Best Business Structure for Owner Operator Truck Drivers
HTML-код
- Опубликовано: 31 июл 2019
- Best Business Structure for Owner Operators -
Book your 15 Minute Complimentary Consult here: www.HomeBizTaxChat.com
Start your own LLC ➡️➡️➡️bit.ly/hbtlnorthwest
*THIS VIDEO IS FOR EDUCATIONAL AND ENTERTAINMENT PURPOSES ONLY. PLEASE CONSULT YOUR TAX PROFESSIONAL REGARDING YOUR SITUATION.*
Connect with Me On
Facebook ➡️➡️➡️ / homebiztaxlady
Instagram➡️➡️➡️ / homebiztaxlady
Email: homebiztaxlady@gmail.com
DISCLAIMER: This video and description may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission. This helps support the channel and allows us to continue to make videos like this. Thank you for the support! 
Развлечения
There is an issue with audio and video synching on my channel. I'll have to stop uploading until this gets fixed. Hopefully in a day or so.
I need all the help I can get. I inherited business and a Big Rig. I just want to make my dad proud
The summary of the video:
1. There's no single structure that I can recommend
2. You can't figure it out by yourself
3. Let me restate this 20 more times :)
Yes. Just to make sure YOU heard it.
Just gained a subscriber, great info straight to the point and unpologetically honest
All I can say is this is the first person on RUclips that actually has a clue. The rest just talk trying to make themselves seem smart wasting my valuable time. I want to hear more.
Glad I ran across your channel. I’m a company driver now and looking for as much experience possible before becoming an O/O. Very informative
This was *excellent* and so needed. Thank you.
I just started my trucking business by one truck as COO actually I need somebody like you to talk to. Anyway thank you sis
Very good info. Thank you!
Great video! Honest & informative. If you ask different people you’ll get answers. Got to reach out to the professionals to see what works best for your situation.
Awesome information thank you!
Thanks for the information. It was helpful.
Keep in mind that when you get your own authority, you are considered "conditional" by the DOT. You will be inspected at some point, maybe six months or a year into your business... They will want to see your books, driver qualifications, log books or Elogs, insurance documentation, your Clearinghouse status, your drug consortium documentation along with test results (if any) if you have been pulled for a random. After they have been convinced that you are keeping your trucking affairs in order, they will issue a non-conditional status to your authority.
Love your realness in this video... New Subbie 😌
Thanks!👍🏼
Great info
Thanks for the advice
You're welcome!
Great information...very insightful and direct .
Glad you enjoyed it!
Great info. Subbed. Thank you.
Thanks for the sub!
Good information ! Thanks
Glad it was helpful!
Love it
Great info thanx
Glad it was helpful!
Would you recommend using the ROBS 401k program to start up as an owner operator? I would like to start out with a paid off truck and using that program would allow that. Not sure if it would be good for an owner operator start up though since the business using the ROBS as to be a c-corp.
If I change to llc from sole proprietorship do I have to change my tags on my semi as well? To llc name
Great video.
Glad you enjoyed it
I love it. Preach it sister, "Take your stuff and go somewhere else" lol
lol!
nice vid
Hello! My husband just got a truck, but he will hire a driver. Do you recommend him to open an LLC as a single member? What about doing taxes ? If you can answer me, I’ll really appreciate it. Thank you I’m advance. Great info !
Can I start a trucking company with a DBA? I have a Tax Company/Bookkeeping (California) structured as a LLC. I would hate to have to do another LLC for my Trucking Co I'm starting, having to pay the personal taxes for both companies and my Tax Co hasn't got off the ground yet. Any suggestions? Thanks
Hello I’m in nyc and I open a sole proprietor but can I change it to C corporation if yes can you assist me . Thanks
What advice would you give me and my husband, he handles the 2 truck we have and he wants me to handled all office stuff im unsure how to i got down the expense report for last year and for these months but im unsure how to track everything. What would you recommend? Do I need to take courses on tax and accounting or get books and read ?
Find crysta tyus she is bomb. Invest in her course.
Great job ma'am
Thank you!
Correct... LLC is the first-hand knowledge until....
