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Trucking: How To Pay Yourself as Owner | Trucking Business Banking 

Trucking From Scratch
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ABOUT ME:
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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The information provided in this video should not be construed or relied on as legal, tax, investment, or business advice for any specific fact or circumstance. It's content was prepared by McGill Accounting LLC, with its principal office located at 1075 Broad Ripple Ave., PMB 390, Indianapolis, IN 46220. This video is designed for entertainment and informational purposes only. Viewing this video does not create an accountant-client relationship with McGill Accounting LLC. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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8 окт 2024

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Комментарии : 287   
@TruckingFromScratch
@TruckingFromScratch 2 года назад
👕 Get your Mind Your Trucking Business T-Shirt: truckingfromscratch.myshopify.com
@DammitBoy99
@DammitBoy99 4 года назад
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
@brianburns7211
@brianburns7211 3 года назад
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.
@themanimal1925
@themanimal1925 4 года назад
Man imma nickname you "The Blueprint "....lol. Thanks for information.
@Dan-yn3ze
@Dan-yn3ze 4 года назад
The Manimal for real! Lol so well spoken and informative
@marildoairosa1971
@marildoairosa1971 4 года назад
😅😅😅
@NewOldSchool
@NewOldSchool 4 года назад
Agreed! U found the words I could never have said better.
@user-du2sb4fn5i
@user-du2sb4fn5i 3 года назад
Facts
@jjbbishop6806
@jjbbishop6806 4 года назад
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 💯
@controlleddetonation8905
@controlleddetonation8905 2 года назад
What type if consulting did you guys do? In definitely looking for some consulting.
@stuckntrucking2941
@stuckntrucking2941 2 года назад
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.
@lelyansaunders321
@lelyansaunders321 4 года назад
As a start up business, I do appreciate the clarity and thoroughness of your videos. I have learnt so much. Thanks
@TruckingFromScratch
@TruckingFromScratch 4 года назад
*TRUCKING FROM SCRATCH* Check out my tools + resources designed to help your business succeed: truckingfromscratch.teachable.com
@svsoleil3255
@svsoleil3255 Год назад
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...
@Monster-ed4rp
@Monster-ed4rp 2 года назад
You have one of the TOP 3 Trucking Business channels on RU-vid. I vote #1 out of that 3.
@glocast1279
@glocast1279 4 года назад
Yes please explain on how to pay yourself, owner non operater
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@DFarm86
@DFarm86 4 года назад
Is there a replay at this link? It took me to a registration and still says live. I'm assuming it's gone
@wheeltipsjoeaccessviewruss5575
@wheeltipsjoeaccessviewruss5575 2 года назад
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💯
@TruckingFromScratch
@TruckingFromScratch 2 года назад
I appreciate you for that feedback
@SlvrStng84
@SlvrStng84 4 года назад
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.
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@Dturner24
@Dturner24 4 года назад
Best trucking channel on RU-vid
@treyryans9401
@treyryans9401 4 года назад
I’m preparing to start my own trucking business and would like to hear your thoughts on ways owners can pay themselves
@kingwinky1914
@kingwinky1914 4 года назад
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.
@smcfarland775
@smcfarland775 2 года назад
Thanks for the free game bro. Not many are as helpful as you are
@ermiasmehari3557
@ermiasmehari3557 2 года назад
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
@parparisabeast
@parparisabeast 2 года назад
Go live!!!! Please and thank you from VA!!
@iamOAKland
@iamOAKland 4 года назад
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.
@DavidTorres-vy8zz
@DavidTorres-vy8zz Год назад
Please record a live video on paying yourself as an owner/operator. Thanks.
@mikecrain9127
@mikecrain9127 3 года назад
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
@usa174
@usa174 3 года назад
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.
@LINKGT23
@LINKGT23 4 года назад
Dave my brother you are business truckopia !! Your a godsend.
@krisbryant7100
@krisbryant7100 4 года назад
I would like to hear your take on paying yourself. also make it an archive video in case people miss the live.
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@orrenwilmot679
@orrenwilmot679 Год назад
Yes please do a video on how to pay your self as power operator
@unkjason
@unkjason 3 года назад
David I love your videos. I find them a wealth of knowledge. I just wish you lived in my neck of the woods.
@alanjackson6109
@alanjackson6109 4 года назад
Yes definitely go live!!!
@Smokedog1340
@Smokedog1340 2 года назад
I'd like for you to go live with this topic Sir, very informative I appreciate you my G.
