EINs

Just small advice...do yourself a favor and find a good CPA.. It'll be priceless once you get your E.I.N.

 

Exactly its financial death in this day and age if you get behind or make a mistake on your taxes. The IRS has no mercy and the fines are 10 times what they ought to be. So unless your and expert and keep up with the latest tax BS get an CPA that knows how to deal with the trucking industry.

 

Does anyone think that getting an EIN and a business checking account, before the truck is bought, a bad idea?

 

Why would you? Don't put the cart before the horse.

 

Conversely, there is nothing wrong with getting some of the paperwork underway prior to purchasing equipment. It does help to compartmentalize things, and can be useful if for no other reason than organization.

 

That's what I was thinking JPenn... I understand what Oscar the KW is saying and there is merit but, what harm is there? Not to mention by doing it, I will be enforcing my commitment...Besides, I did buy a trailer once, before I had the truck so, I am kind of good at putting the cart before the horse. The cart isn't going anywhere until I get it just right anyway so, no need to buy a horse and pay fixed and variable costs before the cart is ready to move... I know what type of trailer I will be pulling and pretty much know who I will be contracting it with, down to 3 anyway... I am just hoping someone can give me information that I don't know, I don't know.. I always feel like I am missing something..

 

Most business checking accounts have some type of fee to them, I use a second personal checking account to run my businesses out of, and its free.