Need some important advice.

I would find a good accountant that can help with this. But bad time of the year to do accountant shopping.

If your income is going to be enough you may want to look at setting yourself up as a S-Corp, becoming employees at a company driver wage and then the extra income can pass through to you without having to pay employment taxes on the extra.

Check to see if your state will allow you to opt out of workers comp as an owner of a company. You will also want to check what is required by your company in terms of insurance.

In my state, it cost more for an LLC plus taxes on LLC are more complicated than a corporation. However, if doing taxes yourself that shouldn't be that big an issue.

 

Why bother going incorporated ? There is no financial benefit since your sole proprietary. Now if you were to have a employee driving the truck, yes, you need the protection for liability purposes... but not as a O/O.

 

Even with several employees you are better off making sure you have enough insurance for protection. Very easy these days to pierce the corporate shield.

However, if enough money is made there are great tax benefits.

 

Take and add how much do you both get now(cleared after taxes) and how much fuel you use in a year. Add both, If they do not offer even close to that start thinking where you will get in the future. What happens If you do not have a good month and how to pay the bills. And do not forget parts and laborer in case the truck breaks down and insurance, and cost for another driver and so on it goes.