Whether you're running as a owner operator own and operate your business you have to make sure your books are in place And still make good money. Just like if he was a Carrier
Can u recommend a good book keeping co. In Chicago or IN
Want to see us win but sometimes you gotta take risk and not expect someone to hold your hand when your trying to run a SUCCESSFUL company. Research each company check for reviews and compare prices for services
Great information thanks, next time leave your contact information so that we can contact you for more advice.
quick question. I want to start a trucking company and incorporate it, can I add family members to the LLC or will that turn into an S-corp or something that requires bookkeeping?
No matter the structure, you need bookkeeping. That is a non-negotiable. If you add members to the LLC as managing members, you will create a partnership. You can choose to elect S-Corp tax status later on if you wish. Does that help you?
@@HomeBizTaxLady don’t the business have to be making at least $40k to be taxed as S-Corp or does it differ from state to state?
How does tax write-offs work with equipment such as Trucks..
example if were to buy a 70k truck in cash, do we get the entire purchase total credited or just the Taxes or does it only work with financed vehicles?
If I want to get a Truck using my credit but I will be cosigned by a company (llc) so we can go to business together with option to hire a driver. How things can be set up here? Being partner or create a LLC for myself?
Never Partner, always best to create the LLC yourself.
Do you help set up small truck companies ?
KINGHERSHYTLAW Yes I do. Schedule a call here : www.homebiztaxchat.com
How does section 83 of the IRS code figure into the business structure? And in understanding that there is no direct tax on profit if you're an American citizen.the rest is just fuel tax plate tax an direct taxes like that so what are you talking about?
I'm not sure which part of Section 83 to which you are referring. However, you are taxed on profits. If you are an American citizen your are taxed on worldwide income. If you don't agree with that, it is completely your choice.
Question....if I'm going in on a Lease To Own Operator with a company, should I create an LLC?
I'm assuming they will take a portion of your settlements for your truck payment. If that's the case, yes, start a LLC.
@@HomeBizTaxLady Yes they will, thanks!!! 😎
who to use as a bookkeeping company
info@quicken-loads for bookkeeping
What about Sole Proprietorship for our trucking company? (We're just a husband/wife. No employees. Husband does the driving.)
Never ever ever, ever go into business as a sole propri. that's like someone being their own lawyer in a murder trial. One mishap you personally will be sued and lose that truck and pos. your house and any money you have in your bank account.
You should at least have a Single member LLC for your trucking company. There is too much liability involved in the profession.
Sole Proprietorships have their place. Trucking isn't one of them.
Now with quick books you can, don't let this lady tell you that. No disrespect.
Hello I am going into a partnership with 2 other partners. We want to start a trucking company here in illinois and want to know the best structure. Both of them already have w2 income and I am in real estate (1099) Any help that you can provide will be great.
I am trying to use my 401k tax free along with personal bank account money to buy my truck with cash and planning on working the truck under someone elses authority/MC number. Can I do this with a ROBS account?
Google IGIC (investment grade insurance contract) 401k
Did you end up doing this? If so how is it going? I looked into using that ROBS 401k program to start as an owner operator, but can't find an answer if it makes sense for a single truck owner operator.
Want to see us win but sometimes you gotta take risk and not expect someone to hold your hand when your trying to run a SUCCESSFUL company. Research each company check for reviews and compare prices for services. If you haven't gotten your own authority and making at least 100k don't s corp. If your leasing and struggling. Don't S corp.
👏🏾👏🏾👏🏾👏🏾
Why not S Corp under those circumstances?
Sorry I disagree totally it’s not as hard keeping your own records as she’s making it out to be. I’m guessing she’s a book keeper and tryna gain Clients
It depends on where you are in the business and your aptitude for keeping books. Perhaps you're great at it. You'll find out soon enough.
Home Biz Tax Lady to be honest I was very new at it and I was Terrified that I was gonna mess up cause Ive never done anything like this before but after doing a lot of research and Watching RUclips video it was actually easy. Save everything every receipt every bill everything file them by month file your taxes every quarter in my opinion
Hey, what happened to the chick on the thumbnail? Just saying I tuned in to listen to her!!! There's a big difference between her and you...just saying!!
Too much talking didn't even answer the question I cam here looking for. You should name the video "what to do before you decide to change your business structure " then I wouldn't have clicked on it 🤦♂️