How much I Pay in TAXES - Hotshot Trucking - Small Business

[@TowPiglet]

Taxes info start at 7:10 ✌🏻👍🏻

[@thepenrofamily5703]

Tow Piglet yea but it was good to watch the whole video

[@riverbig4279]

Hope you're doing well. Merry Christmas Alex

[@bogeyjoesr6254]

You're WRONG ALEX. Taxes starts AT BIRTH & YOU OWE YOUR LIFE to their corrupt establishment.

[@06dirtyblack]

I’d be willing to bet you have shorts on in this video 😆...

[@garciahenry89]

Do you have to chain up in the winter like in the Rockies since you have 4wd

[@chrisandersonCR16]

The best quote of the day "I made less but my responsibilities at home went up" love it.

[@fredmartinez4248]

Lol I readed you comet while he sed it he literally readed for me

[@geriatricginger]

You're so energetic! Makes me feel like I need to take a nap LOL I appreciate your openness in these videos. I'm new to your channel, and really enjoy watching your vids.

[@samcallahan5077]

THANKS buddy. What you do online is very much appreciated. Continue with your highway smarts - stay safe. Sam

[@chriskahlson]

Defer the max allowable into an individual 401k that’s invested in an index fund for your future

[@flyboy6876]

we the youtube public are asking you questions that are none of there business, I admire you on your openness

[@texbarkley459]

You exactly right I was owner operator for over 30 years went to iraq got rid everything and now just drive for someone and it's a hell lot less money and i work just as hard

[@corieglover4341]

Tow piglet I don't care what nobody say about you you the best man......

[@jonathanmartin7471]

Alex, this video inspired me even more to do the hot shot trucking and has got to be the most motivating video in my opinion. You’re doing what you love and chasing your goals. Your hard work is literally paying off. Thank you.

[@erikhull4922]

From my small experience hot shorting does one thing, it generates enough money for you to get into something better! I’m in Texas and I’m saving to opening up nice half ways houses using containers!!! But along the way I’m getting a new home and vehicle. It’s all about how much you can sacrifice to obtain what you’re looking for.

[@joseramon5786]

I just want some of whatever that is on the side of that trailer 😳😫🤷🏾‍♂️

[@marxvadar2614]

Jose Ramon my thoughts exactly

[@MASON091]

🤣😂🤣😂

[@gumpwhite]

😂😂

[@patmendoza9945]

Jose Ramon I forgot he was talking, got distracted by the snack on the side of that trailer!

[@brokentombot]

Yea was staring at that chocolate the whole time.

[@Rostabenny]

Dang good video man! One of the best in my opinion. I keep every receipt and log every penny on a spreadsheet. My biggest challenge will be finding a good CPA that knows trucking. Being my first year I’m way in the hole with tires, trailer purchase, business start up costs like a printer. Cards. Magnets. Chains. Insurance. On and on. I’m working on reducing expenses like hotels and food. Other than finding cheap fuel which I do you can’t control that or maintenance costs. I drive slow to get a little better mpg if I have the time. First year has been rough

[@harijotkhalsa9496]

How's it going now?

[@Hittman1422]

Congratulations on the twins! We have 1 year old twin girls, it’s a blast

[@TheMinnow101]

Being home 2 days per month, I doubt he knows what he's missing. Needs to find a new line of work. He's got bigger responsibilities now.

[@backfire5449]

Good for you last year! Hope 2019 is a solid year as well. Thanks for all the videos

[@pizzagod1905]

I'm in a different business-but a lot of what you say relates to any small businessman. "Is it worth it?" God yes, the only limits we have is how hard we'll willing to work. You're hustling and being rewarded for it. Make it while you can.

[@gilbertfranklin1537]

Perfectly said!

[@busterburks3467]

Please IAM lookn for a mentor

[@erikhull4922]

Excellent advice

[@pizzagod1905]

@Courtney Saunders Good luck getting 350 days a year out of a McDonald's-they limit your hours to avoid benefits. Next, remember that the 30K is a net figure, and a lot of expenses that we have are write offs, so while you have to eat, we actually get to take 50% off of that. Not bad. Next, 30K-that's cash money, and that's like 48K with taxes and what not taken out. Every cent we spend is deductible-and thanks to Section 179, we can spend $200,000 (or $250,000-I forget which) on a piece of equipment, take 100% depreciation. That means we get the equipment "for free", the expense is a tax credit. Finally, given the choice of being your own boss or working at the shrine of the clown, which would you choose?

