Forming an LLC as one owner vs two owner?

Discussion in 'Ask An Owner Operator' started by Norfolk, Oct 8, 2021.

  1. Norfolk

    Norfolk Bobtail Member

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    Apr 21, 2019
    North Kingstown, RI
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    Thanks. I do own a home. Definitely something to consider.
     
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  3. Norfolk

    Norfolk Bobtail Member

    7
    4
    Apr 21, 2019
    North Kingstown, RI
    0
    Thanks for the advice!
     
    Rideandrepair Thanks this.
  4. Norfolk

    Norfolk Bobtail Member

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    4
    Apr 21, 2019
    North Kingstown, RI
    0
    That makes sense. Thanks
     
    Rideandrepair Thanks this.
  5. Norfolk

    Norfolk Bobtail Member

    7
    4
    Apr 21, 2019
    North Kingstown, RI
    0
    Thanks. I'm just starting out as a first time owner operator after doing company driving since 06. So, I'm learning and trying to start off on the best foot as possible.
     
    86scotty and Rideandrepair Thank this.
  6. mjv2744

    mjv2744 Bobtail Member

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    Oct 2, 2021
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    An s Corp can shield you from some payroll taxes. Mainly some on self employment taxes. That is what I understand I may be 100% wrong though I am not an accountant.
     
    Rideandrepair Thanks this.
  7. Rideandrepair

    Rideandrepair Road Train Member

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    Aug 8, 2015
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    I’m not sure the amount today. But used to be $2000 a yr. I could pay my wife $2000 for ??? Without taking/ paying payroll taxes. It’s a general rule. Applies to anything. Hiring someone to help around house, cut grass, whatever. My idea was for her to put the whole amount into an IRA. And getting a double tax advantage. Don’t know if that’s possible. Never did it. Just my idea. Either way, for the years She was a stay at home Mom, it would have been a good thing. If possible. Again a tax or Lawyer question. It definitely helps to have your Wife onboard, especially when things get crazy or money gets tight, Lol. She needs to understand what’s going on, and be involved somewhat. I’ve always included my wife in big decisions. Especially buying a Truck. She actually convinced Me to get my current Truck vs. the more practical Truck I was considering. Lol. Glad She did. It’s the one I always wanted. Had it 13 yrs now.
     
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