Help lease op

I’ve been pretty successful in lease purchase. Successful in, I never got upside down on taxes and did make some money.

All in though, I wouldn’t do it again. I know you said you don’t want to be a “full blown o/o” but for the most part that’s what you’ll be doing, well all the cons anyway.

You’re paying the taxes, the fuel, the maintenance, the insurances, trailer rentals, the way inflated notes, and guess what? For the most part you don’t get much back. Most companies that L/P won’t let you take the truck where you want, you can’t really choose or pick your own loads at MOST places, like you could if you leased it from somewhere like Lone Mountain, or buying one. There’s really not too many positives or reasons to do it.

Set up some type of business entity, whatever you and an accountant or whoever determine is best, not for protection but tax reasons. Do everything through that. Open a business checking and savings account, have your settlement deposited into that account, have a payroll service or whoever take x amount from said account, take out the appropriate taxes and deposit it in your personal account. End of the year they’ll send you a W2 from your company to you. Having all business expenses on the business account makes paper trails all nice and tidy.

Set aside money for taxes you’re going to pay on the 1099 you’ll get from whatever company you’re leasing through.