Thanks for the videos. I'm looking to start my own equipment services and glad I found this, I'll keep watching through your videos

@DieselandIron

Жыл бұрын

I appreciate the support!

Found your content a little over a month ago, I'm loving every aspect of the topics U cover :) thanks heaps for providing the info you do man :)

@DieselandIron

2 жыл бұрын

Thanks Jaden! Don't hesitate to reach out if you have questions about anything. I appreciate the support!

Thank you! This is so helpful to our small family trying to start out!

@DieselandIron

Жыл бұрын

Thanks for watching, glad it was helpful! Let me know if you have any questions and good luck as you start out!

I completely agree with starting a business as an LLC. Very simple paperwork and provides personal liability protection. Also not expensive for the paperwork to start an LLC.

@DieselandIron

2 жыл бұрын

Exactly. It's a low cost option that gives you a little protection.

Dude, this guy is amazing, thanks for all information brother 💪🏻

@DieselandIron

10 ай бұрын

Rick is pretty amazing! Thanks for the support brother!

Your videos are giving me confidence, and that scares me 😅

@DieselandIron

2 жыл бұрын

haha it's okay to have a little cockiness....just supplement with humility😂

Haha "you're an ass if you do that" lmao thats exactly how my dad does business, hence why I am doing this on my own

Excellent information.

@DieselandIron

8 ай бұрын

Glad it was helpful!

Thanks for the content, it was very helpful, I've noticed a lot of "professional dirt work guys" in my area being bonded and insured, what your take on that? would you recommend that starting off? I bought myself a small skid steer and will start working on my days off with it.

@DieselandIron

Жыл бұрын

You shouldn't need to be bonded and insured for small side projects. As you start to step up into decent paying projects it will definitely help protect you. Bonding doesn't come into play generally until you start bidding commercial projects.

@diegomunoz9629

Жыл бұрын

Thanks man, appreciate the advice. Cheers

Nice information ...sir💯💯

@DieselandIron

2 жыл бұрын

Thanks for watching Alex!

If you are starting a business, even if it's a moonlight, start an LLC, do not do a DBA, the risk isn't worth it. You can get an attorney that specializes in setting up LLC's to set one up for you for $600-$1000. That is easy asset protection that is done right. It'd suck to hit miss smith's house and lose your pickup and trailer from a lawsuit because of an accident. To do a s-corp, you just need to do 50k in net profits, then it's worth it. This will help you save money on taxes, but it's still best to hire a cpa. A good cpa will save you more in taxes than what you pay them. Do not get to the end of the year, and go, well, how much do i owe. You should know how much you owe throughout the year, if you don't, you're not managing your money properly. Also, if you're an s-corp, you're still doing business under your llc, an s-corp is just how you elect to be taxed. As a disclaimer, This is also not legal tax advice, just some things I've learned and trying to pass on.

@DieselandIron

11 ай бұрын

Great advice, thanks for taking the time to share!

do you need a contractors license to do dirt work ? i can’t find anything on it

@DieselandIron

11 ай бұрын

It depends on the state you're in

So how are you doing this work without being a licensed contractor ? Or can you start a dba and operate without it to start ?

@DieselandIron

9 ай бұрын

You can get away with doing small projects without having any sort of license. When you step up you will need to get your ducks in a row. Rick holds a builder's license for our company and is able to pull permits.

Do a sub-S it's worth it. Pay yourself a reasonable salary and then let the K1 take the rest.

@DieselandIron

2 жыл бұрын

My only issue with that is the fact that you are paying payroll taxes, unemployment etc. That's a lot of additional cost for a startup or am I wrong on that?

@MyTractorGuy

2 жыл бұрын

@@DieselandIron I totally agree which is why I pay as little a salary as I can to myself that the IRS would consider reasonable. I have to at least pay myself what someone doing the work I’m performing would get paid. If operators make $90k and I’m paying myself $25k that wouldn’t fly. The remaining profit flows through on a K1 and I only pay regular income tax on that part without all the FICA etc. Even if you only push $25,000 to your K1 instead of taking it as a salary, that’s around $4000 you put in your pocket.

@DieselandIron

2 жыл бұрын

@@MyTractorGuy good to know. Thanks for the info!