CPA Exposes Truth: Should You Have A LLC & Be Sole Proprietor Or S Corp As A New Owner Operator

[@MuthaTrucker]

David Is willing to do free consultation for the Mutha Trucker Community. Call him @ www.truckerstaxreturns.com For information about financing semi trucks or trailers. We do a soft pull that can get you the info you need to buy your first semi truck. Www.thefundingbooth.com/muthatrucker

[@alranton2343]

Looking for a dry van in broward, Do you recommend any place where to get one? Thanks man keep up the great videos!

[@MuthaTrucker]

Inventory is super low right now. I would check fb market tho

[@walkerinmotionllc8618]

@@MuthaTrucker BIG FACTS

[@holeintung]

Great post! This guy was an amazing guest! Thanks

[@mcrawfsr6585]

TAX-FREE WEALTH HOW TO BUILD MASSIVE WEALTH BY PERMANENTLY LOWERING YOUR TAXES TOM WHEELWRIGHT, CPA.

[@cts-video]

This is great info. As the David states, an LLC is a state business structure. The S-Corp is a Tax structure. If you are a One-person truck operation, go LLC; then do your taxes as an S-Corp. I actually spoke with the IRS and that is what they explained to me. You can be an LLC and file your taxes as an S-Corp. This is the best business and tax structure for small operations.

[@nelloedematie3427]

How much is consider a small operation $$$

[@johnaberle5955]

Good thing I found this. I’ll have to go back and start an s-corp

[@johnaberle5955]

@@nelloedematie3427 it’s not so much gross income as it is in terms of number of trucks you have running under your authority

[@marcuscordova5717]

Appreciate your information

[@467inc]

To clarify, if I'm an owner operator with one truck I need to be an LLC and be taxed as an s corp???

[@tonysnow5461]

It seems like finding loads and making money is easy but learning the best tax structure is the hard part. Thanks i needed this Specifically for trucking

[@MuthaTrucker]

Nice!!!!!

[@catladytrucker7608]

Yes, Haulin' Assets podcast recommends filing as an S-Corp as well. In the example given of an income of $100,000, he said you would save $7,000 a year in self-employment taxes alone. No one talks about the self-employment taxes! ALSO, you will pay yourself via a W-2.... which is super important to have if trying to qualify to buy investment real estate.

[@MantimeHustle]

I agree but you don’t need w-2 for real estate. 1099 works just fine and some financing doesn’t even require either…just bank statements

[@jessiej3991]

Just imagine how filthy rich we could be if weren't paying taxes on top of taxes

[@thisismagacountry1318]

@@djjfjckdkskdk Communism is not an answer. Go live there since it's so idyllic. You'll change your mind after 6 months.

[@thisismagacountry1318]

@@djjfjckdkskdk They moved production to China, not because it's better, because it's cheaper. That's Capitalism.

[@thisismagacountry1318]

@@djjfjckdkskdk Then prove your point by moving there and reporting how great it is. Don't be hypocritical.

[@HaitianZach]

@@thisismagacountry1318 no that is greed what is so smart about moving production to your enemies contry stfu so patriotic

[@BM-if9zn]

You are bringing excellent topics and information for everyone not only truckers. Thank you, Great job!

[@MuthaTrucker]

Appreciate you!!! Have a great Sunday

[@BM-if9zn]

@@MuthaTrucker Other great topics will be life insurance, retirement accounts for those are working hard and are not thinking what to do when and if life happens.....Thank you, Have a great day as well.

[@oakmoney954]

This man dropping gems on a Sunday, big respect.

[@MuthaTrucker]

Appreciate you!!!!

[@helast0243]

Yes. This guy is helping alot of people out, including myself.

[@brotherskeeper2253]

Give that gentleman an energy drink. 🤣. However amazing video. Thank you for doing what you do brother.

[@sanjuanmiami]

REDBULL !!! LOL

[@naztee8383]

You should do a video about people on lease programs and if they should sign their lease under an LLC and S-corp

[@zday407]

As a solo owner operator if you get in a bad wreck all the liability will be on you as the owner and driver. The liability in trucking alone is why many huge corporations use “ contractors “ to shift liability away from them in case if an accident / lawsuits. Trucking is a huge liability liability risk.

