Hotshot Experience? Anyone?
Topic 8058 | Page 1
How would you get payed, company Driver, OR, 1099, Split, Lease Operator ?
BJ, if you've never had a 1099 job before then be forewarned. You will be shocked at your tax liability come April 15th.
BJ, if you've never had a 1099 job before then be forewarned. You will be shocked at your tax liability come April 15th.
The saving grace will be using the per diem offset. It can make a difference in your liability but Old School is right. If you've never hada 1099 job and didn't set money aside, Surprise! !!!!
Per Diem:
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
Lots of People do 1099's don't they? What's the big deal?
Lots of People do 1099's don't they? What's the big deal?
Lots of people also don't put money aside in an account for tax time. Then they realize, oh crap, I don't have 10k to pay my taxes.
I understand the part about putting money aside. That's not a problem. Besides that, are there any other hiccups working with a 1099?
I understand the part about putting money aside. That's not a problem. Besides that, are there any other hiccups working with a 1099?
No workmans comp, no unemployment coverage to start. Not to mention you have to pay both halves of social security and medicare taxes.
Ok. Anything else? Have any of you drove for a hotshot company? Worked a 1099?and if so for what type of business?
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I am looking into working for a hotshot company. I don't have a truck or trailer so I will be using there equipment. I've read stuff online. Looked at the pros and cons. But I want to hear the pros and cons from someone who has actually done it. So if there is any one out there that has done some hotshotting I would like to hear about your experience:) Good and Bad.