Trucking: How To Pay Yourself as Owner | Trucking Business Banking
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- Опубликовано: 24 июл 2024
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ABOUT ME:
What’s up y’all? I’m David McGill, a 2007 graduate of Indiana University’s Kelley School of Business, an experienced accountant, trucking business owner, and consultant. I created Trucking From Scratch®️ to help other entrepreneurs start, run, and grow successful trucking businesses by breaking down the business side of trucking.
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DISCLAIMER:
The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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Man imma nickname you "The Blueprint "....lol. Thanks for information.
The Manimal for real! Lol so well spoken and informative
😅😅😅
Agreed! U found the words I could never have said better.
Facts
Paying yourself should be based on how you structure your business. Are you a LLC or a S-Corp. the equation is different with the two as far as tax payout. Owner op vs owner no op. Me personally I strongly suggest you have a payroll service where you just deposit or transfer a amount to cover payroll. Even if you have one driver. But...there are variables to that as well. If your a single member LLC, you pay yourself on schedule that’s best fit your situation. Weekly, Bi-weekly or monthly. However you choose to do so! Does not mean you pay yourself every dime in The acount. What is a reasonable fair amount? You write yourself a check from your business account,flag,mark o notate that check as a “member distribution, o member compensation. Careful tho. Your gonna be responsible for the taxes on all those checks at the end of the year. Keep operating money in your acount at all times. Do not pay your self dollar for dollar. If you plan to grow and expand. Stack and save your money to accommodate future purchases and taxes,taxes, taxes
As a corporation, you can pay yourself a salary, and probably should as an employee of the corporation. You also have to consider paying yourself dividends.
I did his consultation it was amazing answer every question i had was on time and even stayed a little over time . Even after consultation responded to some questions i had through email very stand up guy 💯
What type if consulting did you guys do? In definitely looking for some consulting.
As a start up business, I do appreciate the clarity and thoroughness of your videos. I have learnt so much. Thanks
David, please know that we appreciate you so very much and yes, filming a video on the subject of paying as owners would be a huge benefit to us all. Thanks in advance.
Yessir. We need that info on paying yourself. Knowledge is key. Great material on your channel. Proud to be subscribed.
Man you are a blessing thank you SO much! Yes go live!
Man your videos are cool with practical knowledge, keep going on. I need to re listen to your previous videos and then come back and involve in live discussions
Yes definitely go live!!!
Excellent info bruh!!!
Dave my brother you are business truckopia !! Your a godsend.
I learn so much from your videos! Thank you!
I just had to shout you out Bro. We need that live 💯 I just started following you today been looking for hours. Thanks for the information sharing!
You are the man. Thank you for all that you do 👍🏽
Bruh I had to take a moment to compliment you on your helpful content in this video as I was multi-tasking around the house. Thanks and keep sharing because you are appreciated💯
I appreciate you for that feedback
You have one of the TOP 3 Trucking Business channels on RUclips.
I vote #1 out of that 3.
Your trucking course will be 🔥🔥🔥
Yes please make more videos. I know its alot of your time, we are asking for alot but we thank you
Good video. I’d definitely be interested in getting your perspective on how an owner should pay themselves as a owner operator and as a fleet owner that doesn’t drive their vehicles.
bit.ly/2WTQZvn
Man u really help out ALOT!! 💯💯
Best trucking channel on RUclips
Yes! Please go live sir! Much needed info!!
Yes please explain on how to pay yourself, owner non operater
bit.ly/2WTQZvn
Is there a replay at this link? It took me to a registration and still says live. I'm assuming it's gone
Great job on the video👍🏻
This dude is awesome!!!
Go ahead young brother! Good job!
Thank you great info and I definitely will tune into the live vudeo im already signed up for it. I think it would be a great idea.
Yes. I think that would be a welcome video. I’m curious how a salary would be paid to oneself as an owner operator and how the funds would be designated to keep you in line with the irs and state taxing authorities.
Absolutely! The How to pay yourself video would be beneficial Thanks
good info bro.i benefited
Yes. How to past yourself as an owner. Great info!
bit.ly/2WTQZvn
I’m preparing to start my own trucking business and would like to hear your thoughts on ways owners can pay themselves
Yah man I’m new truck owner and I would like to know more in detail. Again thank for sharing the information 👍💯
thanks for sharing
I would be very interested in a video explaining how you pay yourself. Thank you for taking the time to share the content. I never miss any of your videos! Keep up the good work...
go live! i love your videos . it helps me start with my trucking business
Thank you!🖤
Like your video very informative thank you for your hard work and the mistake you made to help others
David I love your videos. I find them a wealth of knowledge. I just wish you lived in my neck of the woods.
*TRUCKING FROM SCRATCH*
Check out my tools + resources designed to help your business succeed:
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Thanks for the free game bro. Not many are as helpful as you are
Definitely interested in this!
Agreed, you should definitely go LIVE. The Q&A would be priceless!