[@geoestrada5001]

It’s very much important knowing this information, I’m a Scorp and my truck company paying me every week by payrolls , it’s better benefits for me and my company pays way less taxes, thanks again brother

[@queue1176]

Just filed for my LLC (finally) yesterday while on the job driving to deliver a load. I used Legal Zoom who wouldn't give me tax advice, but I already know to go S-Corp, thanks in part to this video and some of my real estate investor friends. Thanks for all of the knowledgeable videos you put out man👍🏿

[@thollins6582]

They can still come after u even if it's a s Corp or LLC. Best advice Homestead ur house 🏠 and watch who u hire.

[@robertmichalscheck3072]

What does homestead your house mean?

[@thollins5162]

@@robertmichalscheck3072 If u get sued or in a financial situation they can't take ur house only the mortgage company if it'd not paid off.

[@haroldharris5865]

I needed this!!!

[@MuthaTrucker]

Yes!!!!

[@MikeTyson-fd9ms]

Thank you brother! U said u was gonna drop the topic and u did

[@MuthaTrucker]

Of course!!! Did it for you!!!

[@mariolorenzo563]

This Channel just gets better the longer it’s up

[@agborantearrey5385]

Your content is always on point. I appreciate you for taking your time to share this information. I hope you and your family stay blessed. 🙏🏿

[@MuthaTrucker]

Thank you!!!! Appreciate you

[@MrFriday83]

I like when he comes on, always packed full of information

[@GirlieintheGarden]

That's why I chose S Corp for my trucking entity. Great choice over LLC 👌

[@MuthaTrucker]

Awesome!!!!! Goodluck out there

[@walkerinmotionllc8618]

Yeap me too!

[@strive4greatness44]

So u can go straight s Corp instead of starting Llc instead of switching to S corp before u pay taxes

[@usa174]

Great info Alex. Creeping up to 100k! Keep grinding.

[@BigCatTrucker]

Great video bro! All O/O needs this information

[@MuthaTrucker]

Big fan!!!! Hope you're doing great brother

[@BigCatTrucker]

@@MuthaTrucker My brother I’m doing absolutely wonderful Making plenty money and running my business out here in the trucking industry I don’t do videos on KZbin anymore about what I’m doing so that’s why nobody knows but I’m very proud at the level I am at these days... we gotta link up sometime.

[@RedLightJhunkie]

Single member doesn't have as much asset protection as people think... you are the driver , you will be named separately from your business in the lawsuit. Therefore your personal assets are open for lawsuit. Only things I have found is that living in florida your homestead (house) is protected , and I have a PUP policy( personal umbrella policy) for 2 mil which you can get for about 300 a year through your auto insurance

[@TonyLaycockJr]

I live in Tennessee but I'm having a hard time finding a CPA that is willing to help me with trucking taxes etc. They always tell me they don't know trucking. I always prefer to work with a in person instead of always online etc.

[@CashisKingtrucking]

Great information. Awesome interview 👍👍👍👍👍👍👍👍👍👍👍👍

[@MuthaTrucker]

Appreciate you brother!!!!

[@davidauxier7840]

Single owner LLC’s provide 0 liability protection, the courts will treat the LLC like a sole proprietor.

[@roypatterson7866]

Yes, yes.

[@mortalocean4296]

Not many videos online like this 1. Great information. That per diem through company is a good point. Any info on how to kind of structure bylaws for inc for trucking. too many bylaws from different companies online from a single page to 10 -15 pages. Like what are the must haves and what are good to have in corporation bylaws and the one Not really necessary . all this for liability protection. Off course. And articles of corporation are I guess pretty much same that you file with secretary. If you could shed some light on these things. It would be very helpful.

