O/O Business / Tax advice requested.

1049268

{"text":"I've finally decided to make the switch to O/O and will start in March. I will be buying a used truck, financing it over 3 years (section 179) and i am now looking into what business structure I should use. \n\nMy 3 options seem to be Sole Proprietorship, LLC or S corp. \n\nAdditional info:\n7 years experience, will drive OTR Solo, I have no tangible assets, Hi Risk tolerance, I will lease on to a company.\n\nLMK if any additional info would be helpful\n\n\nWhat business structure would you suggest? What are the tax advantages I can use for that type of business? What risks are there?","videos":"[]","link":"{}","pics":"[]","canComment":true,"externalShare":false}

936953

{"replyTo":"","text":"Single member LLC is the easiest option, basically pass through taxes. Only need to file one tax return.\n\nS Corp tax wise is usually the most beneficial if you plan on making over 45k adjusted after all expenses, but it is more complicated. The simple explanation is you pay yourself a base salary( low $ but not too unrealistic) , that is taxed at your normal tax bracket you fall in. The savings come when you pay yourself bonuses based on how good your business is doing. Those bonuses are taxed at a much lower rate. There’s more paperwork involved and other aspects as well.\n\nI would take any advice from all us quacks with a grain of salt. $100 is well worth a sit down with an accountant before you do anything. Most don’t even charge for it because they want your $ on the comeback.","replyToPid":0}

925557

{"replyTo":"","text":"Spend a little money and talk to an account to find out what entity is best for you and, your family. We all have different situations and, different tax and legal protection needs.  Find a tax expert that preferably has experience dealing with O/I and the trucking industry. We set up as an S Corp but, like someone said it has more complexities than an LLC. We did it for the tax benefits.","replyToPid":0}

1313745

{"replyTo":"","text":"lease onto a company, bad move. LLC or S corp is the way to go. 1 big accidents can haunt your entire life.","replyToPid":0}

1049268

{"replyTo":"

1313745 发表于 2021-08-29 16:28:09 lease onto a company, bad move. LLC or S corp is the way to go. 1 big accidents can haunt your entire life.

","text":"Maybe I'm misunderstanding Leasing on to a company as an LLC, but how is that a bad move? What other options are there other than getting my own authority? thanks for your response.","replyToPid":442504}