Just file everything under your name there will be a section for your business income and expenses
LLC Help
Discussion in 'Trucker Taxes and Truck Financing' started by BFL123, Mar 25, 2021.
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It depends on how you set up your LLC, most single owner LLC's file a 1040, with a schedule C. If you set up as a S or C corporation, well, that's different.
No harm asking questions here, but realize the info you get may or may not be correct. Your best bet would be to consult a tax specialist...BFL123 Thanks this. -
I was told this by my family’s lawyer. An LLC if it’s just you won’t protect you from anything. All these guys trucking around thinking an LLC will save them are out of their minds.
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Single member LLC, which I assume is what you are, is a pass through entity, passing through all earnings to your SS# if you will. You will not get a W9 from the company you are leasing on with because you are not an employee! YOU are a business owner. As for "payroll taxes" you won't have those per se' but what you will have is federal taxes you have to pay qtrly as well as social security taxes, AND state taxes so you best be putting $$ aside for that.
Dude in all seriousness, get a tax professional to assist you. I learned a long time ago having been self employed for the last 16 years, It is way cheaper in the long run to pay someone to do something that I either do not want to do or haven't a clue how to do it. But, I will research the hell out of a subject so I can do it myself if need be.Last edited: Mar 28, 2021
Reason for edit: wrong infoBFL123 Thanks this. -
Mattflat362 Thanks this.
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All of this advice is why you need a professional.
Mattflat362 and noworrez Thank this. -
That last 2 posts say it all according to my understanding and the understanding of my professional accountant. I have always known that as a driver and a carrier I am possibly vulnerable.
BFL123 Thanks this. -
You formed a 'company' and in order for the contract to be legitimate, the truck should be titled in the LLC name and leased in the LLC name and get's a 1099 in the name and EIN of the LLC.
As mentioned above there is little personal 'protection' under an LLC when you are the only person involved and eventually the IRS will look at the LLC the same as a person. Eventually your EIN earnings will be associated with your SSN unless you grow to become a Type S or Type C corporation.
Find a CPA that understands trucking. I've seen too many guys selling their truck after a year or so when they discover what the didn't do, taxwise, and selling the horse was the only way to pay it all off.....BFL123 Thanks this.
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