[@kevinmckay810]

Now I do live in California, but Iv been installing hardwood flooring for 32 years I still love it my job but my body hates it, but I only work 120 days a year I work 2-3 day and then take a week off work 4 days take 1-2 weeks off, I just worked 6 days and made $5600 and all I pay for gas $80, my next job is in 17 days, we have a 3000-foot house and rent 3 rooms out, and that pays the $2700 mortgage! (ITS CALI) Life is great when you know how to work it $$$$$

[@BattleBornCowboy]

Looking forward to seeing how your net pay looks with the lease option Alex! I am glad your experience over the years has led to more profit.

[@chriskahlson]

Most likely the replaced engine will have issues because unless you buy all the best parts and DIY, you’ll never get an engine right, that’s the truth. Shops just don’t have the time or the money to do it right, they want to get you out the door and make money. Reworking an engine replacement extremely time consuming and expensive.

[@superiorinsight08]

Can you please make video on how you budget groceries a week or month On the road ?

[@charliemich8037]

Great video Alex. There is sooo much helpful info in your video's. Pure gold.

[@colinlawrence2186]

Alex really love the video your openness with us out hear is quite amazing i would really be interested in the outcome with the rental breakdown with the IRS GOD BLESS YOU AND YOURS STAY SAFE OUT THERE 🙋‍♂️🇬🇧

[@gilbertgranados]

Congrats on the twin kiddos! Love the vids, keep em going!

[@verajavi12]

Thanks for the honesty.

[@dudeinlasvegas]

I was on vacation driving between Dallas and Houston and saw a big TP sign....first thing that came to my mind was TOW PIGLET...but it wasn't..it was TEXAS PRIDE. 😝

[@daveberkovits4976]

It's TOW PIG not Tow Piglet!!!!

[@dudeinlasvegas]

@@daveberkovits4976 what???don't youknow how to read? Its TOW PIGLET

[@johnschubert4665]

TP, the milage rate for 2020 has fallen to 57.5 cents per mile. Part of the IRS milage allowance on a vehicle that you own is applied to deprecation, therefor the depreciation taken has to be recaptured when the vehicle is sold if the sales price is greater than the depreciated basis. The current deprecation rate is about 26 cents for mile. This is taken as part of the 57.5 cents per mile, so the actual expense portion of the milage rate is 31.5 cents per mile. This is in line with daily expenses but does not allow for expensive repairs. Remember you can take the milage or itemize but not both. Once you chose a plan you can't switch back and forth without good reason. I'm not a tax professional just a driver like you so talk to your tax advisor. So in my opinion if you own your truck and have daily expenses (fuel, oil, DEF, insurance, interest on your loan, meals away for home, etc.) of about 35 cents per mile and other repair expenses such as tires, shocks, vehicle repair, wash jobs, license etc. your actual total will probably exceed 40 cents per mile. Add to that 26 cents per mile for deprecation and you could be deducting 66 cents per mile total and keep more money at tax time. The federal milage rate of 57.5 cents per mile is for use of your personal vehicle. For a Honda Civic or VW Jetta it is more than adequate but for a 3500 truck with a 30 - 40 foot trailer it is convenient but I think you are cheating yourself because your actual expenses will be higher. Just my two cents worth. John S

[@mariahnatorbb7074]

So do you itemize or take the mileage?

[@tomcat5986]

@@mariahnatorbb7074 not to be sarcastic but that question is already answered in what he wrote...no?

[@214steveg]

Twin girls? TP maximized that 1 day a month he was home!

[@towpigletswife6483]

Steve G. 😂

[@hhowlerin]

That's exactly what I was thinking. Plus he blew the balls off.

