How To Pay Yourself as a Trucking Business Owner | Single Member LLC | New Owner Operator
ฝัง
- เผยแพร่เมื่อ 19 ต.ค. 2021
- How to pay yourself as a truck driver? How to pay yourself as an llc? How to pay yourself from your own business? I answer these questions for trucking businesses in this video.
RECOMMENDED RESORUCES FOR YOUR TRUCKING BUSINESS:
DAT Loadboards:
Access to more than 900,000 loads daily. Get your first 30 days FREE here:
DAT TruckersEdge: www.truckersedge.com/2118699
DAT Power: www.dat.com/power/2118699
KeepTruckin [ELD]:
Get $100 from KeepTruckin when you sign up here:
mbsy.co/3wwrZH
RTS Financial [Factoring & Fuel Card]:
Same Day Funding, No ACH or Invoice Upload Fees,
Fuel Discounts, and Access to Truck Care maintenance program
www.rtsinc.com/agent-company/...
IRS BACK TAX ISSUES:
Contact me here: www.brandonlindsaycpa.com/cont...
ABOUT ME:
Hey TH-cam. I'm Brandon Lindsay, a CPA and former trucking business owner. I make content to help trucking business owners, and I help trucking companies resolve their back tax issues with the IRS.
---
Some of the links above may be affiliate links, and I may receive a small commission, at no additional cost to you.
Disclaimer: Nothing contained in this video should be considered business, legal, tax, or accounting advice. Its content was prepared by Lindsay Accounting LLC (an Indiana accounting firm). This video is for informational and entertainment purposes only and is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. You should consult with the appropriate professional services provider if you have questions about your specific situation.
How are you thinking about paying yourself?
Great video. I created an Owners Compensation account along with my Operating Account, and Tax Account.
Thats exactly what i needed to see thank you
Love this Video! Thank you soo much
This cleared up a lot of questions for me! Thank you sir!
Glad it was helpful.
Definitely need a video on getting taxed as s corp
Ok. I got you.
I finally had a chance to make the video about S Corps. th-cam.com/video/RYago6mxQsE/w-d-xo.html
I appreciate that information. I'll be reaching out too you soon. I need, step by step on hot too get my trucking started, with my own authority!! Ken!! OH!! ✌🏿
badass video thanks man
Great video. your explained that perfectly. Just what I was looking for.
Thanks!
Great video. Thanks for sharing.
Appreciate that. Thanks!
Great video. You're great at explaining things. So you do one on one? I had some questions that i haven't found answers for.
This was very helpful thank you
Great video.. you Answered all my questions in under 10 minutes
Thanks Jay
I appreciate this video. You did a great job explaining everything!
Thanks! I get that question about paying yourself a lot so I really tried to make a solid video.
I have a question : how do u keep recipes together for ur taxes? Like is their a different and better way to do it?
Thank you for the information!
Thanks for watching!
Thank you!
Thank you so much for your information man I appreciate your video so much
Thanks for watching!
Very well informed video
Thanks!
Very informative video!
Thanks
Great share...
Right on
Thanks 😊 🙏
Glad you liked the content!
Just watched your video want to ty for your time 🙂
Nice information...I'm about to start my business
Thanks. Congrats on the new business.
Hey I really appreciate the video and I would like to see a video made to deal with how to pay as a partnership. Thanks, David
Thanks your sir😊
Thanks for watching!
I recommend s corp, that way you you only pay 15 or so percent on your payroll and the rest is not taxed. Especially if shown as a distribution
Thanks for the video. Without TH-cam, I wonder how I’d make the business side of things work. If you read this Brandon, do you have advice on where I should look for a CPA in my area? Preferably one that has experience with drivers.
🔥🔥🔥
💯💯
Hi Brandon, how do you pay yourself in case you're bedridden or if your equipment is out of commission? What business address do you prefer, virtual or home address?
Thanks for the video! Brandon when I pay myself, do I get taxed again?
Amazing video, I have a question how would you categorize if you are single owner Llc and have a 1 driver for the compay
Do you use a factoring company? If so which one, if not, why not?
Great vid but why was the drivers pay not included?
How’s it going Brandon I own a trucking business and I’m currently looking for a CPA who is already experience in the game. Are you taking on new clients? Thanks
Can you do a 2 owner S corp
Hello and thank you very much for your video, on the other hand I do not speak English very well and even less administrative English, I am French, do you have any documentation to provide me On this subject thank you Cyril
Can make a video about how to pay your self with a s corporation please
th-cam.com/video/RYago6mxQsE/w-d-xo.html
I've enjoyed the video immensely! my question is shouldn't you be deducting social security and Medicare payments for your later retirement years?
