Truck owner ops, “would you work for a company and not expect a paycheck?”
If no? Then why are owner ops so willing to work and not receive a paycheck?
I confess one of the biggest business ownership mistakes I made was not paying myself regularly. I was alwsys going make it up later. Big mistake!
Truck owners or want to be owners,
Have you wondered about how to pay yourself?
How you do pay yourself may have a greater impact on the business and your personal financial stability than can be imagined.
• Helps prevent seeing your settlements as your paycheck.
• Helps prevent unwise use of your business and company cash assets for personal spending.
• Helps owners recognize if their business is profitable.
• Potentally may help reduce SS Medicare payments. (If you file as a Sub S Corp and make yourself a W2 employee.) talk to your tax preparer.
Ask to see the calculations.
• I’ve watched owners reduce unwise personal spending.
• Helps stabilize amount of personal spending, since you now know what your weekly paycheck should be.
• Suggest owners set themselves up on a reasonable salary that will cover home expenses. ( unwise to constantly take out extra money for home )
• This helps by paying possibly the bulk your income taxes as you go.
• Some trucking tax services will provide for a fee this service. I suggest not to use your tax service for this.
It is easier and perhaps less costly to use a service such as Patriot Payroll or Gusto. You maintain control if you change services also.
(I have clients who can share their experance with these types of service providers.)
I have clients who use these or if you would care to share your thoughts and experiences? Please do!
In closing I want say paying yourself like this also help you recognize your cost of hauling your loads generally help owners maintain the profits needed for their business not just settling for what’s left.
Respectfully
Gary
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