Finally got my own truck

But all the ads on Sirius say you run the risk of losing everything! Many people buy into that, and miss the important tax implications.

 

The new tax structure perhaps, but under the old tax structure the break even point was something like 120k net. Not to many guys are netting that one 1 truck.

 

It was a lot lower than that for an S corp. Avoiding self employment tax is a pretty big deal.

 

I was told 70k net. But every man's situation is different. You pay yourself 40k, 30k self employment tax is $4500. Extra $1000 for s-corp tax preparation?

 

But it's not like that other 30k is tax free.

 

No it only saves on self employment tax. 15%.

 

And what other taxes are on it instead?

 

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