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How To Pay Yourself as a Trucking Business Owner | Single Member LLC | New Owner Operator 

Brandon Lindsay CPA
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How to pay yourself as a truck driver? How to pay yourself as an llc? How to pay yourself from your own business? I answer these questions for trucking businesses in this video.
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ABOUT ME:
Hey RU-vid. I'm Brandon Lindsay, a CPA and former trucking business owner. I make content to help trucking business owners, and I help trucking companies resolve their back tax issues with the IRS.
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Some of the links above may be affiliate links, and I may receive a small commission, at no additional cost to you.
Disclaimer: Nothing contained in this video should be considered business, legal, tax, or accounting advice. Its content was prepared by Lindsay Accounting LLC (an Indiana accounting firm). This video is for informational and entertainment purposes only and is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. You should consult with the appropriate professional services provider if you have questions about your specific situation.

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19 окт 2021

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Комментарии : 109   
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
How are you thinking about paying yourself?
@pathfinderconcessionsgroup1393
@pathfinderconcessionsgroup1393 2 года назад
Great video. I created an Owners Compensation account along with my Operating Account, and Tax Account.
@dennyhillen3653
@dennyhillen3653 8 месяцев назад
Thats exactly what i needed to see thank you
@kaykay592
@kaykay592 6 месяцев назад
Love this Video! Thank you soo much
@jacobburch3854
@jacobburch3854 10 месяцев назад
badass video thanks man
@korywright2541
@korywright2541 Год назад
This was very helpful thank you
@paulotv174
@paulotv174 2 года назад
Thank you for the information!
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks for watching!
@Bigjizzalfoe
@Bigjizzalfoe 2 года назад
Great video.. you Answered all my questions in under 10 minutes
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks Jay
@Lucashsh
@Lucashsh Год назад
Great video. your explained that perfectly. Just what I was looking for.
@brandonlindsaycpa
@brandonlindsaycpa Год назад
Thanks!
@kennethwilliams3877
@kennethwilliams3877 Год назад
I appreciate that information. I'll be reaching out too you soon. I need, step by step on hot too get my trucking started, with my own authority!! Ken!! OH!! ✌🏿
@tedhill7017
@tedhill7017 2 года назад
Great video. Thanks for sharing.
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Appreciate that. Thanks!
@jesusbravo4469
@jesusbravo4469 10 месяцев назад
Great video. You're great at explaining things. So you do one on one? I had some questions that i haven't found answers for.
@almazadrima8900
@almazadrima8900 Год назад
Thank you!
@jmoto1983
@jmoto1983 2 года назад
This cleared up a lot of questions for me! Thank you sir!
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Glad it was helpful.
@467inc
@467inc 2 года назад
Thank you so much for your information man I appreciate your video so much
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks for watching!
@inharmsway526
@inharmsway526 Год назад
Very informative video!
@brandonlindsaycpa
@brandonlindsaycpa Год назад
Thanks
@1217monopoly
@1217monopoly 2 года назад
Definitely need a video on getting taxed as s corp
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Ok. I got you.
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
I finally had a chance to make the video about S Corps. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RYago6mxQsE.html
@jorgecolocho8852
@jorgecolocho8852 2 года назад
Very well informed video
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks!
@lukeschraffenberger861
@lukeschraffenberger861 2 года назад
I appreciate this video. You did a great job explaining everything!
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks! I get that question about paying yourself a lot so I really tried to make a solid video.
@mouritioebanks7223
@mouritioebanks7223 2 года назад
I have a question : how do u keep recipes together for ur taxes? Like is their a different and better way to do it?
@king55453
@king55453 2 года назад
Thanks 😊 🙏
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Glad you liked the content!
@toussaintlouverture9260
@toussaintlouverture9260 2 года назад
Great share...
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Right on
@robertschlosser686
@robertschlosser686 Год назад
Just watched your video want to ty for your time 🙂
@tinaslopes7506
@tinaslopes7506 2 года назад
Thanks your sir😊
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks for watching!
@silversurfer5920
@silversurfer5920 2 года назад
Thanks for the video. Without RU-vid, I wonder how I’d make the business side of things work. If you read this Brandon, do you have advice on where I should look for a CPA in my area? Preferably one that has experience with drivers.
@joshuaferris6514
@joshuaferris6514 9 месяцев назад
I recommend s corp, that way you you only pay 15 or so percent on your payroll and the rest is not taxed. Especially if shown as a distribution
@dallbee7335
@dallbee7335 Год назад
Hey I really appreciate the video and I would like to see a video made to deal with how to pay as a partnership. Thanks, David
@thomasa3285
@thomasa3285 Год назад
🔥🔥🔥
@eddiecriss6173
@eddiecriss6173 2 года назад
Nice information...I'm about to start my business
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Thanks. Congrats on the new business.