[@bq503]

He got blue balls only home one day a mouth that’s sad for your family my guy

[@brewdog8568]

Lol 😆🤣

[@juniortrevizo4023]

Congratulations on the twins great vid

[@stevelehman79]

Awesome video, I just thought I would throw it out there that another big tax benefit is if you buy your vehicle under your personal name and then lease it to your company. You can write off all lease money on your taxes for your business. Thanks Alex for this very detailed video. 👍

[@bradtaylor6139]

So instead of just writing off say 500 a month in interest you could write off the whole payment to yourself? Doubling(approximately) your write off?

[@jamesvelvet3612]

What would the point of personally buying and then leasing to your company? You would have to add those lease payments (received from company) to your personal income which is likely to be at a much higher rate. Doesn't make sense, what am I missing?

[@johnschubert4665]

You have a big problem, it doesn't work that way. !st that's not an arms length transaction. There is no market place when you control both ends. The IRS will dis-allow that if you are audited. You may have to pay additional tax and penalties. 2nd, if you are a sole proprietor LLC or a sub S corporation all income and expense pass through to you personally. If you charge yourself an expense - the money you pay will be reported as income at the top of your return. 3 rd, if you start playing games you are inviting an audit. Get a real CPA, that's what they do and stay out of dream land. Be safe and take the standard deduction and you won't have to have receipts.

[@johnrahman6724]

Good information. Really appreciate you telling your raw real experience. 💯💯

[@sczorroc1552]

I have done both company and lease, I prefer the lease due to having more control over my money, if you are a company driver then they are in control of your money but we all have to start there to get the needed experience. The only thing I can add is I hope you are putting money away into some type of retirement or 401k account. When I was a company driver there are benefits to it due to having some type of matching payments into a retirement account. You just have to find a company that will be the best for you. for your earnings and or home time. Love the videos have a happy holidays.

[@fntony4967]

While this topic is not "fun" or "glamorous". At the end of the day this channel's base is about, should I do this to MAKE MONEY. So this video is just as important as all of your others. Thanks Alex.

[@chrissubleski200]

Big difference between Lease vs Buy is in addition to your normal operating expenses you also deduct the value of the truck off your taxes. The more money you earn the higher your tax RATE will be and OWNING equipment becomes a smarter way to reduce your net income. ( ie taxes). Right now Alex is paying 12% in taxes. He can't go much lower. But if he was in the 22%, 24%, 32%, 35% or the 37% tax bracket then it MIGHT make sense to Own his equipment. Depends on the costs to purchase the equipment. ( interest rate and down payment). When you lease you deduct the cost of the lease payments as part of your operating expenses. When you Own you deduct the interest expense on the loan ( assume you didn't pay cash) AND the value of the equipment. How long can you deduct the cost of the equipment? Depends. Usually it's over the "life" of the equipment according to IRS guidelines. For a truck like Alex has I think it's 5 years. So 20% or 1/5th of the cost of the truck is written off each year for 5 yrs. If it's a 7 year asset as defined by the IRS then 14.28 % or 1/7th of the cost of the equipment is deducted each year for 7 years. Sometimes you can deduct the ENTIRE COST of the equipment in the year of purchase. This is known as a Section 179 deduction. Ask your Accountant about this. If you are leasing equipment, know that the leasing company is making money off of you by using the same tax code. Their income ( lease payments) is offset by the tax deduction they take as Owners of the equipment. They also need to set aside enough profit to replace that equipment when you are done with it and no longer able to lease it to someone else. But there will be some VALUE left in that equipment....even if it's just scrap value.

[@bogeyjoesr6254]

Maybe I'm wrong but I think you said when Alex leases, he writes off the lease pymnt. (in this case 22©/mile) X last yrs 150,000 miles = $33,000 he paid to Enterprise. He can't Also write off the miles from Depreciation. I do believe(since he's not the owner & CAN'T take the 54.5©/mile depreciation deduction) but can use every other write-off including uniforms, actual fuel cost, office rent & secretary wage, food&Lodging, insrnc, Trlr maintenc, etc. But not owning

[@jth1699]