[@78Ford351]

Asian Mai... been following you for minute! I wanted to let you know I work with a large national technology company that provides payroll, expense management, and other back office tools at a very good rate! Much better than the price that was mentioned in the video. Can we do a follow up video for the specifics of payroll? I’d love to chat bro! not to promote my own business but so that these honest hardworking men and women don’t get ripped off!! A lot of professional services can be predatory for biz owners who may not know all this information.

[@nelloedematie3427]

Please what’s your LinkedIn, IG or means of reaching you . Very much interested in the technology aspects

[@aminosaminos3656]

Hello what’s your KZbin channel or website

[@thisismagacountry1318]

ADP or something else?

[@thisismagacountry1318]

@@nelloedematie3427 I love how he posts and ghosts.

[@78Ford351]

@@thisismagacountry1318 I have contacts at both ADP & Paylocity. Good friends of mine who are in the industry and they can get you some of the most competitive pricing on the market. I’ll guarantee you that. Both platforms are great it would depend on your needs and preferences. Let me know and I can make an introduction if you’d like. I have since transitioned into another industry but my contacts remain and I am always connecting folks and networking. Would love for you to benchmark your currents services against what they can offer you if you are interested. Stay safe on those roads! Thank you for your service to this country 🇺🇸

[@fozman845]

I have a family member that is an attorney and she real good. She said straight up if you are trying to hide behind an LLC and as a single owner op you have no protection. If the attorney is good and goes through your bank records and can prove you " Broke the Veil" you are done.

[@patricepegues7102]

What did she recommend?

[@wasatchm]

I though you had to show a PATTERN OF BEHAVIOR of using the LLC bank account as a slush fund for your personal purchases. doing it once or twice in a 5 or ten year period will not matter if it is a small purchase......unless it is a large purchase. you decide to buy yourself a new riding lawnmower for your house property and do it on the LLC credit card. that's a big purchase even if done only once. I would be worried about breaking the veil on that one. but if I accidentally bought my daughter a birthday cake on the LLC credit card one year but never broke the veil any other time, it wouldn't matter. the judge would not allow your personal assets to be at risk if your LLC is ever sued. why? because in the ten years you have had the LLC, you only broke the veil once or twice and that was for very small dollar purchases. and of the hundreds of business purchases made over the years, only once was it found out you used your LLC credit card or checking account for a personal purchase (and it was for a very small dollar amount).

[@fozman845]

@@wasatchm My aunt is a very good attorney out of Texas. I will follow her advice it's real simple keep business and personal separate. But from all the cases she has won for truckers and against trucking companies she will prove you broke the veil combining personal and business taking all your assets including your daughters cake. My aunt help me set up my trucking company to keep attorneys like her from combining them. If you feel your business is safe more power to you.

[@wasatchm]

@fozman. I agree. but I think every state has laws as to exactly how you break the corporate veil. I would certainly take every step to never mix business with personal when you have an LLC. you should do everything possible not to mix the two. I have never talked to a liability attorney about this. but I always thought truckers had all the liability insurance they needed (it is required in the industry isn't it)? some businesses are much riskier than others.

[@fozman845]

@@wasatchm 90% of truckers (owner ops) Don't know cr@p about llc,scorp etc. Almost 100 % of truckers has pretty much lost everything or about to when they get picked up by truck companies. After that truckers start getting approached by these larger companies (be your own boss scam). The trucker saves up money attempts to buy his own truck because he wants to try and do more for himself. He doesn't even think about insurance or having a LLC or S-corp.

[@DrtyDiesel]

Bro this is awesome, thank you for all you do! I'm up in Jacksonville, FL, just started an LLC and will be leasing onto a company. Been wondering about filing as a S corp.

[@yohannesamanuel6496]

How is work you leasing your LLC to another company ?

[@DrtyDiesel]

@@yohannesamanuel6496 yeah I’m leased on with a company. Been busy busy last few months

[@g.pearson4726]

Thank you Most cpa say they can’t give out which is best Due to them not wanting to get in trouble I appreciate this interview Keep them coming Thank you

[@stansigstadable]

Great information. I am about to buy a truck through lease/purchase, don't know a thing about that but this is a good start to my massive learning about to start

[@Yourboyswole]

Your the GOAT For this channel im trying to change my life and your making this transition very smooth 🙏🏾 god bless

[@philliplewis3754]

We need a new one for 2023 with any potential creative accounting to overcome California and their new laws. An LLC puts an almost impenetrable wall between your private life and professional life. If they come for you they will TAKE EVERYTHING!

