Don’t own the truck? Doesn’t matter. 🚛 Still got that 1099? We’re writing off dining, supplies, marketing, phone, laptop—whatever applies. Then we get strategic.🔥 Find all the valuable tax-saving strategies you’ll need in my FREE Ebook - https://bit.ly/3AFL2Kr #cpa #taxes #truckers #writeoffs #deductions #strategies #driver #expenses #fyp

How do you set up a truck driver who has basically paid 1099 but works for a company as a driver? Any of you, 41 million Americans this year are going to get a 1099 for 2024. The answer is the same. This is option one. I drop it into a schedule C which you're going to do for 2024. We take a ride off for every expense we can think of and you're going to pay tax on the net. This is baseline not great. Option two, you do an LLC, you run it through a schedule C. That's how it works. Same ride offs, I pay my tax. If you're going to make more than 50 grand with your 1099 and we're going to take some expenses but if you net more than 40 after all your expenses then we're going to take your LLC and convert it to an escorp and then we're going to do what I was just telling you. You're going to take a W2, you're going to take a dividend or a K1 and we're going to split it and we're going to save you money. So this is beautiful. So trucker 1099. Now you can't ride off the truck because you don't own the truck. It doesn't matter. You've got a 1099. We're going to ride off your dining, supplies, equipment, marketing, your cell phone, your computer, your laptop, la la la, you're not going to have a lot of ride offs. That's why I want you to get into the S corporation and save you on Fikin.