Trucking: How To Pay Yourself as Owner | Trucking Business Banking
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- Опубліковано 28 сер 2024
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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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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.
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
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.
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.
As a start up business, I do appreciate the clarity and thoroughness of your videos. I have learnt so much. Thanks
*TRUCKING FROM SCRATCH*
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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??
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
You have one of the TOP 3 Trucking Business channels on UA-cam.
I vote #1 out of that 3.
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
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
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...
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
I’m preparing to start my own trucking business and would like to hear your thoughts on ways owners can pay themselves
Make the video "BRUH" & bless us with the knowledge, " Each one Teach one".
Yes definitely go live!!!
We need that live video bruh! 🙏🏾
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.
Best trucking channel on UA-cam
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
Yessir. We need that info on paying yourself. Knowledge is key. Great material on your channel. Proud to be subscribed.
Go live!!!! Please and thank you from VA!!
Yes please do a video on how to pay your self as power operator
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.
Thanks for the free game bro. Not many are as helpful as you are
I'd LOVE to see that video, just call me Grasshopper, because I'm learning bro!!
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.
Yes. How to past yourself as an owner. Great info!
bit.ly/2WTQZvn
Dave my brother you are business truckopia !! Your a godsend.
David I love your videos. I find them a wealth of knowledge. I just wish you lived in my neck of the woods.
Please record a live video on paying yourself as an owner/operator. Thanks.
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!
Cool beans. I use quickbooks pro
Link it with bank acct. an linked to a CPA. TO HANDLE TAXES QUARTERLY at the end u dont pay any out u have already
Audiobooks by him coming soon. Great information on trucking industry
I'd like for you to go live with this topic Sir, very informative I appreciate you my G.
We need the live!!
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.
Agreed, you should definitely go LIVE. The Q&A would be priceless!
Yes please make more videos. I know its alot of your time, we are asking for alot but we thank you
New subscriber here. And Yes, I would like you to go live.
Yes would like to know..
Your trucking course will be 🔥🔥🔥
Yah man I’m new truck owner and I would like to know more in detail. Again thank for sharing the information 👍💯
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 🙏
Excellent info bruh!!!
Yes sirrrr!.....go live!
I am on the verge of setting up a trucking business along with my brother in law. I need some wisdom.
I've been paying myself $10/hr out of my net pay, as a company driver, bringing home $850-$1100 a week. I work at least 60 hours a week, so I pay myself time and a half after 40. Then, I take out 25% for "taxes". It comes to $525 every week that I pay myself, no matter what I bring home from the job. The rest of my check gets put away every week to fund my trucking business startup. I've structured my life and my bills around that income. It's working out great. I don't see why it should change once I get my own truck going.
I figure I'll get the truck, put a driver in it, and keep running for my company I run for now. I've got benefits and a good income with them. This way, I can maintain my lifestyle and put 100% of profits back into the businesses for growth.
Is a delusion inside trucking business
Definitely interested in open forum video discussion on paying yourself as Owner/Operator!!
Man you are a blessing thank you SO much! Yes go live!
I pray you go live. Your videos have been so helpful
Yes please go live and help us out
Yes! Please go live sir! Much needed info!!
I learn so much from your videos! Thank you!
Absolutely! The How to pay yourself video would be beneficial Thanks
You go set up Zoon meetings free online. This would allow you to host live meetings. I use it with my college students.
Yes can you go live how do you pay yourself? still trying to figure it out
Yes. Explain owner non operators as a business
You are the man. Thank you for all that you do 👍🏽
Best option for a small trucking business is an SCorp. Can capitalize on less taxes as possible
Even if your a single owner op that operates the truck as well was curious on this thank you in advance
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..
I love to see that. Hell I'd even pay to do like a zoom seminar
i would like to have that live video. I need your opinion onwhat i should pay my drivers??
Yes please
Go ahead young brother! Good job!
Hi David yes please go live ... tell the pay plan for operator and non operator owners
Yes. I do definitely want to know how to pay myself.
bit.ly/2WTQZvn
Yes as someone getting ready to start a business I would like to know how to pay yourself.
I want to see that live video
Yes
Yes do the live feed please.
bit.ly/2WTQZvn
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.
go live! i love your videos . it helps me start with my trucking business
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?
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.
Yes please. Make the video Thanks
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 would very much like for you to do a live video on how the owner operator pays themselves
Like your video very informative thank you for your hard work and the mistake you made to help others
Definitely looking forward to hearing about how to pay yourself
bit.ly/2WTQZvn
thanks for sharing
good info bro.i benefited
Yes, I would like for you to do a live video.
Thanks
Can we have the conversation on payroll owner operator - zoom. We own 2 trucks one truck is deadhead right now because we do not have a driver - How can we pay ourselves, set up 401 (k), etc
Interested in the live
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
Did you do the live video on how you pay yourself in your trucking business?
Yes more info specifically this topic
Great job on the video👍🏻
Thanks for the info. I'm interested in how to pay yourself, and also how to purchase items under the business name, when options as an LLC. Example, how to purchase my truck, under the business name, with business financing.
Yeah that's a good question. I would like to know as well, how to purchase trucks cars and houses under your LLC
bit.ly/2WTQZvn
Ditto.
Yes need that live
My company is new to the trucking industry. It's 4 of us who are equal partners as owner/operators. We're not driving semi, we're driving box trucks. The question for us is, how do we pay the business first and then pay ourselves?
YES!!!! make the video
Yes I want you to explain it
Definitely interested in your opinion!
Go live brotha I would appreciate greatly
Yea
Man u really help out ALOT!! 💯💯