When you depreciate equipment there are lots of tricks to depreciating eqpt. Back in the 80's there was a 50% income tax bracket and it sucked if you were in it. I was in it. In order to shelter the other income I had I had to invest in equipment that I could depreciate... that is when I learned about what is called the double declining balance depreciation schedule. One thing to remember about depreciation is that you can't depreciate the asset 100% or down to 0 value. If you do then when you trade or sell the asset you have to pay a capital gains tax on what you receive for the sale or trade. So you have to maintain what is called a residual value to avoid being taxed when you trade or sell. The double declining balance allows you to take an accelerated depreciation schedule. So you have to be aware that your 7 year asset will depreciate to its residual value well before 7 years. So in order to maintaine the shelter for your income you will probably have to trade in your truck at about 4 or 5 years ... all this will be determined by a cpa... so you have to have a long term financial plan when dealing with money and deprecation... the USA tax system is set up so that business have to keep financing stuff with the bank and buying more equipment and hiring more people and on and on... it's a scam that they use to "keep a healthy economy" - the trucking industry is probably the most taxed industry there is. Currently fuel taxes in Texas are .20 cents / gallon state tax and 24.5 cents / gallon federal tax so 45.5 cents per gallon _ if you do you 120,000 miles per year you will pay $8300.00 per year in just fuel taxes - then your plate will cost you $1000.00 - over the long run you will probably spend $10,000 per year on maintenance of that at least $1,000.00 will be sales tax. And the list goes on. So that is before and self employment taxes which are 15% of your net profit if you an LLC then there will be income taxes on anything that's left after road expenses and crazy insurance costs. So you have to ask yourself is it really worth it to be in the trucking business. Most regular jobs work 20 or 21 days a month .. if you were making 50 cents a mile and averaged 350 miles per day you would make $44.000 per year. That is equal to a 8 hour a day job at $22.00 per hour. The mechanic that is fixing your truck is making twice as much money as you are except that you are working twice as many hours as him. If the mechanic worked as many hours as the truck driver the mechanic would cash your check every year and be home every night... so when you boil the trucking industry down, every state and the federal government are raping the trucking industry owners and operators for an exorbitant amount of money. Think about this.. if a corporation was to invest $100,000.00 dollars into a machine that was going to last 5 years and need replacing that would cost them about $600.00 per day to operate for 11 hours they would spend $1,950,000 in 5 years. A 20% profit on there expenses would be $37,800 per year plus another $20,000 for the 100k invested in the truck. So when you add in the required profit for 5 years your at $2,239,000.00 required to maintain a 20% profit. In 5 years you will probably average 110,000 miles per year. So do the math and without even much of a maintenance budget the rate per mile required to make a 20% profit on the investment is $4.07 per mile. And that's the reason industry as a hole avoid trucking - there is just not enough money in it to pay any dividends. A person would do better to take his 100k and buy and sell used cars...

[@bradtaylor6139]

How someone could drive 350 miles a day but cost him 600 dollars a day is well beyond me. And who would spend 100k to start up when in reality you can start for well under 50k. But you sound smart so cheers!

[@jth1699]

@@bradtaylor6139 what I was referring to is a class 8 truck as if a large corporation paid cash for it and the overhead that an employee actually costs most drivers are making 50 cents a mile at least - so 120,000 miles would pay a guy $60,000 if he is lucky - the first thing you have to add to the basic cost of an employee is 7.5% of his pay - the employer has to match his social security - then another say 5% matching funds in the 401k - then about $500.00 per month or 6k per year for hospitalization- then about another 15% for workers compensation and finally a couple thousand for a paid vacation. So as you can see your employee overhead will be right at 30% plus another $8,000 - so your 60k guy will cost a corporation about $86,000 per year just for your man - then there is fuel at about $60,000 per year. $12,000 per year for your insurance package - and $50,000 over 5 years for maintenance... plus another 5k for license plates . Now your up to about $85,000 / year in expenses. So your man plus ur truck expenses is $170,000 .. most corporations want to make at least 50% on their labor and some alot more .. I have run a few companies and our goal was at least 100% on our labor costs. Then you have the corporate overhead which everyone usually comes in at least 20%. The corporation will want a return on the 100k they spent for a new truck and trailer - so at 20% that's 20k per year so let's see where we are. So with the profit margins demanded by corporate America the truck must bring in $275,000 per year to break even. If you ran 300 days a year and ran 120k miles per year [highly unlikely] you would average 400 miles per day. So based on corporate Americas demands for return the truck would have to make $916.00 per day. Owner operators do not have corporate overhead or retirement expenses or a board of directors or stockholders to answer to. That is why large corporations that ship lots of freight leave the trucking to others - it just doesn't pay them enough.

