hello every one, i have a small trucking company ( under llc s corporation), just me have no employees is it true that i have to pay my self at least every 2 weeks? and file a quarterly tax return? or just file at the end of the year? also if i pay my self as an employee with pay checks evry 2 weeks for all year how i will file taxes at the end of the year, do i need to have form 1099 for my company and form w2 for me as an employee and file each one saperatly or how? and also this is almost half of february and i did not receive any 1099 from any broker yet, what i should do do i need to call them or i need to contact my factoring company or what thx for help
Is the company llc or s Corp. No, you do not have to pay yourself on a regular time frame. If you file yourself as an employee. You need to subtract payroll taxes and pay them quarterly. 1099 need to be mailed by the end of January. 1099 is not required to report the income. Also it is not required to send a 1099 to a corporate entity. The best advice I can give is find a local bookkeeper, attorney. Good luck.
You should have hired an accountant before you started your trucking company. As a LLC, all company profits will pass through the company coffers to you. You will be filing a Schedule C tax form. You should file a Profit and Loss statement for every load (these statements would show all the details of the trip. Brokers name, date, shipper and address, load details, paid miles, fuel surcharge, when the load was delivered and when you got paid) to see which loads are a waste of your time. That way you can see which brokers are deadbeats. You are required to make quarterly payments for both federal and state. Making monthly profit and loss statements and quarterly P&L statements is important in determining you estimated taxes. Making quarterly payments makes it a lot easier to file your taxes. Penalties for underpayment of taxes are pretty steep and can be easily avoided. Pay yourself after paying all your expenses. Don't forget to put some in an IRA for your retirement. Be sure to keep the original copy of the Bill of Lading to prove that you delivered the load. Check around to see which factoring companies pay the best. Good luck in trucking and drive safe.
Whether or not you need to file payroll quarterly depends on how much you pay yourself each quarter, not what your corporation is grossing. There are different salary limits for different payroll taxes per quarter that call for filing. There is no set limit on payroll frequency. What the IRS looks at is if you pay yourself entirely in distributions and no salary. They frown on that. When you go to file your tax return due in April your salary that you paid yourself will be just one of your business expenses. This is when you will need money set aside in your account for what ever profit your corporation will be showing if any. Being an S corp this profit rolls over to your personal return through a K1. For your quarterly payroll taxes I recommend getting yourself set up on inuit payroll. Easy to do and it keeps track of all your payroll taxes and you file them with the click of a few buttons each quarter or however often required. Also provides you with a W2 at the end of the year. Best $35/month ive spent on my business.