Good video very informative
Hey thank for posting videos, helped a lot! I will have a similar set up, I dont necessary drive but i am an owner...I am starting out with 2 trucks..
Make the video "BRUH" & bless us with the knowledge, " Each one Teach one".
Definitely do that brother
I would like to hear your take on paying yourself. also make it an archive video in case people miss the live.
bit.ly/2WTQZvn
Thanks 🙏
Definitely interested in your opinion!
We need that live video bruh! 🙏🏾
Yes would like to know..
Great channel man. Really appreciate your work. Do you pay your employees w2 or 1099? Percentage split or a rate per mile? Do you offer them benefits? Sorry if you covered this. I'm wondering how to attract drivers and keep them happy when they could choose from a dozen or more mega carriers.
Definitely looking forward to hearing about how to pay yourself
bit.ly/2WTQZvn
I pray you go live. Your videos have been so helpful
Thanks
Yes please. Make the video Thanks
Yes sirrrr!.....go live!
I'd like for you to go live with this topic Sir, very informative I appreciate you my G.
I love to see that. Hell I'd even pay to do like a zoom seminar
Audiobooks by him coming soon. Great information on trucking industry
Thank you
Yes need that live
Yes more info specifically this topic
Yes as someone getting ready to start a business I would like to know how to pay yourself.
YES!!!! make the video
Thanks for your video! I Would like to hear your truths & accounting advice on paying yourself in a single owern/op s-corp...& which state is your advice tailored to? ALSO GO LIVE FAM
Definitely interested in open forum video discussion on paying yourself as Owner/Operator!!
Yes, I would like for you to do a live video.
Great videos
TRUCKING BUSINESS MODEL BLUEPRINT:
Learn the 8 ways to start a trucking business and see which way best fits you as an owner.
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So I past my physical exam. Where do I get my dot med card? Do I need to file my results somewhere??
Hey David, what software do you use to print checks? If I may ask.
What's up brother. I've watched a few or your videos and i love the way you deliver information. I was just wondering if your business is going right now with the rates and price of fuel?
I have the same question. I am a start up owner/non-operator. I pay myself for dispatching and save the balance for re-investment into the company.
Go live!!!! Please and thank you from VA!!
Yes. I do definitely want to know how to pay myself.
bit.ly/2WTQZvn
Yes please
Yes
To go live from your phone, go to 'home' then look at the icons at the top of that page, and hit the camera icon.
Good information. Thank you.
can you have different types of trucks under the same authority or do they have to be the same type of truck? can you have a day cab, sleeper, dump truck, and a box truck under the same authority?
Yes I want you to explain it
I'd LOVE to see that video, just call me Grasshopper, because I'm learning bro!!
Yes make the video please
Yes do the live feed please.
bit.ly/2WTQZvn
TY for this video we appreciate you sharing your time and info. Are you an accountant turned non driving owner operator? We also own our own trucking company. It’s LLC not corporation. Our banking is set up to look like yours however the difference is we have one account for operations (maintenance/ repair inclusive) and one personal. We pay ourselves 30% from the operations account. We haven’t yet figured out if that’s the right amount or how to pay taxes once rather than taxing the same money twice... that’s the info we are looking for and can’t find. Any suggestions or answers you offer would be greatly appreciated!!
Thanks again
Derek & Michella Payne
BlueHawk Trucking LLC
Yes please do a video on how to pay your self as power operator
You go set up Zoon meetings free online. This would allow you to host live meetings. I use it with my college students.
are you still giving out the information on the payroll for owner operators? i look forward to hearing from you about the ins and outs if you can please let me know
I’d like to see you go live and explain it please
Profit First Banking
5 checking accounts
1. Real Revenue Company gets paid in
2. Profits- paid out on a quarterly basis like a bonus
3. Owners Pay- 10/25 rule like payroll
4. Tax- account pays business and owner tax
5. Operation Expense- account paid on 10/25th.
after subscribing to your RUclips channel I wanted to absolutely follow up. I’m looking for a contract for one year using a dry van. I’m looking for a dedicated power route or similar traveling from Houston to anywhere within Texas for 1yr. Do you have any suggestions.? Your RUclips videos are extremely informative and helpful. As a result, I sought you out to show my appreciation
Yes please do!
bit.ly/2WTQZvn
i would like to have that live video. I need your opinion onwhat i should pay my drivers??
I would very much like for you to do a live video on how the owner operator pays themselves
Yes go live explaining paying yourself? Especially a husband and wife team! Also please list the drug program you are enrolled to meet the Dot compliance? Do you know a compliance program I can go through? I’m in Texas. Thanks 🙏
Yes. Explain owner non operators as a business
Hey Dave,
Video idea for you. How about the "Best way to Transition from Leased on to Own Authority."
I'm getting ready to make the switch. A few things are causing me to scratch my head. Like continuing to run until I cannot. Insurance. I'm paying insurance to be leased on. I know I'll need my own insurance, but can I have two insurance policies?
Any thoughts?
Yes!!!
Did you do the live video on how you pay yourself in your trucking business?