I just wanted to say how much I appreciate all of these video's. I'm will be getting into the trucking business in the US and I'm learning so much from these video's. Keep them coming the knowledge your passing on is incalculable to me. Thank you Roman and ET Transport.
Thank you Ronan... I have owned several companies over the years with all of them being small. You are bringing up the things that many people never realize until it is too late. Having your own corporation doesn't only shield you from taxes but also from certain liabilities. The blessings and the curses of self employment... 🙂
I can't believe that there are still people in trucking industry who really cares and helps new truck driver and owner operator with all this info. Many thanks to your channel and fellow drivers. 🙏
I’m trying to get my first Truck now and this is really good advice for me, thank you very much, for all the knowledge you’re sharing, I have watched a lot of your videos and I love them
Seriously this is my favorite trucking channel hands down. Best business management and general trucking information channel by far. Thank u guys at ET Transport
Solid info…but if you purchase assets with your company (property, equities, etc), and you get sued, then all assets are exposed. Maybe you should produce a video on asset protection??
Thank you so much for all the videos you make for all of us 👌 I am working on becoming owner operator and I am learning and researching everything and more then once or twice I ended up watching your videos and I am very thankful personally 🙏
I been a company driver for 7yrs and I'm looking forward to become a contractor for FedEx or an owner Op, your information is valuable, Thanks for all this videos
IMO, the biggest single reason to incorporate is the exposure to personal liability. Also, here in the USA we have what's called a "ROTH IRA" which you pay income tax on when you load it but it is tax exempt when you withdraw from it. But there is an annual limit of money you can deposit in it as well as limit on IF you can put money in it based on a Max annual income threshold. This is easily one of the best tools to building a retirement account the younger you can start building this nest egg.
Absolutely my friend I guess I did something right lol. I been second guessing how I did everything and you definitely put me at ease that I'm doing it right ✅
Excellent video 👍 So many drivers try to take as much as they can get every month. When they only needed $2k. It's imperative that money stats with the business, as long as possible.
Hello thank you for this video a very touchy subject that no one talks about because its like a taboo, again thanks for the knowledge and I hope we can all learn from your videos like myself ,now I already bought my 2nd truck thanks to the experience of and UA-cam and I think Im ready for the next step. I hope you guys are doing alright out there.
Wow this was an awesome video! I currently drive for Fedex and I’m planning on starting my truck company at the end of the year. I am thinking about getting a walk away lease. Needless to say I don’t know how to get started. Sure would like some help!
How do you put money into your corp? Do you get a business account under the corp name? My company wont let me open an Llc without a business account, so what comes first? The llc or the business account?
I know you have did a video about new driver’s. Can you share us in comments how get a job for new drivers who just got license? As everyone is asking for experience
@@NorthAmerican-Trucking-News Oh. I see. Thanks for explaining. That makes sense. Unless she is making better money than the driver at another job. Then that additional 20K might push her into a much higher tax bracket ;-))))
You should start with a single member LLC. If you end up making a good amount of money your first year you can have your accountant switch that over to an S-corp prior to filing your year one taxes.
First I’d like to say thanks for making this video. I believe taxes is one of the biggest fears of truckers looking to become O/O. Would these personal expenses (food, dog stuff) be paid for through the corporate account or through the personal account?
@oramlll Thank you that you took time and explained ; I am new and still going through the orientation process and I am not there yet. However, my goal is to own a few trucks and thats why I am asking all thes questions. Thank you for your time ! 👊
Canadians talkin' about "successfully" working the tax system: "and hey, yu know what, takin' it in the ass by your government really isn't all that bad! Yu get used to it." lmao...sorry, couldn't resist.
Valuable information Thank you. Ronin I drove trucks 15 years full time, and since 2007 been doing it part time few times a month. In about two years I will be retiring from my full time Montreal City Transit Employee job and I want to get back into trucking on a more regular basis but I will be drawing a decent size pension check and I'm wondering what would be my best option to avoid getting raped by the tax man?
Hey there my friend. I'm in exactly the same boat. Do you have a company lined up to pull for? Is ET an option for you or do you plan on driving in "semi" retired mode?
@@airdog4442 @Air Dog Exactly that! SEMIretired just as my profile name suggests. I am presently working part time for carrier based outside of Montreal running Montreal-Toronto when they are stuck on weekends. May want to work for them or someone else but no full time! One week on one week off kind of gig, and no winter trucking. We'll see when we get there. You looking to retire soon also? Where are you working at now?
