Running with JCT, Part Deux

Leasing a truck to make poverty level? Why not work a McDonalds flipping burgers.

 

I dont have my numbers in the truck but my average settlement was just over 1200 a week for the ten months I was with jct last year. I also took three weeks off during that ten months.

My settlements could have been higher but I was making an additional contribution to my maint account For the last 6 months of that.

To address the ridiculous mcdonalds question. Its pretty simple Why I dont work at mcdonalds.

1. I hate smelling like a dep fat fryer after work.

2. I have little patience for lazy kids with no ambition.

3. There's a huge diff between being at poverty lvl and being taxed at poverty lvl. fast food workers dont get to claim per diem. That was a $16000 deduction last year. Fast food workers dont get to deduct half thier clothes and cell phone bill. Fast food workers arent building credit by simply going to work. I could go on but I'll just add one more...

Fadt food workers dont have mercedes benz financial services fall over themselves to approve your credit app for the truck you want to buy.

You see, I'm one of the L/P failures. I became one when I turned in truck number L2636G after 15 months. My new truck number is L0692. The L0 part identifies a leased O/O.

Would you like to ask anything else about my choice to not work at mcdonalds?

 

So you are flipping trucks instead of burgers.....LOL. So you made money but spent it on the truck...which puts whom in a lower tax bracket? I get that, was it was a loss on paper but you have cash in the bank? Any good CPA will advise you put all the money in a asset account and take only a owners draw off the business to show you had income from your business. But there is a difference between personal and corporate tax rates that means you would have decide which avenue you wanted the revenue stream to flow.....a business account (Limited Liability Corp) or the not so personal Sole Proprietorship.

That's the rub.....The business gets all the credit and your personal income statement keeps you floating in poverty!

 

According to IRS I'm at 26k my company however is doing well enough and no its not a perpetual lease its paid off after 5 years for solo or 2 and a half team. Could be faster as its based off miles run. I know a bunch that ran hard a couple years turned in the JCT rig and bought one from a dealer and run that now. As for McDonald's I don't think so.

 

Who is doing your income statement? you said , "According to the IRS...", don't you mean according to the CPA who prepares the IRS statements for your tax liability?

 

You're making assumptions. I didn't come to JCT for a job, if all I wanted was a job I could be making $70k+ running close to home and be home weekends and 2-3 times a week. BTDT. My main goal coming here was to get reefer experience in the western 11 without dealing with the mega fleets. There were several other reasons but the important thing is I've accomplished what I set out to do at JCT, I'm only staying here long enough to decide which direction to go next.

There's another truck and driver in my business. The second truck is running the midwest and northeast for a small Ohio carrier. That truck is paid for but to get our hands on it required an agreement with the owner that it stay leased to him for another year. That year will be up in late Oct.

Our goal is to form an LLC and lease both trucks to it. Then either lease onto a premium carrier or go full independant. We have the knowledge and experience to go independent as well as many contacts for both direct freight or brokered.

 

Ok my wife is my CPA also my CFO and my company pays me .25 a mile. I'm a horrible guy to work for lol. I work for that llc. My wife set it all up. I'm not a numbers guy my wife is that. I know we make plenty and I love this place.

 

I have a friend working Schnieder Choice. He says he's the worst dispatcher he's ever had. lol

 

Nobody is claiming you are a terrible person....I wanted to get some info from real drivers and not the recruiters... I have already met a recruiter in person at the GATS (2014) in Dallas....The next step is a query some numbers from the TTR. But as usual, people take any thing and twist it into sometime it is not. I want to know can a driver make 50 K after taxes pulling a refer for JCT....

Have a nice day!

 

Guess he doesn't get my humor. Yes 50 is possible.