I heard taxes are changing for the.....

Discussion in 'Trucker Taxes and Truck Financing' started by Coolbreezin, Jan 26, 2024.

  1. Coolbreezin

    Coolbreezin Medium Load Member

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    Jun 11, 2016
    Florida
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    Hey all. Has anyone else heard about the taxes are changing for the worse? Couple guys at my work say that the government is going to implement change regarding the taxing of companies that hire O/O.
    Ultimately pushing the company to force the O/O's to become company drivers. I don't know any of the details, but I've known these guys about 9 years.
    Anyone have info?
     
    BillyBobFrank Thanks this.
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  3. BillyBobFrank

    BillyBobFrank Light Load Member

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    Nov 7, 2022
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    I know California has already made it incredibly difficult to be a lease O/O, but that's the extent of my knowledge on the subject.
     
    Coolbreezin Thanks this.
  4. Ridgeline

    Ridgeline Road Train Member

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    Structure the company right, you will never have a problem.
     
    Lite bug and Deere hunter Thank this.
  5. Unite4right

    Unite4right Bobtail Member

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    Feb 16, 2024
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    Quote: Structure the company right, you will never have a problem
    There are many industries where it is harder for small companies to operate because you spend so much time and money complying with endless and burdensome regulation that could be simplified or eliminated altogether.
     
    77fib77 and CassND Thank this.
  6. mav100

    mav100 Bobtail Member

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    Jul 7, 2023
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    They are talking about the AB5 law that California has.. which makes it really difficult to be an owner op. You’d have to be a true owner op with your own authority to drive as a 1099. There are *many more states* that want to implement this. And yes I believe it’s bc they want drivers to be company so that they can’t deduct expenses for tax purposes. Ofc they don’t say that’s the reason.. going to make it real difficult for small business owners with the cost of insurance and all that. Needing to get their own authority etc. Hope this doesn’t happen but that seems to be where things are headed.
     
    Coolbreezin Thanks this.
  7. Unite4right

    Unite4right Bobtail Member

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    Feb 16, 2024
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    It's easier for the government to control a few thousand companies than hundreds of thousands of O/O. Not the philosophy this country was built on
     
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