I'm kinda doing the same thing. I'm a pilot for the federal government working 8 days on and 6 days off so on my off time I drive part time for a local company doing deck work, low boy and float work. Not really my cup of tea though as you're generally dirty when doing equipment hauling. Flat deck not so bad but even that's a young man's game because it's mostly steel and pipe. I have about a year and a half to go and then I'm retiring. My plan is to buy a truck (with no or very low payments) and just do loads that suit me working about half time. I'm presently in Manitoba but will retire in new Brunswick, although I was actually born in lachine!! Haha Not sure if a canadian owner operator can do spot market work and cash in like the Americans are doing or not.
@@airdog4442 Wow a pilot!!! Hard act to follow, trucking is quite different. Not sure about owning a truck. It's something I too think about very often, but I don't want to do it full time anymore and I don't want to do winters especially either. Would make no sense to invest into it. And as far as Canadian spot markets I'm not sure how well they pay. I do watch alot of truckers on You Tube who are doing exactly that, like Big Rig Raidio Network, Big Rig CEO just to name a few. But they are all American channels talking about their rates, insurance, taxation related info. I haven't ever found a Canadian version so as to be able to compare. I'll be able to retire the in next 2 years I'll be turning 60. I also work with my Nephew doing carpentry work for him now also and he does keep me quit busy doing that and pays me very nicely also. So yeah, I'll be quite busy when I retire between trucking part time and carpentry work. So you're from Lachine ,living in Manitoba, and planning to retire in N.B. Quite the busy life you've got there .
I think we're in the same boat. I'm 58 and will officially retire at age 60 but I have several months of vacation accrued that I can take before retirement . I also have the option to retire and then come back as a reservist and basically continue what I'm doing now. BUT, I miss trucking and think I want to subsidize my retirement with fun. No payments, just fun on my own terms
I would pay for this knowledge so the fact you are giving it for free is a blessing, thank you to your team and all your hard work.
Thank you for watching and sharing!
I just wanted to say how much I appreciate all of these video's. I'm will be getting into the trucking business in the US and I'm learning so much from these video's. Keep them coming the knowledge your passing on is incalculable to me. Thank you Roman and ET Transport.
Glad to help. Best of luck!
Damn you Ronan! You don’t have a tax guy for us in the US?! 😂😂😂😂😂😂love the videos. This was a very very helpful video…..keep ‘em coming
One day! :) Thanks for watching!
That info about a support dog is facinating. It reminds me of a funny family story from the 70s
Thank you Ronan... I have owned several companies over the years with all of them being small. You are bringing up the things that many people never realize until it is too late. Having your own corporation doesn't only shield you from taxes but also from certain liabilities. The blessings and the curses of self employment... 🙂
Thank u for the feedback
Thank you Ronen,
Enjoy your vacation, get fully recovered!
Thank you kindly
I can't believe that there are still people in trucking industry who really cares and helps new truck driver and owner operator with all this info. Many thanks to your channel and fellow drivers. 🙏
Appreciate the feedback :)
Thank u
Name another channel like this. I’ll wait
I’m trying to get my first Truck now and this is really good advice for me, thank you very much, for all the knowledge you’re sharing, I have watched a lot of your videos and I love them
Glad to help. Best of luck! Thank you for watching!
Seriously this is my favorite trucking channel hands down.
Best business management and general trucking information channel by far.
Thank u guys at ET Transport
NP
Make sure to watch tomorrows Video on wealth management
Solid info…but if you purchase assets with your company (property, equities, etc), and you get sued, then all assets are exposed. Maybe you should produce a video on asset protection??
Thank you so much for all the videos you make for all of us 👌
I am working on becoming owner operator and I am learning and researching everything and more then once or twice I ended up watching your videos and I am very thankful personally 🙏
Wao.... I'm learning a lot, thanks Ronan
Glad to hear that
wow this was better than any economy class i had in high school
Lol, thank u
These videos are priceless, I'm a company driver looking to go O\O and the information in these have completely changed what I thought I knew
Glad it’s helping
Thank u for the positive feedback
(Ronen)
Ronan . . . you really are for the "working man" . . . WE APPRECIATE YOU !
Glad u enjoy the videos
I been a company driver for 7yrs and I'm looking forward to become a contractor for FedEx or an owner Op, your information is valuable, Thanks for all this videos
Like these videos currently working on becoming an o/o
Glad to hear it!
