How Do I Sign Maryland Banking Word

How do i industry sign banking maryland word myself

hey what's up everybody it's david mcgill now the other day i was asked by a viewer two questions the first one was how do i pay myself as an owner and also how is my banking set up with my trucking business now as I was putting my thoughts together for how do I pay myself video I just realized that there was gonna be too many nuances to cover in a regular YouTube video like many you guys may already know I'm an owner who does not operate the vehicles but I also know that there's a lot of people out there who are owners who do operate the vehicles so my answer to that question in order to answer that question properly I'd have to you know break out too much information and also explain too many different variables and I know people are gonna have a lot of questions and because it's like there's no back-and-forth I'd have to try to cram so much information in one video so I do think that's an important video to shoot however I just think the regular format of a YouTube video may not be the best way to relay that information so what I've decided if I get enough interest in the comment section below I'll go live I'll figure out how to go live and we can have that conversation on how I pay myself and also how I consult a lot of my clients to pay themselves the ones who are owner operators and the reason why I think going live will be the best option is because it'll give us a chance to it'll give me a chance to you know answer your questions because there's gonna be questions along the way so as you guys are asking them you know I can answer them right there in the video as opposed to you know trying to cram everything in the video I'm assuming your questions and things like that so that's that's what we'll do if I get enough comments in this video of people who say that they do want me to have a video where I'm discussing how to pay yourself as an owner-operator and also how to pay yourself as an only 9 operator then I'll set a time and a time and a date ongoing life to you know answer that question now the second question how is my banking set up with my trucking business I want to answer that right now in this video but first I want to kind of give a little bit of backstory on how I look at banking in my trucking business so to keep things simple I like to conduct all of my banking business at the same Bank I don't want to have you know two and three bank accounts at different locations for my business that's gonna cause me to have to you know do a lot of administrative work a lot of traveling from place to place and just coordinating between different banks to keep things running as smoothly as possible I keep everything under one bank I do I prefer a bank or a credit union me personally I like to go when it comes to business I like to use the mega banks the reason why is because they have a lot of the technologies that some of the smaller banks and you know sometimes the credit unions don't have and because I just never know what's gonna happen you know day in and day out with my business how I may need to move money around I just like to have as many options as possible so for me personally I like to use the big banks like the you know the chases the PNC so Wells Fargo's Bank of America things like that when it comes to my actual business now I'm gonna show you guys how a lot of my clients maintain their bank accounts and I'm also gonna show you guys how I maintain the bank accounts for my trucking business because there will be a difference between the two so most of my clients usually have two bank accounts and one is definitely always a checking and then the second one is either a checking or savings now what are the categories how to really like you know what do they do with each bank account so I like to call one operations so operations that's usually your checking account where that's gonna be your primary account this is the account where you know your deposits get made from your brokers and from your factoring companies your income also this is gonna be where you're gonna pay your fuel your payroll your insurance any truck or trailer payments you have to make any parking fees tows ELD expenses fuel taxes things like that anything that involves the daily activities of your business generally happened out of the operations account now a lot of owner operators they open up separate accounts for maintenance so what will happen is they'll you know set a certain amount of money aside and it could be a fixed dollar amount it might be a percentage it could be a percentage of the load could be a percentage of revenue whatever the metric is they'll take that money and move to the side and put in a separate either checking or savings account specifically for maintenance and you know in that maintenance account that will cover things like your tires different repairs some of your routine maintenance and also any unexpected breakdowns that you may incur now the way I like to manage my money at the bank is a little different for my trucking business I still use the operations account however I don't have a separate maintenance account maintenance is just one of those things that I handle out of my operations it's just one pool of money my second account that I do maintain though is it's usually a savings account or it's a savings account and it's for income taxes now because I know I'm gonna owe taxes on my profits at the end of the year throughout the year I like to make estimated payments to the IRS and to the state taxing authority so what I do is throughout the year I will move money from my operations account and put it in my tax savings account so that way I know that I'm not accounting for that money in you know the regular operations money but it's also set to the side so that you know the government will you know the money will be there when it's time to make that the government payments now when it comes to setting up this tax savings account I already know the question that a lot of people's gonna ask like how do I know how much money I should put to the side for taxes well the answer say is it's gonna depend on so many different factors you know it's gonna be you know whether or not you know you operate it you're a single owner business if you're a corporation also like how do you file your tax returns are you single are you married do you have kids there's gonna be so many different factors that for this video I won't get into you know how I determine how much money I put to the side of my tax savings account but for this video I just want you guys to understand that I do have two accounts I'll use one operation checking account and then a tax savings account it's just it's like a holding account for my business now one thing to note there's gonna be some people out there watching this video who you guys might decide that you want to have you know a third account possibly for you know the growth of your business where some people out there may decide like hey I want to take a certain amount of my profits and put those to the side because then it will fund my next truck or you know the growth of my business and that's completely fine like you know it's going to be one of those things where the answer is gonna vary by person it's all a matter of personal preference for me I like to have two accounts one operation account in one tax holding account a lot of owner-operators I work with they have two accounts also but it's usually set up as an operations account and also a maintenance account how you truly decide you want to set up your banking is it's going to depend on you know your personal preference now hopefully this video helped you guys out if it did please give it a thumbs up also don't forget if you'd like for me to shoot the video if you like for me to go live discussing how to pay yourself as an owner or an owner operator then let me know in the comments below if I get enough comments from people who say that they would like to have that video then I figure out how to go live and I set a time and a place and a date for that you know for that video also if you have any other questions you know you can leave a comment with that as well if you haven't already please subscribe to the channel and if you know somebody else with this information could benefit feel free to share this video with them also thanks again for watching