Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

NEED HELP!!

Discussion in 'Ask An Owner Operator' started by hootwe, Apr 25, 2021.

  1. Apr 25, 2021 #1
    hootwe

    hootwe Bobtail Member

    1
    0
    Apr 25, 2021
    0
    I currently am leased onto a company and have always filed a 1099, Recently I bought another truck and want to partner with my son to eventually spin off and do it myself. Until then the 2nd truck will be leased onto said company that I currently drive for. In order to hire him what do I need to do in order of taxes. Should I start and LLC and File under S-CORP to save taxes? Also so that we have a w-2/4 and a set salary? Just some guidance would be great!
     
    hootwe, Apr 25, 2021
    hootwe, Apr 25, 2021
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Apr 25, 2021 #2
    drivinhome

    drivinhome Light Load Member

    91
    102
    Sep 16, 2009
    Southeastern Mass
    0
    The best way to do this is file to become an LLC. Then you can elect to be taxed as an S Corp which is the most beneficial for tax purposes. Setup a payroll service like ADP and pay on a W2. If your net profit is over 50k per year this is the best way to do it. Find a good truck CPA to guide you through the process. Good luck.
     
    drivinhome, Apr 25, 2021
    drivinhome, Apr 25, 2021
    #2
    BoostedTeg Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.