My T-600

Do not forget to pay the IRS your prorated cut of the 2290 heavy highway use tax. Even though it's likely that the previous owner payed the full $550 for the whole year, he is owed a refund on the pro rated portion he is not now using. If you place your new truck in service in Jan, you have untill the end of Feb to pay it, or face a fine from our "fine" friends in Gubermint.

For what it's worth, they changed the 2290 regs few years back, to include the refund part to a user who sells his truck before the pre paid yearly 2290 tax is used up, which is nice for those who know about it, but ultimatley it's more of a revenue maker for the IRS, as for any truck owner who doesnt seek a refund, or even know of it, the tax gets applied twice to the same truck.

 

Well I don't know mcuh about taxes and all so Im going to offer you advice anyways, lol.

I think you should register for WY, ID, and CO for yer truck license. CO has some oil fields popping up from what I have heard.

Also....I've heard that incorporating doesnt help you much at all as having a corporation doesn't protect you as much as others say it might.

As far as your choices of work...not sure which way to go. Who knows how long the oilfields will be pumping...ive heard varying numbers. Right now its booming because they are laying down pipe and such, but when the pipes are laid and the wells are drilled, there won't be much of a demand for workers.

 

Get incorporated!!! pending the circumstances it "may not" protect you.
it separates the company from you the individual.

If you have an at fault wreck injuring people, you are screwed, because you are the company and the driver. After the company they will go after the driver personally (you).

If the corporation owes for fuel, repairs, and truck payments, then the corp gets sued and you get to keep your house, car, boat, and the pile of money in your personal savings account that you paid personal income taxes on.

 

Not always. For a corporation, you still have to pay income tax, yer still making money. You, in some states, have to pay a corporate income tax.

If you are an O/O, being incorporated does not provide you with a magic shield that protects you. The lawyers can still come after you AND your corp. Not only can the corp be sued, but so can its officers. That point is magnified if you are an O/O with one truck and a corp. sure, you may run your corp as a CEO, but you are also driving the truck, not the corp.

Think about it...if you are an O/O leased to a carrier, you already have all the liability protection you will need.

 

I have an s-corp for my trucking business. I think that it is a waste and was a waste. It is just more headaches. More stupid tax papers to fill out and the whole 9 yards. However, if you are going to have more than one truck, thats' when the s-corp could help you!