[@bradtaylor6139]

@@jth1699 ah yeah, you definitely did a much better job of explaining your point of view in the second message. I am in the process of starting my own business, and hearing the insider thoughts and insights are very helpful. I think the playing field is different for different states and regions. I live in an area where a truck driver(or anyone) is lucky to make 40k a year if he drives local. where if I start my own authority and assuming I do well at it like piglet, here... I would be in the top 90% of income earners for my region. I would be making a doctors salary without actually paying a doctors tax bill. maybe from a big business point of view hot shotting might make no sense. but from a low income region like where I live, it could be more valuable then medical school. just my thoughts though. One day when I grow and decide to add drivers to my business your formula of operations will be much more helpful and needed. cheers!

[@mbja300]

1st annual TP picnic for hotshots 2020..........

[@bennaylor3658]

Thanks for this I haven't even thought about taxes lol guess I need to find a tax person soon

[@vladsamolya7658]

Amazing video that shortly but fully answered my questions , thank you !

[@lukesnodgrass8758]

I hotshot. Home every weekend . 4 weeks vacation a year . Gross 224k Net 136k payed no taxes after deductions .

[@harijotkhalsa9496]

What state are you based in?

[@lukesnodgrass8758]

Ohio

[@harijotkhalsa9496]

@@lukesnodgrass8758 How big is your trailer, 2 cars? 4 cars?

[@bounpasongvongsamphanh5747]

Best hotshot channel!

[@kevinconmy3625]

Alex,it looks cold.But if so,why not record the video inside your truck or a comfortable place.That way it's quiet and warm!

[@yoban360]

90k hotshot is not bad and that’s non Cdl. Respect!

[@rudylopez3332]

Hey Alex, hopefully you are doing good amigo, thanks for all the information, be safe on the road and God bless you amigo

[@pooroldgreyhaireddaddy]

If you form an S Corp (free to do), you'll save big money on taxes. You won't have to pay social security and Medicare taxes on monies OVER a reasonable wage (you determine that) say, 30k. Based on your 90k net, you would have put $9,180 in your pocket. I do this every year (through a CPA/CFP) and it's a great deal. Yes, it doesn't boost your social security but they base your rate on your last 5 working years anyway.

[@crazzy8873]

Love your channel I'm a cdl driver with smith but you got some cool stuff going .

[@wazittuyoo2147]

Sorry to bear about your blown engine. How and with whom did you find the rental truck? Just might come in handy if someone else finds themselves in a similar situation. Great videos, very informative. Thanks.

[@MASON091]

Great video man I’m glad it’s working for you. I would love to get into trucking but that’s a hard way to make a living.

[@slowestfastguy]

Do you mind explaining a little bit into the why/ how you were able to change your income so much between 2016 & 2019?

[@foxyvision918]

congrats on the twins TP

[@towpigletswife6483]

Thank you

[@r6master69]

Got a buddy that drives at Walmart. 95k his 1st year. Home for 2 days every 5 days. Sometimes home for 3 days.

[@joesalgado1953]

Great video Alex... It works for you.. Pay your bills and life style, is hard to be away from loves ones but the reward is a classic... I was a Merchant mariner... I was gone the all year... Offcourse.. In my 20s, but that the beauty of the job, hey make that 💰... I love Casper truck... I believe all I need the desire and have goals, ...great video

[@Hammy1TV]

I hope you don't lose your marriage and family over trucking. That's what happened to me. In the end, all the money wasn't worth all the time I lost and now continue to lose with my kids.

[@n.b.a1529]

Michael Hamilton did she cheat on you by any chance? I’m thinking of doing this and I have a girlfriend so idk if we need to part ways

[@Deere-uh4go]

That’s the number one reason I stopped traveling for work. Missed to much of my family’s life.

[@380Banshee]

They do the same if you stay home all day, lol!!