@brotherderrickcoaches
@brotherderrickcoaches 3 года назад
We need that live video bruh! 🙏🏾
@Inspire_hustle
@Inspire_hustle 3 года назад
Your trucking course will be 🔥🔥🔥
@bizbuyernate
@bizbuyernate 4 года назад
Yes. How to past yourself as an owner. Great info!
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@jonathanquinones7985
@jonathanquinones7985 3 года назад
Audiobooks by him coming soon. Great information on trucking industry
@bigshaun1748
@bigshaun1748 4 года назад
Yessir. We need that info on paying yourself. Knowledge is key. Great material on your channel. Proud to be subscribed.
@darriuswhite6219
@darriuswhite6219 3 года назад
i would like to have that live video. I need your opinion onwhat i should pay my drivers??
@debpritjay
@debpritjay 4 года назад
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 🙏
@geraldadams4314
@geraldadams4314 4 года назад
Make the video "BRUH" & bless us with the knowledge, " Each one Teach one".
@rms4621
@rms4621 3 года назад
Yes please make more videos. I know its alot of your time, we are asking for alot but we thank you
@freenasharris8228
@freenasharris8228 3 года назад
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!
@christophertriplett4783
@christophertriplett4783 3 года назад
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..
@itsukashido756
@itsukashido756 4 года назад
Yah man I’m new truck owner and I would like to know more in detail. Again thank for sharing the information 👍💯
@damientaylor2655
@damientaylor2655 3 года назад
Definitely interested in open forum video discussion on paying yourself as Owner/Operator!!
@REAL-ow3nu
@REAL-ow3nu 3 года назад
Go ahead young brother! Good job!
@kmcleod75
@kmcleod75 3 года назад
Yes would like to know..
@tonyabussey8822
@tonyabussey8822 4 года назад
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
@kimberbloomING
@kimberbloomING 3 года назад
Hi David yes please go live ... tell the pay plan for operator and non operator owners
@bonnyslifevlogs6442
@bonnyslifevlogs6442 3 года назад
I learn so much from your videos! Thank you!
@TATEXPRESSINC
@TATEXPRESSINC 4 года назад
Great job on the video👍🏻
@michaelmurphy9596
@michaelmurphy9596 2 года назад
I'd LOVE to see that video, just call me Grasshopper, because I'm learning bro!!
@jesusbravo4469
@jesusbravo4469 Год назад
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?
@kevinglass8885
@kevinglass8885 2 года назад
You are the man. Thank you for all that you do 👍🏽
@lonniewilliams2484
@lonniewilliams2484 4 года назад
Yes. Explain owner non operators as a business
@officialpardonmytruth1987
@officialpardonmytruth1987 4 года назад
Yes! Please go live sir! Much needed info!!
@williammoore5439
@williammoore5439 2 года назад
We need the live!!
@Shakemoose
@Shakemoose 2 года назад
New subscriber here. And Yes, I would like you to go live.
@DL-1
@DL-1 4 года назад
Did you do the live video on how you pay yourself in your trucking business?
@co93
@co93 4 года назад
Yes do the live feed please.
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@davidwest2980
@davidwest2980 3 года назад
Yes please go live and help us out
@ladyk5266
@ladyk5266 4 года назад
Yes. I do definitely want to know how to pay myself.
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@aleciaanderton-georgie2973
@aleciaanderton-georgie2973 4 года назад
You go set up Zoon meetings free online. This would allow you to host live meetings. I use it with my college students.
@lilianarivera3742
@lilianarivera3742 4 года назад
Definitely interested in your opinion!
@kylereese4542
@kylereese4542 4 года назад
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.
@DL-1
@DL-1 4 года назад
Good information. Thank you.
@leewalkerandspirit
@leewalkerandspirit 4 года назад
Man you are a blessing thank you SO much! Yes go live!
@nateadams5216
@nateadams5216 4 года назад
Absolutely! The How to pay yourself video would be beneficial Thanks
@jahway2781
@jahway2781 4 года назад
I pray you go live. Your videos have been so helpful
@paulweldon3134
@paulweldon3134 3 года назад
Best option for a small trucking business is an SCorp. Can capitalize on less taxes as possible
@TheMercadoChannel
@TheMercadoChannel 2 года назад
Even if your a single owner op that operates the truck as well was curious on this thank you in advance
@nateadams5216
@nateadams5216 4 года назад
Yes please. Make the video Thanks
@Back4WhatsMines
@Back4WhatsMines 4 года назад
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
@keithadelberto.araneta7881
@keithadelberto.araneta7881 4 года назад
go live! i love your videos . it helps me start with my trucking business
@lamontrichie8310
@lamontrichie8310 Год назад
Excellent info bruh!!!