Create a Roth IRA & deposit money in there yourself . Let it grow while you’re a business owner
I am wandering if you paid yourself , if it should be with a W2, then that way the money is taxed . Then , the profit that goes into a business account plus 30% of the profit to another saving business account should be reported in 1099 NEC ??
Partnership
How does this work with social security? Since it’s all being put into a business account. Will I still receive social security when I get of age?
So first your company is taxed on the profit that it made and then you yourself are taxed on what you paid yourself from your company ...is that double taxing or nah?
Hey if you transfer to personal account to business account do you have to Tax that to ?
my questions is if you want 4000$ personal pay is after deduction tax so you need to deducte like 7000$ from your corporation?
How much does it cost to switch from a single member LLC to a S Corp?
Do you pay taxes yearly or quarterly as trucking owner operator ?
What about with a llc partnership?
A video on getting taxed as an S corporation
Coming soon
Done. th-cam.com/video/RYago6mxQsE/w-d-xo.html
Can the trucking LLC be owned by another LLC which you work for and then be paid as a salary expense? I'm wondering if it's better to pay yourself before or after taxes as well
I am wandering if you paid yourself , if it should be with a W2, then that way the money is taxed . Then , the profit that goes into a business account plus 30% of the profit to another saving business account should be reported in 1099 NEC ??
What Tax rate are the distribution taxed??? Thanks
In this example there was no tax on the distribution.
so you cant deduct the payment to yourself off the top as an expense? Because you are technically an employee
What about the 4000 dollars that you are transferring to your personal account. Doesn't that count as business profit?
Yes. The $4,000 "was" part of the $9,650 profit when he deducted the 30% tax or $2,895. AFTER he deducted the 30% tax (which is what IRS was requiring from him according to his Accountant) he was able to pay himself from that - already taxed - profit a salary of $4,000. In other words, he payed himself from the profit but only AFTER the profit was TAXED.
If he had paid himself the $4,000 BEFORE taxing the profit, then the profit would have been only $5,650 (=$9,650 - $4,000) and he would have only paid $1,695 in taxes (30% of $5,650). However, this method would not be following the IRS rules and regulations.
Well how do you pay someone if they under your authority?what's a good percentage?I been asking and asking,but no answer yet
I'd pay them more reasonably than you got paid before you got your own authority from working for someone else.Just a thought keep your driver(s) happy they'll stay with you while your still driving under your own authority.Two incomes makes more and then end.
@@MrPontiacfever ok cool..that's sholl what I was thinking..even if they got they own truck too?
Are you asking just about how much you should pay the driver?
@@brandonlindsaycpa yes sir,and what about if they have their own truck?
@@yotiep.1072 if they are using there truck and your trailer and you are dispatching 75-80 percent they should get. If everything is there’s and your just dispatching 10-15 percent whatever your numbers are and keep them happy. And make sure your covered too. But that’s a good percentage. Take that percentage off of every load or weekly or monthly. Your pick. Hope that helps
I feel childish 😂but @50s "if you doodoo a check" man id be rich if I could doodoo a check
Is it the same procedure for a 2 member llc?
It can be different when multiple owners are involved.
30 percent of taxes a month is insane
As an owner operator, can you take per diem?
In general yes if you’re OTR
So I have one truck and I use ADP is that a waste of money?
I don’t think so.
So for taxes you withhold 30% of your net and not your growth gross correct?
Correct. Taxes calculated on net income. Not gross income.
Holler at me Brandon about protecting yourself as well as your investment. Let me know in the comments 👍🏾
What do you have?
I’m licensed financial specialist. I specialize in protecting individuals, families and businesses alike hold on to more of their income.
@@thomascrossjr569 Got it. Thanks
Isn’t tax supposed to come out of gross though
You pay taxes on net income (gross income less deductions/expenses)
Does John Doe pay taxes?
How about tax write offs
@brandon Lindsay cpa
Hey man great video k just started my business and I just wanted to know if I file any w9, or I9, or 1099 as a driver of my company. Thank you for the information, also If I have people lease on do I keep it the same for them or is there more procedures to go through for that? Thank you!
do you have to pay taxes on the money you paid yourself?
You pay taxes on the profit of the business. The taxes aren’t based on how much you pay yourself.
@@brandonlindsaycpa I think I got it. I understand that we pay taxes on the profit. Just to make sure I understand. At the end of the year I don’t have to pay taxes on the money I paid myself. So no w2 or 1099. Sorry just trying to make sure.
@@brandonlindsaycpa Brandon, I don't think this is a clear answer... I realize that you are paying taxes on the profit of the business but are we then going to also pay the taxes on the income we pay ourselves as a pass through entity?
How do we keep some profit set aside to then purchase another truck?
Any clarity you can provide is appreciated. Thanks,
What No info ob Paying into SS or Med FICA! Terrible information!