IMO, the biggest single reason to incorporate is the exposure to personal liability. Also, here in the USA we have what's called a "ROTH IRA" which you pay income tax on when you load it but it is tax exempt when you withdraw from it. But there is an annual limit of money you can deposit in it as well as limit on IF you can put money in it based on a Max annual income threshold. This is easily one of the best tools to building a retirement account the younger you can start building this nest egg.
Great tip
WOW!!! Thanks. I'm new and you always bring some great tips to me.
Too much good information and vibe ., I'm just have my corporation running 2 moth and about to buy a truck in the US 🇺🇸 ., thanks for the info 👍
NP
Ultimate stuff , I m coming to Canada, I ll surely cm n meet u.
Truck driving is a great job in Canada
Thanks a million
NP
I'm going to start my ET Transport personal playlist for quick reference. Plenty of food for thought.
appreciate the positive feedback.
Thanks Ronen, This is Golden!! Congratulations on 40k subs.
Thank u
Thank you so much for this video this tax subject is the video of the year
I am
Glad u enjoyed it
Thanks for the positive feedback
We need a U.S. only channel man! Lol
There probably is haha
Much appreciated for the lessons and videos Ronan, bless your heart🙏👍
Glad you like them, appreciate the positive feedback
Thank you Sir. Ronen was Very educational learnt alot from this channel.
Glad to hear it
Thanks you, great information!
NP
Absolutely my friend I guess I did something right lol. I been second guessing how I did everything and you definitely put me at ease that I'm doing it right ✅
Great job! Thanks for watching.
Excellent video 👍
So many drivers try to take as much as they can get every month. When they only needed $2k.
It's imperative that money stats with the business, as long as possible.
Totally agree
Hello thank you for this video a very touchy subject that no one talks about because its like a taboo, again thanks for the knowledge and I hope we can all learn from your videos like myself ,now I already bought my 2nd truck thanks to the experience of and UA-cam and I think Im ready for the next step.
I hope you guys are doing alright out there.
Hi
Thank u
Appreciate the positive feedback
My head is numb. I’m so confused on paying yourself and keeping money in the corporation.
Lol 😂 love it ❤️
Thanks Ronan!
Thank you Tony!
Great content Ronen! Still looking forward to your happy dance!
Lol
Thanks Ronan
NP
I need a trucking tax person in the US!!! 😊
Hi loved your video can you share the accountants info thanks Bobby
Great video
Glad you enjoyed it
Thank you thank you thank you thank you thank your thank you!!
U welcome
:)
Thank you for your good advice.
My pleasure!
Thank you Ronen
NP
Hey that green screen, pretty top notch UA-cam channel now
Lol
Thank u
Have a vehicle at home that you use for picking up parts and as part of your business might consider putting it under the business
Thanks for sharing. Good point.
👋
Can you do an update on this?
Hey that’s my back yard!
Ronen, i didn't see the tax company you were showing of listed. What is their name?
Wow this was an awesome video! I currently drive for Fedex and I’m planning on starting my truck company at the end of the year. I am thinking about getting a walk away lease. Needless to say I don’t know how to get started. Sure would like some help!
Thank you for watching. We often talk about owner ops and lease operators. Check out some of our other videos to get an idea.
Hi Ronen, could you please share name of TAX company one more time, unfortunately I can't find that one.
Thanks
How do you put money into your corp? Do you get a business account under the corp name? My company wont let me open an Llc without a business account, so what comes first? The llc or the business account?
I know you have did a video about new driver’s. Can you share us in comments how get a job for new drivers who just got license? As everyone is asking for experience
Comming up next week, thanks for the comment, it inspired me to do the video.
Great content.....much appreciated! what tax firm do you recommend? thanks
Where’s the tax firm info ?
Excellent insights! Question: The example you used….When you pay your wife, she’s taxed income tax. So why pay her and not just pay yourself?
Because if u pay yourself 60
And her 20 she will be taxed at a much lower tax bracket
If u pay yourself 80 and her 0, u will be taxed more
@@NorthAmerican-Trucking-News Oh. I see. Thanks for explaining. That makes sense. Unless she is making better money than the driver at another job. Then that additional 20K might push her into a much higher tax bracket ;-))))
Good stuff
Appreciate it
So what corporation would I choose?
You should start with a single member LLC. If you end up making a good amount of money your first year you can have your accountant switch that over to an S-corp prior to filing your year one taxes.
Atbs for the USA
Have you looked at the different MPG's between van & Conestogas.
Is that company only available in Ontario or can I access them from New Brunswick?
If I lease a truck, open an LLC and do payroll on myself, do I qualify for perdiem on personal? Or do I do perdiem pay thru company?