@jonathantbirk9301
@jonathantbirk9301 3 года назад
Like your video very informative thank you for your hard work and the mistake you made to help others
@nancylujan2097
@nancylujan2097 3 года назад
Yes can you go live how do you pay yourself? still trying to figure it out
@smtcare
@smtcare 4 года назад
I would very much like for you to do a live video on how the owner operator pays themselves
@jaygillard700
@jaygillard700 4 года назад
Agreed, you should definitely go LIVE. The Q&A would be priceless!
@keithclay5785
@keithclay5785 2 года назад
Yes sirrrr!.....go live!
@dclydep
@dclydep 3 года назад
TY for this video we appreciate you sharing your time and info. Are you an accountant turned non driving owner operator? We also own our own trucking company. It’s LLC not corporation. Our banking is set up to look like yours however the difference is we have one account for operations (maintenance/ repair inclusive) and one personal. We pay ourselves 30% from the operations account. We haven’t yet figured out if that’s the right amount or how to pay taxes once rather than taxing the same money twice... that’s the info we are looking for and can’t find. Any suggestions or answers you offer would be greatly appreciated!! Thanks again Derek & Michella Payne BlueHawk Trucking LLC
@klassyred8069
@klassyred8069 3 года назад
Yes as someone getting ready to start a business I would like to know how to pay yourself.
@chill36509
@chill36509 3 года назад
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?
@BigSil57
@BigSil57 4 года назад
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.
@LOCTU40
@LOCTU40 4 года назад
Yeah that's a good question. I would like to know as well, how to purchase trucks cars and houses under your LLC
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@bigshaun1748
@bigshaun1748 4 года назад
Ditto.
@stretch1681
@stretch1681 4 года назад
Definitely looking forward to hearing about how to pay yourself
@TruckingFromScratch
@TruckingFromScratch 4 года назад
bit.ly/2WTQZvn
@lelyansaunders321
@lelyansaunders321 4 года назад
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.
@isaacgarcia9323
@isaacgarcia9323 3 года назад
This dude is awesome!!!
@cucosantos8914
@cucosantos8914 2 года назад
Interested in the live
@malcolmbrown4147
@malcolmbrown4147 3 года назад
Yes more info specifically this topic
@trucknbull
@trucknbull 4 года назад
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.
@josephgreenough2839
@josephgreenough2839 3 года назад
I love to see that. Hell I'd even pay to do like a zoom seminar
@jaymo5085
@jaymo5085 4 года назад
Please make a video for owner/non operator
@saintspistonspelicans9684
@saintspistonspelicans9684 3 года назад
Man u really help out ALOT!! 💯💯
@stith1
@stith1 4 года назад
Yes need that live
@Kylo407
@Kylo407 3 года назад
I'd be interested in knowing and participating in that Live
@orlandoclayton5303
@orlandoclayton5303 3 года назад
I am on the verge of setting up a trucking business along with my brother in law. I need some wisdom.
@armando5213
@armando5213 4 года назад
Yes make the video please
@alonzacamacho2925
@alonzacamacho2925 4 года назад
Yes, I would like for you to do a live video.
@evonblakepoliceandpoetry7216
@evonblakepoliceandpoetry7216 3 года назад
good info bro.i benefited
@genzrealestateagent8837
@genzrealestateagent8837 4 года назад
Definitely do that brother
@AB-vd5tg
@AB-vd5tg 3 года назад
Yes please
@heinzkitzvelvet
@heinzkitzvelvet 4 года назад
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.
@manowar2816
@manowar2816 3 года назад
Is a delusion inside trucking business
@stephanejulsaint659
@stephanejulsaint659 3 года назад
Hello, my name is Stephan. I live in Canada and I'm interested in starting a Trucking Business in USA. I saw a few of your videos on youtube and you have inspired me. My only question is this: do you think it is possible to run a Trucking business as an owner and do all the paperwork but without having the CDL, and without actually residing in USA ? ( I do have a licensed driver by the way)
@millionairesot8184
@millionairesot8184 4 года назад
Yes I want you to explain it
@mauricehilliard-jones6724
@mauricehilliard-jones6724 3 года назад
are you still giving out the information on the payroll for owner operators? i look forward to hearing from you about the ins and outs if you can please let me know
@kingdelo6478
@kingdelo6478 3 года назад
Thanks
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