Do yall pay every year?

I know my son, an IRS field agent, would have a blast auditing what is going on with doing a 1099 on a basically a driver. Keep in mind, that FedEx got charges levied against them for doing things better than you have outlined. Their contractors actually owned the equipment.

Hope it all works out well. I really have no concern what others do regarding taxes. I do enjoy listening to the latest take down of a business by my son. You would be surprised the stunts people pull to try and scam the system.

But for me, I wish the current tax code would go away. Flat Tax or Fair Tax, I don't care. The current setup is a mess.

 

I'm just curious how you structure this:

They are leasing the truck, but you are paying them a "% to drive" and you are writing off the cost of operating the truck (fuel, tolls, maintenance, insurance, registration, permits, etc.) ??

http://www.irs.gov/businesses/small/article/0,,id=204169,00.html

If you have a 2000 sq. foot home, and your office is 200 sq. foot, it's not 50% like you originally claimed.

Whatever works for you. From the looks of things, your one "lease operator", isn't doing any withholding as a contractor, earning:

So, if my logic is correct, (which it may be not, the coffee hasn't kicked in yet), he's working as a driver and earning $60-70,k a year, tax free....

Sweet deal.

I'm almost willing to guess that he is modeling his hot-shot operation after the Fed-Ex setup, except he is maintaining control of the equipment. And..... a good chunk of money is flowing, because well, he was able to add a a truck between the first and third post.

 

I think you mean the first page and third page??
I was wondering about a thity page lease?
The longest broker contract was probably 10 or 12 pages.
I prefer the 1 or 2 page stuff

 

2 pages for me. I must have my views set up differently than you.

Either way, after going back and blinking my eyes, I did notice the original post was 4/11 and the last one was this month. Plenty of time to add a truck in between the two.

I stand corrected. I hope I don't get a TTR audit for my indiscretions...

 

Wow.... spend $1 to save $.20 in tax. I think I would have stashed it in a Health Savings Account or a Individual 401K or both.

Oh Well.

 

well said cowpie1