[@TD-fq2qd]

Not just owner operators but 1099 independent contractors too. Start a LLC then elect your LlC as an S corp

[@Doug-gp2qw]

If you form a corporation make sure you follow the rules for corporations, like annual meetings, keeping assets and expenses separate, etc. Otherwise someone suing you can first burst the corporate bubble and then go after your personal assets.

[@Shofar619]

Pay yourself a fee, lease your truck to the corporation for fee, have the corporation pay 100% of all your medical in your minutes, I have the corporation pay for everything that goes into the truck no matter. Less profit you show the less taxes you pay

[@DeliveryGuy765]

🎯💎🎯💎🎯💎🎯💎💯💯💯💯. Had to get my notebook out for this one💯💯💯☝🏽💜

[@cbread208]

You can be a hell of a truck driver, but you definitely have to have your business hat on, or you're going to go under, facts. You need correct knowledge and a good team around you.

[@fljetgator1833]

I'm late seeing this video. Yet take this from EXPERIENCE. Do NOT go for an S Corporation!!! Your money is NOT truly separate. Your finances 'pass through' . If you ever must do bankruptcy don't even believe that having an S Corporation protects YOUR personal assets. It does NOT. Safe travels to y'all 😎🇺🇸

[@jeffreydancinger2875]

Great advise. I'm only starting RV Motorhome Transport but doing this now, I'll be set up for the next step of owning a truck.

[@TwoCents690]

Got news. Just because you file an LLC it doesn't protect you from being sued. They will sue your LLC and then turn around and file on your name. Having a million in insurance is the key.

[@bombpatrick8950]

Isn't that the reason why you have an LLC under a company name not under your own personal name? Just asking I'm learning

[@TwoCents690]

@@bombpatrick8950 llc works for bigger companies in suit protection. More people to point fingers at. Single truck accident, they know who to point at.

[@Bigskypathfinder1791]

I heard from another trucker who had been in another industry beforehand that he decided when got his own truck to set up his ABC business in New Jersey and then he went Nevada and setup another business 123 and placed ABC business under it and put a multi million dollar lien on it. Does anyone understand this and reasoning besides protecting assets business and personal alike?

[@sledrunner1408]

Why spend your money. Why not drop it all into a Roth ira and find a bank with a low interest rate and borrow against your IRA. Why use your money or report dividends. And, again, why not use the banks money to fund your business. And, not your money

[@laureanorivera]

Awesome comment

[@annporter1472]

Wouldn't an IRA be considered a personal asset?

[@Everydaytruckingg]

You sound like a veteran.. nice comment 👏🏾

[@misseracca]

These are the important information I need , I never see a broker on KZbin telling how much they make.

[@allupinu5792]

Dahm bro good stuff. I’m a new to all this just to trying to educate myself before I jump into the the trucking world. This was really good.

[@alexmayer8943]

I am LLC and pay less taxes then most of my friends that have an S-Corp!!!

[@mr.goodvibezonly336]

Can someone explain this to me like in 5years old (Michael Scott’s voice) 😅

[@wayneroark8477]

The one truck show will spend more maintaining an LLC then they will gain. Also it will not protect the driver in a lawsuit so you still get sued. It does put money in the pockets of these legal crooks. My suggestion is you learn to play poker and pull money out of the game into places the game cant touch......

[@marcussmith5755]

Yes, thank you very much for the info

[@MuthaTrucker]

Np!!!

[@chuckhouse1944]

Thanks for all the great content you are providing.

[@foryouuugamingcoalition7110]

MY biggest question is....... as a 1099 driver , obviously driving for someone else... Can i start an LLC , i guess have the boss hire my LLC and run it as a business?