[@MA-ci8po]

Learn to share your wives it’s best for all and make the money man at the end you will get the girl you want it’s all about money my brownie

[@yoban360]

This industry is supposed to be temporary. Almost how grown/adults stick with a minimum wage job but expect to make 100k a year when it’s a high school gig. I want to do trucking for like 1 more year. I’m saving up. Many people have lost their relationship.

[@keshmo12]

Interesting. One of the guys that I knew said his truck made 500k in a year and he brought home like 90-100k. Driving flatbed semis.

[@ronclifford3336]

Its not impossible to make that much under the right conditions. Flatbed used to pay better than Van Freight. Ive been retired for a while so I dont know what it pays now, other than what I see on youtube? You put a co driver in the truck, both of you run 125,000 miles a year each at 2.00/mile to the truck and youve got it and neither driver is worn out from it. You've gotta keep that truck rolling though. Ive heard of drivers whod run 200,000 a year single but Ive never done it. The most I ever run in a year is about 160,000 and that was in the old days when I was young. My regular yearly average was around 125,000- 130,000 and that wasnt running hard. I hired a co driver and run doubles for 7 years and was putting about 250,000 miles a year on the truck. Used the same truck the whole 7 years. It had 1.4 million miles on it when that ended. I started running single again afterwards. Kept the same co driver the whole 7 years.

[@samsafi4071]

@Joel was that a semi?

[@peterparker9286]

Ain't no buddy's business about takes ya get a kick ass truck and see the USA. Tow a trailer and be safe people dony understand rite offs. Mite grab a kodiak and head out myself and get paid. Keep up the good work.

[@baseballwarrior17]

Around 8:23 you said you had a driver. Did you have nexus in other states that caused you to do any additional filing? From my understanding, employees and owner-operators are exempt, but not companies.

[@koolbeanzist]

You should try S Corp

[@cregooutdoors9298]

Was that $30,000 net after you paying yourself $1,200 a week or before?

[@valdirlino3771]

Tanks for all the information. I have tliplets , girl and 2 boys 21 years old. I 'm 61 years old and woud like to work as a driver for hotshot .

[@BSchorr]

Couple Questions.. What insurance and how much do you pay for the truck.. and then what insurance do you have for pulling RV and what does that cost.. running some numbers.

[@semperfi5857]

What!!! No hands?!? As we say in the Marines - *Improvise - Adapt - Overcome* I love/hate your enthusiasm..... Haha - stay safe!

[@timmix331]

Since you have to pay so much in taxes I would gladly buy you a pair of gloves 😂😂

[@mckenzie8415]

Great information man thanks for sharing

[@NikeHM69]

What have you heard from Enterprise in regards to whether they're going to be keeping the long term truck rental program going? From your last video it doesn't seem like a worthwhile enterprise for them (see what i did there), even if they get a sweet deal from FCA on the fleet purchase, the numbers don't look like they add up well for them.

[@detlevwilloughby7175]

Ya about 13 k for 60,000 miles don't seem like a money making deal, buy the truck, fix it after its been beat to shit and sell it

[@rockford2981]

They sell the trucks for around 40k per their website. If they spend 50 on a bunch of them they’re still making money.

[@salvadornevarez7934]

Thanks for keeping it real

[@jimmyguenza3767]

Hey Alex I really enjoy your videos and your enthusiasm ! Its refreshing to see a young guy like you going for what he obviously loves to do ! Anyways if you ever think about hiring a driver again I am your man ! Lets make some $ ! Thanks for letting us know how things work and be safe out there my friend ! Respectively Jammin' Jimmy

[@everythingbyjohn]

Pure Motivation. I'm looking to get into hotshot car hauling, on the Ceo side. Hire a driver and have him lease on.

[@IA-py9by]

Dont do it you will regret

[@everythingbyjohn]

I B why u say that?

[@IA-py9by]

@@everythingbyjohn cause you wont profit anything with the rates.

[@everythingbyjohn]

I B doubt it. Thanks though.

[@IA-py9by]

@@everythingbyjohn you could doubt all you want...go for it and you will see..

[@renzo7503]

EXCELLENT video.

[@kctyphoon]

I swear i wish i had Half the energy this guy has.. This guy should sell his blood.. lol

[@bradleybrown2417]

Wonder what kind of sugary kool aid he is drinking???

