taxes and regulations
- Thread starter rollybil
- Start date
"taxes and regulations"
Jun-18-06, 05:13 PM (EDT)
which states are more favorable to live in tax wise and regulations wise while being in the expediting business with multiple trucks and drivers being paid with a 1099. also own a few cargo vans. thank you.
There are 5 states that have "NO INCOME TAX" BUT THEY DO HAVE SALES TAX.
TEXAS
TENNESSEE
NEVADA
WASHINGTION STATE
DELAWARE
AS FAR AS A TAX ADVANTAGES THESE ARE IT. AS FAR AS TRUCK REGULATIONS EACH STATE HAS IT OWN AND I DO NOT KNOW WHAT THEY ARE, YOU MIGHT CHECK WITH THE STATE DOT OF EACH ONE INORDER TO FIND OUT THEIR'S
I THINK YOU AREADY SAID THAT YOU WERE A LLC CORP IN A PREVIOUS MESSAGE IN APRIL.
AS FAR AS CARGO VANS THERE IS NO PROBLEM, BUT WITH TRUCKS THERE MIGHT BE. I DO NOT KNOW WHAT TYPE YOU OWN, BUT IF THERE ARE ANY T/T'S YOU MIGHT BE IN FOR A DOT AUDIT EVERY 18 MONTHS OR SO, ESPECIALLY SINCE YOU ARE A CORP.
I DO NOT KNOW ALL THE RULES AS FAR AS DOT IS CONCERNED FOR CORPORATIONS. BUT, THEY NORMALLY DO NOT BOTHER SOLE PROPREITORS AS FAR AS I KNOW, THEY HAVENT AS YET WITH SOME OF MY O/O'S WITH TRACTORS WHO ARE NOT SET UP AS CORPS.
SINCE YOU SAID THAT YOU WERE AN LLC. IS THE LLC SET UP WITH YOU AND YOUR WIFE OR IS IT A SINGLE O/O INORDER TO TAKE FULL ADVANTAGE OF THE LLC YOU MUST HAVE A PARTNER. LLC'S WERE SET UP FOR PARTNERSHIPS.
TAX WISE IT IS YOUR CHOICE AS TO WHICH WAY YOU FILE YOUR TAXES. IF YOU ARE A SINGLE OWNER, THEN IT WOULD BE TAXED AS A SOLE PROPREITORSHIP ON A SCH C. OR YOU CAN CHOOSE IT AS A "S" CORP AND BE TAXED AS THAT. BUT IT WOULD DEPEND HOW YOUR LAWYER OR CPA SET IT UP. THAT YOU WOULD HAVE TO FIND OUT.
FRANK
Jun-18-06, 05:13 PM (EDT)
which states are more favorable to live in tax wise and regulations wise while being in the expediting business with multiple trucks and drivers being paid with a 1099. also own a few cargo vans. thank you.
There are 5 states that have "NO INCOME TAX" BUT THEY DO HAVE SALES TAX.
TEXAS
TENNESSEE
NEVADA
WASHINGTION STATE
DELAWARE
AS FAR AS A TAX ADVANTAGES THESE ARE IT. AS FAR AS TRUCK REGULATIONS EACH STATE HAS IT OWN AND I DO NOT KNOW WHAT THEY ARE, YOU MIGHT CHECK WITH THE STATE DOT OF EACH ONE INORDER TO FIND OUT THEIR'S
I THINK YOU AREADY SAID THAT YOU WERE A LLC CORP IN A PREVIOUS MESSAGE IN APRIL.
AS FAR AS CARGO VANS THERE IS NO PROBLEM, BUT WITH TRUCKS THERE MIGHT BE. I DO NOT KNOW WHAT TYPE YOU OWN, BUT IF THERE ARE ANY T/T'S YOU MIGHT BE IN FOR A DOT AUDIT EVERY 18 MONTHS OR SO, ESPECIALLY SINCE YOU ARE A CORP.
I DO NOT KNOW ALL THE RULES AS FAR AS DOT IS CONCERNED FOR CORPORATIONS. BUT, THEY NORMALLY DO NOT BOTHER SOLE PROPREITORS AS FAR AS I KNOW, THEY HAVENT AS YET WITH SOME OF MY O/O'S WITH TRACTORS WHO ARE NOT SET UP AS CORPS.
SINCE YOU SAID THAT YOU WERE AN LLC. IS THE LLC SET UP WITH YOU AND YOUR WIFE OR IS IT A SINGLE O/O INORDER TO TAKE FULL ADVANTAGE OF THE LLC YOU MUST HAVE A PARTNER. LLC'S WERE SET UP FOR PARTNERSHIPS.
TAX WISE IT IS YOUR CHOICE AS TO WHICH WAY YOU FILE YOUR TAXES. IF YOU ARE A SINGLE OWNER, THEN IT WOULD BE TAXED AS A SOLE PROPREITORSHIP ON A SCH C. OR YOU CAN CHOOSE IT AS A "S" CORP AND BE TAXED AS THAT. BUT IT WOULD DEPEND HOW YOUR LAWYER OR CPA SET IT UP. THAT YOU WOULD HAVE TO FIND OUT.
FRANK
msdelaware
Expert Expediter
Hey Frank.
I beleive you have mistated. Delaware does have income tax, but it does not have a sales tax. Great for shopping.
I beleive you have mistated. Delaware does have income tax, but it does not have a sales tax. Great for shopping.