[@foryouuugamingcoalition7110]

UPdate: Actually went for a job yesterday and they basically mentioned this, sole prop or llc or whatever, that they actually reimbursed for it as well. He also mentioned "grey area" . So really it is just companies trying to do a work around at all cost really. Now as a thought, i figure an llc, is not much different than going to a temp agency made for drivers. How true that is i am not an expert. I have worked for allot of the little sh*t companies in california , basically they are all dirty and you can't trust them. Alls they do is lie to you.Just remember if you making any good money all year make sure you are making at .10 cents more than a w2 job . Some of these companies are entertwined togethr as well, so don't talk crap about your last company they might be friends.

[@portermatthew84]

You can start an LLC if you wish, come tax time, they’ll just call it a “pass-thru” and it’ll basically work as if you file personal taxes. Working for others, like this, is advised against in most cases, as this is typically employers passing along tax debt to their employees.

[@customconnections2425]

Is it me or is the audio fucked all up at 2:39? I feel like I missed something there🤷🏽‍♂️

[@lovelyshermane8814]

I went back and forth countless times and could never get Him to contact me after being told over and over again from his office ….

[@jamesc.bigtruckdriver8509]

I have a question not sure if anyone has asked you but for people with horrible bad or with things on a credit report that is stopping them for getting into a truck to lease is it possible to rent a truck from Penske or Ryder and lease on to a tucking company that way until can save up enough money to fix credit issues and then get financed for a truck. Your answer will be very helpful thanks.

[@spareme3772]

Yeah it is possible. I was actually looking to do this but needed to get some money for the payment. Penske requires about 5000 down. Don't know much about Ryder. If you need someone to team with(I need to team with the rental to save some money), send me a msg.

[@truckandtravel740]

So list your company as a LLC with the stare and s Corp with the irs? Is that how I’m understanding it? Cause I’m starting out with a Llc

[@MuthaTrucker]

Talk to your cpa, but ask them just that

[@rickeetaylor1721]

Great show

[@MuthaTrucker]

Thank you!!!!

[@Daniel-z2j2v]

Oh man thanks for reminding me my LLC tax is due in a few days.

[@dannystranahan1004]

This guy almost talks is slow sleepy Joe. But at least this guy knows what hes talking about

[@annporter1472]

It's quite obvious there's a delay in the recording and the way it was spliced from the beginning but imbeciles like tRump followers can only think about political BS and idiotic insults towards a professional who's simply trying to help truckers from paying hundreds or losing thousand by trial and error. Idiot!

[@dannystranahan1004]

@@annporter1472 Lol!!! Lets Go Brandon!!!

[@michaelreolegio3022]

I’m wondering if I should start a sole proprietorship get an EIN and a business bank account. I don’t have my own truck but I work for an owner operator.

[@jammerr4129]

This guy is a damn Genius !!! 👽

[@moveedhassan7810]

Thank You

[@abrahamjackson6019]

This presentation was priceless

[@BrandonSTate]

Thanks for this video.

[@jimi3540]

some states like NJ an llc is an s-corp

[@gregburgess6884]

Thanks Alex 🇺🇸🚛❤️

[@crt1241]

I wish I could tell you my story the bad the good the good the UPS and down about escorts LLC taxes the whole 9 yd trucking aint for sissies Is expect the unexpected Only the strongest survive Pre-trips OO! Good stuff brother

[@garypekar2046]

Thank you great advice love it

[@josue277]

This is so much needed knowledge.!!!

[@FaisalKhan-wf8ys]

Excellent

[@muffpaid6955]

Crazy I was just doing a lot of research on this last night. I decided to make my llc an s corp. I’m in Phoenix right now waiting on office max to open up so I can print out the 2553 form, fill it out and fax it to the irs. I haven’t had my llc for 75 days yet so it shouldn’t be an hassle

[@MuthaTrucker]

Awesome!!!! Great minds think alike

[@muffpaid6955]

@@MuthaTrucker thank you. Can’t wait to meet you

[@Genkevintaylor21225]

Buy a printer,copy,fax machine and write it off they like 80 bucks 💯

[@manuelcano7165]