[@townsend96]

Family is more important than working 29 days a month. Your going to miss so much of your girls childhood. 😞

[@jayr8644]

A sacrifice that many aren’t willing to make. To each their own

[@gilbertfranklin1537]

This is a great educational video for young folks to see regarding income tax. But what is a bit disturbing is the tax on every gallon of fuel you buy, and the sales tax on all the supplies, equipment and perishables, and the hidden taxes on services (like cell phone & utilities). It is the price of civilization in a modern country. No taxes, no country... period.

[@tiptoplandsolutions1421]

thx...happy trails and good lookin out

[@juanchavez1992]

Awesome video and like always very informative too. Hey just for grins, can you post your list of general business deductions? No specific details. Just want to compare against my list. Thanks in advance

[@jpipaj]

Great video Alex...

[@Jesus-eb8yk]

Sounds good 90 k but all the time on the road and putting all thos miles on your truck thats something to think about great video...

[@raymondgeoffroy7522]

Good morning TP and all you hotshots, I have a question, if someone can help me. I have a class A CDL with double, triple,& and tanker endorsement, is there any state that doesn't allow a hotshot to pull two or three trailers at the same time as long as the combination weight is not over the registered vehicle total?

[@carlsea-eagle1098]

Hello, Alex, I know what you are talking about, I been there, & do that. But I sacrifice My family, I stay out on the road, 6 or 7 months. My wife put up with me in the Marine Corp. I was married to the Marine Corp, sometimes I got Home 2 or 3 yrs. I carry that over to my Business. I could not pay my bills sitting around at the Trucks. YES, my wife is still with me, she now in the Philippines, taking care of Parents & Grandmother. Philippino, believe in family, they stick together. I believe in the family also, except, I got to work & it first.

[@maxithotshotadventures9616]

Good video and advise!

[@daviddenman7479]

Didn’t they get rid of the per diem? So how does that affect your tax write off now? I’m really curious. Thanks again

[@XSteele]

Alex in a straight jacket. Who predicted this ??? LOL !!!

[@crockett5]

I paid $9k in taxes last year think it was around 200k gross but forget what my adjusted actual income was. That was Running a lease truck at a MEGA though.

[@n.b.a1529]

David what would you pay in taxes if you didn’t take advantages of write offs ?

[@crockett5]

@@n.b.a1529 Who knows, but what would I pay if I were a rich asshole billionaire.. Probably less than the $9k I paid...

[@PTucker0864]

Well, last year my aspirations to become an owner operator in trucking started with watching KZbin truckers. I was wanting to upgrade on a house, so I took care of that already....paid off all other debt, and I'm sitting pretty good right now.....except for alot of capital saved up. I do have sufficient open credit to use in an emergency though. If I were to want to buy a used semi, should I get business credit going, or use my personal credit to get started?

[@daveberkovits4976]

GREAT Video!!!!!

[@DavidrKun]

5:07 LOL not a word, My brother used to get on me for that. Regardless not (Err-REE-Gardless)

[@EverythingApax]

You're not able to claim mileage? Or is there a reason you choose to claim each item towards maintenance and repairs?

[@robintraweek5759]

Can't you write 100% of your lease off every year while you can only write your truck off a certain % each year up to 100%(after 3 yrs maybe)and then if you sell it you have to claim as income... ???

[@azizaespinoza3867]

I have so many questions lol but the main two are where can I find a company I can get leased through to start hotshot loads and also is it better to get your CDL B??

[@doctorpepper4655]

Ha ha. At 7:50 you waved your arms

[@yahsephhawkins9503]

He did, at least 3 times.

[@devoywilliams5549]

wouldn't you make more just working as a company driver?

[@redeemeddispatchaccount8924]

Where do you get your taxes made with? I cannot find a good transport tax office to do mine in Houston. Great videos

[@nehemiahedison7005]

Thanks for the info.

[@S.Acosta-yg6od]

Wait,, how were you able to make 2 kids and be on the road all the time.. ???

[@gilbertfranklin1537]

Maybe "helpful" neighbors?