@felixgarcia9063
@felixgarcia9063 2 года назад
Hi Brandon, how do you pay yourself in case you're bedridden or if your equipment is out of commission? What business address do you prefer, virtual or home address?
@dianawilliams6700
@dianawilliams6700 5 месяцев назад
Thanks for the video! Brandon when I pay myself, do I get taxed again?
@fernandoestrada5367
@fernandoestrada5367 Год назад
💯💯
@thirdleggg1
@thirdleggg1 2 года назад
Do you use a factoring company? If so which one, if not, why not?
@rogerisaac
@rogerisaac 9 месяцев назад
Amazing video, I have a question how would you categorize if you are single owner Llc and have a 1 driver for the compay
@simoneware9530
@simoneware9530 Год назад
Great vid but why was the drivers pay not included?
@Kinkbmx66
@Kinkbmx66 Год назад
How’s it going Brandon I own a trucking business and I’m currently looking for a CPA who is already experience in the game. Are you taking on new clients? Thanks
@muvaapparel
@muvaapparel Год назад
Can you do a 2 owner S corp
@SD-rg5mj
@SD-rg5mj 2 года назад
Hello and thank you very much for your video, on the other hand I do not speak English very well and even less administrative English, I am French, do you have any documentation to provide me On this subject thank you Cyril
@apuya0000
@apuya0000 13 дней назад
Hello, would you have to pay taxes on your 4K a month transaction, for you personal taxes ?
@yamilaenriquez8050
@yamilaenriquez8050 4 месяца назад
I am wandering if you paid yourself , if it should be with a W2, then that way the money is taxed . Then , the profit that goes into a business account plus 30% of the profit to another saving business account should be reported in 1099 NEC ??
@nashvilletennessee3194
@nashvilletennessee3194 2 года назад
I've enjoyed the video immensely! my question is shouldn't you be deducting social security and Medicare payments for your later retirement years?
@MichaelxMarquisOfficial
@MichaelxMarquisOfficial 10 месяцев назад
Create a Roth IRA & deposit money in there yourself . Let it grow while you’re a business owner
@haywoodcunningham7116
@haywoodcunningham7116 2 года назад
So first your company is taxed on the profit that it made and then you yourself are taxed on what you paid yourself from your company ...is that double taxing or nah?
@Fresh4059
@Fresh4059 2 года назад
Can make a video about how to pay your self with a s corporation please
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RYago6mxQsE.html
@keekdachoseone7
@keekdachoseone7 Год назад
Hey if you transfer to personal account to business account do you have to Tax that to ?
@williamhoward7526
@williamhoward7526 Год назад
How much does it cost to switch from a single member LLC to a S Corp?
@heavensarmyministries4097
@heavensarmyministries4097 Год назад
How does this work with social security? Since it’s all being put into a business account. Will I still receive social security when I get of age?
@ChaseMorgan-es2gs
@ChaseMorgan-es2gs 4 месяца назад
Do you pay taxes yearly or quarterly as trucking owner operator ?
@user-ls5zy9pb1h
@user-ls5zy9pb1h Год назад
my questions is if you want 4000$ personal pay is after deduction tax so you need to deducte like 7000$ from your corporation?
@Ricky-p7p7c
@Ricky-p7p7c 21 день назад
how can you be contacted for business advise?
@gregoryboone6234
@gregoryboone6234 2 года назад
What about with a llc partnership?
@rosferreras9871
@rosferreras9871 3 месяца назад
Partnership
@oraleparcero
@oraleparcero 7 месяцев назад
Can the trucking LLC be owned by another LLC which you work for and then be paid as a salary expense? I'm wondering if it's better to pay yourself before or after taxes as well
@yamilaenriquez8050
@yamilaenriquez8050 4 месяца назад
I am wandering if you paid yourself , if it should be with a W2, then that way the money is taxed . Then , the profit that goes into a business account plus 30% of the profit to another saving business account should be reported in 1099 NEC ??
@melissamilstead3786
@melissamilstead3786 2 года назад
so you cant deduct the payment to yourself off the top as an expense? Because you are technically an employee
@garyggoldingiii2169
@garyggoldingiii2169 11 месяцев назад
I feel childish 😂but @50s "if you doodoo a check" man id be rich if I could doodoo a check
@ludevincent2121
@ludevincent2121 2 года назад
Is it the same procedure for a 2 member llc?
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
It can be different when multiple owners are involved.
@harjotsaini8134
@harjotsaini8134 2 года назад
What Tax rate are the distribution taxed??? Thanks
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
In this example there was no tax on the distribution.
