369
    379
    Dec 16, 2008
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    Just remember ... You have your 2290 due soon ..

    That's your Heavy Road Use Tax

    $ 550.00
     
    Mortar Man, Jul 9, 2011
    Mortar Man, Jul 9, 2011
    #5
  8. Jul 9, 2011 #6
    SheepDog

    SheepDog Road Train Member

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    Nov 30, 2008
    Sand Lake, MI
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    Isn't this one of the many things a person should know before they take that step?
     
    SheepDog, Jul 9, 2011
    SheepDog, Jul 9, 2011
    #6
    Diesel Dave, Mortar Man, American-Trucker and 1 other person Thank this.
  9. Jul 9, 2011 #7
    jlind

    jlind Heavy Load Member

    902
    350
    Dec 21, 2010
    Nature coast, Fl.
    0
    One would think so Sheepdog...
     
    jlind, Jul 9, 2011
    jlind, Jul 9, 2011
    #7
  10. Jul 9, 2011 #8
    Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

    8,701
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    Jan 20, 2010
    Hesperia, Ca.
    0
    Your suppose to do your homework BEFORE you become independent. Is he leased or brokered ? Are you going to be doing the bookeeping ? If so, you better get a crash course ASAP, cause that is going to depend if he makes it or breaks your reserve. You do have a reserve right ?
     
    Diesel Dave, Jul 9, 2011
    Diesel Dave, Jul 9, 2011
    #8
    SheepDog, The Challenger and Mortar Man Thank this.
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