[@smoothoperator7023]

I see a dna test coming..... 👋🏻🔮🤚🏻

[@peterparker9286]

Ya it's hot shot trucking lol lol. Of course he on the road 29 days a month. Aka accounting

[@Someonehad2sayit]

I think I figured out why someone would want to work this hard, with zero life outside a truck, for 90K a year..the only other job options would be fast food or Walmart. Not trying to be mean, just making an observation. I was a truck driver for 18 years, spent a LOT of time away from home. Missed most of my son growing up, and 2 months after he turned 8, he got sick and died..any money I made during those 8 years was not worth the time missed. Maybe hotshoting is your best option right now, but money is not everything, trust me.

[@FR8GUYHotShotAdventures]

Excellent. So did you take the mileage write off in years past? Mine will be interesting because of the different modes of service I offer other than HOT Shot. So for me things like customer meals and travel meals are relevant. I’ll have to do something similar when mine is done.

[@TowPiglet]

Yes I wrote off miles

[@rosadelagarza9737]

Do you have a llc? I would hire not a tax preparer but an actual tax advisor. They're trained to help you save money not just put numbers on a screen and with a business there's more tax advantages. Also if you already own the truck and trailer you can deduct all that too. It's an asset. Talk to an advisor and ask HOW you can deduct your assets not is it deductable. An LLC will help.

[@og6340]

Its so easy to just say fuck it lol 😂 hotshot will make you laugh one week and cry the next week I made better when I was driving someone else truck making 25-28 percent of rate cons now that I’m in my own truck it seems like the leasing company is out to steal more from me and with repairs and maintenance, insurance and no fuel card ( to expensive ) I’m just about ready to call it quits . TP your one of a kind my friend because it’s not many out there that are winning in hotshot . I think I’ll reapply for my cdl and get back In a big truck .

[@jameshendley4958]

Soooo. You make an adjusted gross amount, then you take everything out and bring home a Net Amount, then after write off’s you pay into taxes??? So you pay pay pay? That does not add up to me? And if that’s true then he’ll no it is not worth it. I thought with write offs the government pays you, but in the end you still pay into taxes. That’s crazy!!

[@themanagerray7089]

You stated you placed 150,000 miles for year 2018 @ an average of $2.30 to $2.40 for all miles driven. That's between $345,000 & $360,000 Yet you claimed adjusted gross income of $214,547 for 2018. That's a difference between $130,453 & $1045,453 Please explain where did i miss it?

[@themanagerray7089]

I meant $145,453 (correction)

[@leland480]

That money went to the company he was leased on to

[@PeopleAreSilly]

Because $2.30 sounds much better then $1.43... lol

[@cryptoanalysts5793]

I don’t know 🤷‍♂️ why I don’t hate this guy🤣🤣🤣🤣 Man he reminds me a lot of my cuz 🤣🤣🤣

[@bigt1974able]

Love your videos. Why dont you do them inside?

[@bradwecker8727]

TP hey im a owner op in big trucks lookin to move to hot shot ben flatbeding for 29 years. wat truck should i get and youre opinion about big tex

[@kennethjohnson4456]

Per diem is for motels and meals only. All other expenses are separate. You just keep your receipts and choose the one that gives you the best write off. The actual cost for meals and motels or the per diem allotment. It's a huge write off. Company drivers were able to take this write off until the new tax plan under Trump went into effect. With long hours and no overtime, while spending weeks on the road, it was great benefit, it took the edge off the fact, that drivers aren't paid overtime. Grossing $ 350,000 and netting less than a third of that, with hardly no time off, less than 30 days off within a year. This can only be profitable, if used as a stepping stone, or a bridge to a better place. All work and no play, makes for a terrible life. Talk to everyone, to get a better understanding, before jumping into the water without a life preserver. The turnover rate for otr trucking overall is over 95% for a reason. It is a cut throat business, full of thieves and crooks. It just the nature of the Beast. It has a very steep learning curve, it's unforgiving, and what you don't know, will cost you. Been there done that. 25 yrs +. Run for someone else first, to get your feet wet. Before you jump into the water. Hardly anyone sticks to otr trucking, when there are other options. Just saying. Peace.

[@jovanisiliezar3733]

So what is necessary as far as legal stuff to get started hot shoting

[@oldroadie]

Did you also pay on the weekly paycheck sent home?