I am Going To Lease A Truck. Tell me Who To Go With.

Thank you so much for your advice. I will add your post to my check list. I have no problem with a 1099 as long as I am going to be listed as the O/O. My last post was not very clear and I apologize. The two offers I was referring to, where from small companies who owned the equipment that I would be operating. They want to list me as a I/C so I would have to pay my own taxes, while they still owned the equipment and received all the right-offs.

It sounds like you are hooked up with a good company. I hope your piggies get well soon. Thanks again!

 

Thank you for your advice. I was unaware of 3rd party leases. I will add your post to my check list. I have given myself 60 days to try and find a decent company or plan, in order to carry out my career changes. You are right about the homework as well as the Attorney. It is cheap insurance to have someone look at the paperwork before it is signed.

 

Wiser words have never been spoken my friend. It still amazes me how some people reply with no useful information whatsoever, and to top it off, feel the need to rip a person a new one on the way out the door.

 

Your post made me chuckle, not at you, but at myself. Last week I paid an Attorney for advice concerning 1099's. It was a small consultation fee and I had a couple questions. The first thing I asked him was if he had any knowledge concerning the Trucking Industry, he replied, "No, not at all other then he does not like it when trucks run side by side and he can't pass". My second question was, "Then how can you help me?" His reply put me right at ease while also making me feel a little embarrassed. "If you want advice concerning trucks, go ask a trucker. If you want advice concerning the IRS, you've come to the right place." He then explained to me that regardless of what the occupations is, the law applies equally to all. The point he was making is, regardless of what you do as a business, if you issue a 1099 to anyone, they have to meet the requirements set by the IRS. Either you meet the requirement or you do not. It kinda like being "a little bit pregnant", either you are, or you aren't.

Having paid for this little nugget of wisdom, like chickenbne said, have a Lawyer look at the lease and that is just what I plan on doing. I will find an Attorney that deals with Lease Agreements and go from there. The same theory applies. Drive Safe!

 

I am working on a plan that will hopefully work to my best interest. The $15,000.00 is what I want as a reserve for what ever may come up. I appreciate your advice Mark, I never have been one to make a snap decision and I try and weigh all my options that I have available to me. Here is my situation and I am not "patting myself on the back" by no means, it is what it is.

I have no family commitments. I have no House, Car or Credit Card Payment, 0. I have a Cell Phone and Car Insurance Bill every month, that's it besides mostly food and cigarets. I have a Class A CDL with Tanker, Double & Triple and I just passed my Hazmat Test today and paid my $83.00 to Virginia DMV, I should have it in the next 3-4 weeks, according to them. I have a +5 on my license. -5 is the worst you can get before it is suspended. My license is valid till 2019. My DOT Medical Card is valid till November 2014 and I renew it every 2 years. I applied for my Passport Card this morning when I left DMV, cost $55.00, I should have it within 6 weeks.

My desire is to run OTR. I have the mentality to install the fridge / freezer and microwave as I am well aware of what it cost to eat at most truck stops and one of my passions in life is cooking. My paperwork is deadly. I use Quick Books Pro for my receipts. I use Microsoft Street and Trips 2013 with a GPS receiver, as my GPS, 17 inch screen with a mount made to absorb vibrations from the truck. I have the RandMcNally Motor Carrier Laminated 2013 Road Atlas for my Trip Planning. I use Eclipse E-Logs combined with the same GPS Receiver that I use for my GPS. I will run the split log as much as I can, as I very seldom need ten hours of off time, plus driving 5.5 hours driving is a breeze.

I did this in my 20's and 30's, we just did not have all the niceties that are available today. You had a cb radio and change for a phone booth. Drive Safe!