Rawze's beer-belly shade tree Tax Advice...

[DrivingZiggy]

(03-29-2016 )Rawze Wrote:  Depending on the size of your business, any tax benefits of an S corporation may be offset by the additional costs of filing the extra tax forms.

(03-29-2016 )Coco620 Wrote:  I used to have six trucks & my acct set me up as an s corp, am I better off disolving that s-corp Rawze? I only have one truck now & drive it myself.

I incorporated Subchapter S on the advice of my CPA (at the time). His reasoning was that he'd had clients who had been audited, but every client who was incorporated had never been audited. I subsequently fired him after he tried to charge me for phone calls that happened 3 years prior. That's the kind of guy he is, so I have to second-guess his advice to incorporate.

(03-29-2016 )Rawze Wrote:  There is NO AMOUINT OF PROTECTION, s-corp, LLC, NOTHING! -- protecting you if you are also the one driving the truck,. or if you are the one who told the driver what route to take,.. or if you are in a car behind that truck when something bad happens... YOU are the direct controlling factor to what that truck did at that moment... The whole LLC/corp protection thing is a sham in the trucking industry if your also the one driving the truck!. -- Go ask a lawyer who sues truckers and you will get your answer real fast.

The uselessness of incorporating was explained to me this way: When there's an accident, they sue the corporation. But then they also sue the driver, and if you're the driver you're being sued anyway. So in the case of a one-man operation, there really is no protection.

Subsequently, I've been incorporated since 1999. I've bought an old KW, a new Freightliner, 2 new Volvos, and a couple of trailers. In ALL instances the finance companies still required my "personal guarantee" on all of the loans. So there's no protection there, either.

And another thing: You can no longer claim the meal per-diem. You have to keep the actual receipts for any meals where you discuss your business and you can only claim groceries that you buy while on the road.