I hope next time you took something about inc C One truck

[@DanielGarcia-zz9eg]

As a solo owner, all these numbers and options freak me out. My CPA told me to do a s crop . Told me I save 3k but they wanted to charge me more a week for thier service and I'm like , im gonna be paying you 3k a year. So many numbers going on, I just feel everyone trying to get a share of my money. So fees and service running a 1099. Keep your hands out my pocket Just saying, alot of work to insure yourself

[@MuthaTrucker]

😇🤗

[@Bidness100]

Professional Extortion Welcome To America 😀

[@latinritepapi]

So you’re upset that you’d have to cough up 250 a month for good service. A good CPA is worth every penny. 3k in the long run could save you thousands on those returns

[@fljetgator1833]

Having an S Corporation does NOT protect your personal assets. Your creditors are very legally able to get your personal assets such as cash, bank accounts etc. Not your home though. The money is called 'pass through' . S Corporations set up is a crock of chit. 🙂

[@zday407]

If you gonna be in trucking everyone has their hands in your pockets , just get used to it, that’s how it is in trucking

[@breemichellekelly3049]

Why do some big companies run LLC ? And not s crop j.s helwig and sons 🙄 alot of others look like LLC

[@speedsbrother5556]

Awesome information More please

[@MuthaTrucker]

Yes!!!!

[@roypatterson7866]

Becareful with a one person LLC..what about an LLC owned by an S Corp.????

[@vgdubrovin8439]

What about just doing sole prop and buying a liability insurance?

[@chrisisrael1857]

I have a question which one of these is better if your paying child support.

[@LuisRodriguez-nd4xy]

Omg great info

[@whowantsit9820]

Great information

[@jasonkachuck4173]

What about a C corp?

[@Lonewolf_1776]

Now, I need to know how to protect personal assets from a divorce🤣

[@lowquality9530]

llc for that too 😂😂. Have nothing in your name and everything in your LLC . They can only sue your business not you . Have Multiple LLCs

[@gaberios9604]

Good video thank you guys

[@jeffreychewning3546]

Man awesome advice

[@mattyp3860]

Thanks for info New owner op here. Stay Rad 😎👍💪🔨⬇️

[@MuthaTrucker]

Lets go!!!!

[@kenhathaway8914]

Thank you sir

[@truthseeker1833]

An LLC is just a another speed bump an attorney will drive over

[@lamara8497]

I also w2 myself

[@dweettbigg8422]

Lets go💯

[@MuthaTrucker]

Lets go!!!!

[@q695]

What if you have a s&q payment from a previous career?

[@kienhuynh7240]

Great video

[@thanniss]

How much does he cost? Gonna need some taxes done soon.

[@mikejunk4285]

I have been reading that you can start a small business rolling over your 401k for business start up (ROBs). The kicker is the business has to be a c-corp. Is this a viable option to become an owner operator?

[@capazontwo]

Good solid advise

[@MuthaTrucker]

Appreciate you

[@lamara8497]

I'm a S Corp myself.

[@Mrburger-um8by]

Lol time you pay your taxes you might have enough for fuel and steak to eat...👀

[@AmanAndHisTruck123]

How much does an s-corp pay in taxes? This is our first year and We’re based in California. the guy I’m talking to said we pay $2k per $10k we make

[@dweettbigg8422]

Good info💯💯

[@MuthaTrucker]

Appreciate u

[@ltribb4213]

I called him he keep spinning me Abt helping me wit taxes

[@moveedhassan7810]

Is that 50k income or company profit

[@HeartbeatHauler454]

So one truck owner op, s corp is the best way to go?

[@sonzofman4224]

Started as sole proprietor…. Yeah I might pay 5k more on taxes, but my deduction are sick, 24,000 I’m married, I have 2 kids 12,000 and I’m OTR my per diem 20,000 So first 56k won’t be taxed plus the fuel, maintance, etc. also you can treat it like a personal account no restrictions.. like my man up in the comments said there is no protection for one man operations, something happens they sue the company and the driver… don’t matter if your a sole, s, c llc nothing will protect you