Hotshot Experience? Anyone?

Topic 8058 | Page 1

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Bj H.'s Comment
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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.

Turbo Dan's Comment
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How would you get payed, company Driver, OR, 1099, Split, Lease Operator ?

Bj H.'s Comment
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Company driver, OR and 1099

Old School's Comment
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BJ, if you've never had a 1099 job before then be forewarned. You will be shocked at your tax liability come April 15th.

Robert B. (The Dragon) ye's Comment
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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

Bj H.'s Comment
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Lots of People do 1099's don't they? What's the big deal?

Robert B. (The Dragon) ye's Comment
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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.

Bj H.'s Comment
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I understand the part about putting money aside. That's not a problem. Besides that, are there any other hiccups working with a 1099?

Pat M.'s Comment
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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.

Bj H.'s Comment
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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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