when to become. an owner opp

What were the benefits of being incorporated ?

 

I just jumped right in taking advantage of these lease on carriers like Landstar. The first day of my one year anniversary since my first solo dispatch I dropped an application with LS. Once they approved I quit and purchased an ol FLD classic. Which I wouldn't recommend if you want decent fuel economy, buts it's a comfortable ride.

I haven't even hit my 2 year mark since getting my CDL. I did know a trucker that was a family friend I could call on, but he seemed to sugar coat things, and the real world was much different. Plus he'd been doing it so long, and started when things were different. He was still helpful to call on, but most of my success can be attributed to TTR. Hours spent reading, and asking questions.

Use the search feature, and read read read.

I had my CDL in 6 weeks from an accredited community college school.
Did 3 weeks training at a starter company.
Did one year solo company driver.
Leased on now for almost 9 months and making ends meet.

Next hurdle is own authority, but I want more capital first, plus I need a wagon. LS is a power only lease which made it real easy having just one piece of equipment in the game to start.

I'd say most make it out to be more than it is. And some don't have any business or mechanical sense to start with. A successful truck driver, I believe, has many hats. He doesn't just have a driving hat. He's got a mechanics cap, lawyer cap, accounting cap, tax man cap, General get out of sticky situation cap, I call that one the smooth operator Stetson, negotiator cap, and etc, etc....

 

In regards to bubbabrenda,

The IRS don't bother you 1 truck guys..As long as you Pay Taxes every year (They don't need to be perfect) You'll be Fine.iRS has bigger fish to fry

Theres guys here in Chicago (Ya know,The Volvo guys) that are 10 years behind on paying income taxes...The IRS works with folks that cant pay.

But If your minding your own biz, Doing things the best you can,And Filing AND paying your taxes every year....Your doing the right thing..

The Hardest Part about running a trucking business are 2 things..And 2 things only.

1.Finding AND securing your own (Nobody elses) customers..
2.Finding Good,Loyal,drivers that will treat your equipment as if their own

 

I'm just sharing my experience, glad your has been better.

 

If you have to ask, you ain't ready.When you are ready, you will know it. Take your time, sounds like you might do well.

 

Ok, If you don't mind me asking..Why did the IRS mess with you?

I can only think you didn't file, Or you ran a half dozen trucks and the $$$ was lookin real good to just 'give away'

I can tell ya 1 thing..Avewrage owner-operator Gross salaries after all deductions were $56k per year, Which,In my eyes is lower than middle class, Believe me, The IRS don't mess with those guys working 80 hours a week for a measly 56k....

They want the 100-1000 truck CEO's, (ya know the ones that forgot to furnish a federal attorney to keep things "Slow n quiet"

Like I say...We got so many 1 truck guys over here that simply CANNOT pay their taxes, IRS don't really bother them.....YET!

 

You should not be so judgmental, to answer in order of your accusations I(my tax man) E-Filed on February 13th, ran 1 truck only $$$ was not "lookin' that good" and did not give anything away. My "gross after deductions" (which is actually NET not GROSS) was $66,000.00(rounded down don't remember the exact figure off of my head) I projected $60,000.00 (and paid quarterly, and ON TIME) because of my under estimation and a couple of rule changes I was not aware of resulting in me not being able to write off a couple of things any more, I ended up owing $1100.00 fed.(again rounded down) and getting a refund from Ohio and my county of residence. I paid the $1100.00 on March 11th (return receipt requested and received). In July I received a letter from the IRS stating I OVERPAID and would be receiving a refund in the next 180 days, in August I received a phone call from the IRS office in Cincinnati that they needed to set an appointment for my "review". After about 45 minuets of "reviewing" and having the "agent" consulting her supervisor 3 separate times they decided to stop the review and move forward to a 3 year audit. That is all the information I care to share on here, and would like to add that the first 11 years I was an O/O I had basically the same outlook and experience's as you, just be aware that it's not like that for everyone and it doesn't always last forever. I personally know more than a few O/O's that have had similar experience's as me, but I also personally know a whole lot more that have had the same experience as you. My point is, for you to assume that I "didn't file" or was trying to hide/lie/steal from the IRS is kind of offensive.

 

If you'll pardon my manners, I apologize for stating it that way, lol, I wasn't trying to insult or judge at all, im just trying to figure our WHY the IRS took you down like that, Especially if you paid ON TIME.

We both agree on 50-60k salaries per year suck considering all the hours on the street, the paperwork etc. Makes you think sometimes its simply not worth it..

But just to be fair, I'll give you some insight on me, I generally OWE every year(even after my quarterly filings) Im anywhere between 85-95k in earnings after all deductions(Im filing on these earnings)

Never a problem, I use a very reputable tax preparer,(Not sure if that matters or not ) And Im usually paying 15-20k per year in taxes....

Again,I do apologize for anything you may have taken out of context......Just scratching my head why they'd pick on you.

They should go bother those people making $300k per year sitting in an office in front of a computer, letting their chin double in size and growing a beard

 

Apology accepted, and I have no idea why they chose me or anyone else for that matter. My very reputable tax preparer says that the more automation in the tax process the less the IRS agent have to do hands on. They actually closed 3 of the local offices around here and we now have to go to a major metropolitan office like Cincinnati or Dayton in my case. He also claims "most" of the Cincinnati office does on site small business audits only. I have no idea where he gets his information and how accurate it is. While in general 50-60k a year sucks the year in question my net was $66,000.00 for 41,000 miles that's $1.61 per mile net. I know guys trying to run for half that. I worked 2-3 days a week 41 weeks that exact year. IMO that's a pretty good part time gig, I'm just sayin...

 

LOL, when he said pay sucks, my first thought was, well, how many days out was he. Glad you cleared that up because I was going to leave it alone.

I told my buddy I plan on making $40k this year. He said, that's not that much. I said, it is if you want the summer and winter off!