Save for a rainy day
A wise man once said, “You got to make hay while the sun is shining.”
To successfully operate any business, money must be set aside to put back into that business. Trucking is no different. There are many variables in trucking; however, there are many constants too. As we all know, anything mechanical needs constant maintenance. Don’t neglect your money maker, and it won’t neglect you. You have to plan for maintenance, from the constants (fuel, tires, oil changes, brakes, lights, preventative maintenance, etc.) to the unfortunates (unforeseen repairs both major and minor, accidents, tow bills, jump starts, cargo claims, etc.)
Other expenses to save for are potential low-mile weeks due to weather, holidays, vacation time, medical emergencies, family emergencies or shop time. Remember, if you do this long enough, you will experience some of these issues.
Last but not least, let us not forget the “Stupid Tax.” We’ve all paid into it at some time or another in our lives. Laziness, poor decisions, cutting corners, poor planning and not doing our jobs properly can all add money to the stupid-tax bill. You work hard for your money, so spend it wisely.
Two things are certain in life: Death and Taxes
Taxes are part of the cost of being in business just like fuel, insurance and maintenance. If you want to be a successful owner operator, you have to keep great records and stay on top of them from the beginning. Keeping your deductions organized is critical if you want to minimize your tax liability. Most owner operators keep track of the major deductions such as fuel, tolls, repairs, maintenance, depreciation, meals, and mobile phones. There are many overlooked deductions, including:
- CB radio
- Duct tape
- Alarm clock
- Storage bins
- ATM fees
- Laundry detergent
By keeping good records of all your expenses, you can be a successful businessperson and truck operator through minimizing your taxes. Just a reminder, tax laws are complex and deductions are always changing. It’s a good idea to check with a tax professional, especially one that has experience in the transportation field.
Contact Mike at (800) 782-6038 x212 or firstname.lastname@example.org to learn more about the best trucking company to work for. Or, apply online today!