First I’d like to say thanks for making this video. I believe taxes is one of the biggest fears of truckers looking to become O/O. Would these personal expenses (food, dog stuff) be paid for through the corporate account or through the personal account?
for the food i would pay personal and put a portion of the receipt on the Corp, the do food is trickey, i would ask the accountant
Are you able to pay yourself for doing the accounting
And why can’t you do all that with LLC??
What's the accounting company name?
So having a Llc is the a cooperation or no
I wonder if I purchased a truck through my personal account..could I get the loan restructure the through my s-corp?
Do you have any Advice how to starting up a corporation or LLC
Watch the video tomorrow that will be released
ehh if you dont make enough for the tax breaks than its pointless to be an S Corp. if thas what he means
Is money is safe with corporation ?
👂👀 👍
How can you have corp when you are Owner Op and working for a mega carrier? You just open your corp and contract with them or how that works ?
@oramlll Thanks, and only thing I am gonna need from them is the authority correct ?
@oramlll Thank you that you took time and explained ; I am new and still going through the orientation process and I am not there yet. However, my goal is to own a few trucks and thats why I am asking all thes questions. Thank you for your time ! 👊
@oramlll I hope they will improve electric truck batteries in few years and I will be able to pay good for my drivers😆🤷🏻♂️
Canadians talkin' about "successfully" working the tax system: "and hey, yu know what, takin' it in the ass by your government really isn't all that bad! Yu get used to it." lmao...sorry, couldn't resist.
Valuable information Thank you. Ronin I drove trucks 15 years full time, and since 2007 been doing it part time few times a month. In about two years I will be retiring from my full time Montreal City Transit Employee job and I want to get back into trucking on a more regular basis but I will be drawing a decent size pension check and I'm wondering what would be my best option to avoid getting raped by the tax man?
Hey there my friend. I'm in exactly the same boat. Do you have a company lined up to pull for? Is ET an option for you or do you plan on driving in "semi" retired mode?
@@airdog4442 @Air Dog Exactly that! SEMIretired just as my profile name suggests. I am presently working part time for carrier based outside of Montreal running Montreal-Toronto when they are stuck on weekends. May want to work for them or someone else but no full time! One week on one week off kind of gig, and no winter trucking. We'll see when we get there. You looking to retire soon also? Where are you working at now?
I'm kinda doing the same thing. I'm a pilot for the federal government working 8 days on and 6 days off so on my off time I drive part time for a local company doing deck work, low boy and float work. Not really my cup of tea though as you're generally dirty when doing equipment hauling. Flat deck not so bad but even that's a young man's game because it's mostly steel and pipe.
I have about a year and a half to go and then I'm retiring. My plan is to buy a truck (with no or very low payments) and just do loads that suit me working about half time.
I'm presently in Manitoba but will retire in new Brunswick, although I was actually born in lachine!! Haha
Not sure if a canadian owner operator can do spot market work and cash in like the Americans are doing or not.
@@airdog4442 Wow a pilot!!! Hard act to follow, trucking is quite different. Not sure about owning a truck. It's something I too think about very often, but I don't want to do it full time anymore and I don't want to do winters especially either. Would make no sense to invest into it. And as far as Canadian spot markets I'm not sure how well they pay. I do watch alot of truckers on You Tube who are doing exactly that, like Big Rig Raidio Network, Big Rig CEO just to name a few. But they are all American channels talking about their rates, insurance, taxation related info. I haven't ever found a Canadian version so as to be able to compare. I'll be able to retire the in next 2 years I'll be turning 60. I also work with my Nephew doing carpentry work for him now also and he does keep me quit busy doing that and pays me very nicely also. So yeah, I'll be quite busy when I retire between trucking part time and carpentry work. So you're from Lachine ,living in Manitoba, and planning to retire in N.B. Quite the busy life you've got there .
I think we're in the same boat. I'm 58 and will officially retire at age 60 but I have several months of vacation accrued that I can take before retirement . I also have the option to retire and then come back as a reservist and basically continue what I'm doing now. BUT, I miss trucking and think I want to subsidize my retirement with fun. No payments, just fun on my own terms
Hi sir I included my wife in to my Llc any advice I am in US
I wanted to follow urs advice if u let me
???
Gray areas. Don't do that guys. Don't take stupid tax positions
Just checking if you're reading comments.....reply to this one with "Yep"....lol
Yep
@@NorthAmerican-Trucking-News lol smh
Haha.. We all know what exactly wife does :)
Spends your money!
Where’s the tax firm info?