@The_chosen_one3
@The_chosen_one3 4 месяца назад
30 percent of taxes a month is insane
@kaatto2121
@kaatto2121 2 года назад
A video on getting taxed as an S corporation
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Coming soon
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Done. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RYago6mxQsE.html
@yotiep.1072
@yotiep.1072 2 года назад
Well how do you pay someone if they under your authority?what's a good percentage?I been asking and asking,but no answer yet
@MrPontiacfever
@MrPontiacfever 2 года назад
I'd pay them more reasonably than you got paid before you got your own authority from working for someone else.Just a thought keep your driver(s) happy they'll stay with you while your still driving under your own authority.Two incomes makes more and then end.
@yotiep.1072
@yotiep.1072 2 года назад
@@MrPontiacfever ok cool..that's sholl what I was thinking..even if they got they own truck too?
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
Are you asking just about how much you should pay the driver?
@yotiep.1072
@yotiep.1072 2 года назад
@@brandonlindsaycpa yes sir,and what about if they have their own truck?
@Nmb25
@Nmb25 2 года назад
@@yotiep.1072 if they are using there truck and your trailer and you are dispatching 75-80 percent they should get. If everything is there’s and your just dispatching 10-15 percent whatever your numbers are and keep them happy. And make sure your covered too. But that’s a good percentage. Take that percentage off of every load or weekly or monthly. Your pick. Hope that helps
@jesusesfiel1255
@jesusesfiel1255 2 года назад
What about the 4000 dollars that you are transferring to your personal account. Doesn't that count as business profit?
@mostsecuredlogistics4337
@mostsecuredlogistics4337 Год назад
Yes. The $4,000 "was" part of the $9,650 profit when he deducted the 30% tax or $2,895. AFTER he deducted the 30% tax (which is what IRS was requiring from him according to his Accountant) he was able to pay himself from that - already taxed - profit a salary of $4,000. In other words, he payed himself from the profit but only AFTER the profit was TAXED. If he had paid himself the $4,000 BEFORE taxing the profit, then the profit would have been only $5,650 (=$9,650 - $4,000) and he would have only paid $1,695 in taxes (30% of $5,650). However, this method would not be following the IRS rules and regulations.
@mikemiller8250
@mikemiller8250 2 года назад
So I have one truck and I use ADP is that a waste of money?
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
I don’t think so.
@jroyfishing
@jroyfishing Год назад
As an owner operator, can you take per diem?
@brandonlindsaycpa
@brandonlindsaycpa Год назад
In general yes if you’re OTR
@taylor_81
@taylor_81 Год назад
So for taxes you withhold 30% of your net and not your growth gross correct?
@brandonlindsaycpa
@brandonlindsaycpa Год назад
Correct. Taxes calculated on net income. Not gross income.
@Nmb25
@Nmb25 2 года назад
@brandon Lindsay cpa Hey man great video k just started my business and I just wanted to know if I file any w9, or I9, or 1099 as a driver of my company. Thank you for the information, also If I have people lease on do I keep it the same for them or is there more procedures to go through for that? Thank you!
@ReptoOwnsYou
@ReptoOwnsYou 7 месяцев назад
Does John Doe pay taxes?
@BigDawg107
@BigDawg107 Год назад
Isn’t tax supposed to come out of gross though
@brandonlindsaycpa
@brandonlindsaycpa Год назад
You pay taxes on net income (gross income less deductions/expenses)
@eazzydizzy1187
@eazzydizzy1187 6 месяцев назад
How about tax write offs
@deontebrock8405
@deontebrock8405 2 года назад
do you have to pay taxes on the money you paid yourself?
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
You pay taxes on the profit of the business. The taxes aren’t based on how much you pay yourself.
@deontebrock8405
@deontebrock8405 2 года назад
@@brandonlindsaycpa I think I got it. I understand that we pay taxes on the profit. Just to make sure I understand. At the end of the year I don’t have to pay taxes on the money I paid myself. So no w2 or 1099. Sorry just trying to make sure.
@MyrnaPalmerMSP
@MyrnaPalmerMSP 2 года назад
@@brandonlindsaycpa Brandon, I don't think this is a clear answer... I realize that you are paying taxes on the profit of the business but are we then going to also pay the taxes on the income we pay ourselves as a pass through entity? How do we keep some profit set aside to then purchase another truck? Any clarity you can provide is appreciated. Thanks,
@thomascrossjr569
@thomascrossjr569 2 года назад
Holler at me Brandon about protecting yourself as well as your investment. Let me know in the comments 👍🏾
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
What do you have?
@thomascrossjr569
@thomascrossjr569 2 года назад
I’m licensed financial specialist. I specialize in protecting individuals, families and businesses alike hold on to more of their income.
@brandonlindsaycpa
@brandonlindsaycpa 2 года назад
@@thomascrossjr569 Got it. Thanks
@xaviercastle2624
@xaviercastle2624 2 года назад
What No info ob Paying into SS or Med FICA! Terrible information!
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