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L/P assumptions are amusing

Discussion in 'Lease Purchase Trucking Forum' started by Caseli, Nov 9, 2018.

Page 6 of 25
  1. Nov 11, 2018 #51
    Caseli

    Caseli Light Load Member

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    I'm not being played. All they have to do is ask lime Dave_in_az. I'm willing to back up my claims.

    This isnt kindergarten. Although some here seem to think it is.
     
    Caseli, Nov 11, 2018
    Caseli, Nov 11, 2018
    #51
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  3. Nov 11, 2018 #52
    stayinback

    stayinback Road Train Member

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    Careful come income tax time- Better pay yourself an "employee" Wage.

    IRS will track your money- LLC,INC or not. Alocate your Funds come "Good" Times into IRA's or Dump it back into equipment- Don't just deposit Funds in savings accounts without Structure- They will Audit you.
     
    stayinback, Nov 11, 2018
    stayinback, Nov 11, 2018
    #52
  4. Nov 11, 2018 #53
    Caseli

    Caseli Light Load Member

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    As stated previously. I'm set up as an LLC and have elected S Corp status. I'm a w2 employee of my company and pay myself a reasonable wage as prescribed by the IRS.
     
    Caseli, Nov 11, 2018
    Caseli, Nov 11, 2018
    #53
    Dave_in_AZ, Vic Firth and stayinback Thank this.
  5. Nov 11, 2018 #54
    stayinback

    stayinback Road Train Member

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    oh Hey Dave- Didn't know it was you, You know what your doing then.
     
    stayinback, Nov 11, 2018
    stayinback, Nov 11, 2018
    #54
  7. Nov 11, 2018 #55
    sealevel

    sealevel Road Train Member

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    You started a thread looking for answers explaining assumptions for your experience. Kind of self serving, and your wrong. This is the very definition of kindergarten.
     
    sealevel, Nov 11, 2018
    sealevel, Nov 11, 2018
    #55
  8. Nov 11, 2018 #56
    Caseli

    Caseli Light Load Member

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    Yes, and i got my answer back in page 1. The kindergarten class piped up after that and like most threads here its been a downward spiral since.

    I have the right to defend myself. Id rather i not have to but im not going to slink away with my tail between my legs.
     
    Caseli, Nov 11, 2018
    Caseli, Nov 11, 2018
    #56
  9. Nov 11, 2018 #57
    Scooter Jones

    Scooter Jones Road Train Member

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    Hey, I'm happy for you! Capitalism is the American way! Lease on!

    As far as how the I.R.S. looks at a "reasonable" wage for an S Corp sole member, what I did when I set up 3 years ago was to take the average wage of a truck driver in my area and use that. A 75/25 % w-2 wage to distribution is what my CPA advised me to use.
     
    Last edited: Nov 11, 2018
    Scooter Jones, Nov 11, 2018
    Scooter Jones, Nov 11, 2018
    #57
    Oxbow, Vic Firth and Caseli Thank this.
  10. Nov 11, 2018 #58
    Caseli

    Caseli Light Load Member

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    Good rule. I simply pay myself the same wage i made as a company driver. That way i have years and years of documentation to back up the "reasonable-ness" of my wage.
     
    Caseli, Nov 11, 2018
    Caseli, Nov 11, 2018
    #58
  11. Nov 11, 2018 #59
    sealevel

    sealevel Road Train Member

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    Fair enough. I lease without the purchase part and do good as well. So I get it. Just curious as to why you walked into a bar asking who wants to fight?
    I congratulate you sincerely. The chip on your shoulder has served you well.
     
    sealevel, Nov 11, 2018
    sealevel, Nov 11, 2018
    #59
    slim shady, Caseli and 062 Thank this.
  12. Nov 11, 2018 #60
    Caseli

    Caseli Light Load Member

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    Thank you. My father put that chip there.

    I actually walked into a bar and asked why the drinks cost so much. Then someone busted a barstool over my head. :)
     
    Caseli, Nov 11, 2018
    Caseli, Nov 11, 2018
    #60
    Sirscrapntruckalot, homeskillet, not4hire and 3 others Thank this.
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