own authority - expenses/year

Make sure there is a gauge on your trailer also (most trailer do)
-figure out the gauge reading when close to max weight
-same with the Drives' gauge on your truck (cheap and easy to install and so worth it).
Once you know where your gauges should read when close to max, then you only have to scale when you are in or above that range.

 

Depends on what are his personal bills, It is better to give yourself less personal pay because you pay less taxes on the truck income vs your own personal income.
Driver's pay: the lower the better. within reasonable limits so they don't audit you

 

I want to thank everyone on here including truckerdo for starting this thread, I have been using all your information to do a cost estimate also.
I have an awesome matrix excel page for doing the math, I tried different numbers.
Check it out here:
https://onedrive.live.com/redir?resid=C9F55C59CFDED66B!2146
I do not remember where I got it from (it was on some trucking company) but it is really nice.
Let me know if you can not get it to work or save it to your own drive, I can send it via email.

One guy here (Derailed) said his overall "operating cost" is $1.40/mile
My numbers always come up higher more like $1.6/mile.
if some of you check out my Matrix page, you might be able to tell me if I need to change some figures.

thanks alot for all your awesome info.

 

Funny you bumped this -- I was just talking to Danny about this the other day so I reran my numbers with current fuel prices (~$2.65/gal including tax & 8.5 mpg). My break even -- that is, zero driver wages-- is $0.85/all-miles on 100,000 miles/year so I need to average $1.85 to net $100,000 pretax.


But I run what I believe to be an extraordinarily lean operation (own my equipment outright, carry minimum insurance, do my own accounting & permitting, no factoring, etc).

 

I am curious, if you don't pay yourself as a driver, do you not file personal income tax?
do you pay your home through the company?
What kind of truck do you have? 8.5mpg is very nice for an average.
I believe our new truck will be in the 7.X unsure yet.

 

Do you also do your own IRS tax reporting? what form do you do?
I thought that was the most convoluted, messed up forms I have ever seen....I had to file form 1065.

 

I am a 1-man operation structured as a sole proprietor. Whatever the business makes, I make... Structuring as an S-corp (or LLC taxed as S-corp) wouldn't be a benefit to me since I'd have to pay higher CA income tax as well as minimum taxes in New Jersey, PA, MI, etc (at least to do so legally -- lots of folks get away with not paying corporate taxes in other states)

Every few months I'll transfer some money from the trucking or real estate account into my personal account, but I only pay personal bills from the personal account.

2001 International 9400 condo with a 12.7 detroit, 2.64 rears, and wide singles. Here are my fill-ups since getting my new Smartway-certified dry van:



(the 6.2 was going from 4000' in NE to 7000' in WY).

Sounds pretty good until you hear I drive 55 mph almost all the time and that my average gross weight (including deadhead) is 60,000. I'm a little disappointed I'm not regularly in the 9's...

at 65 probably. Bet it'll do 8+ at 55...

I just make 4 payments quarterly of 1/4 the amount I paid the prior year. The website is: http://www.irs.gov/Payments

For the annual tax return, I use turbo tax. It automatically prints stuff on the various forms...

 

First let me say thanks for all this info... and be patient, I am trying to break up my message like you did, but I am unsure it is going to work....lol

can 2 people set up as "sole proprietor"??? sure sounds like a easier way to do this.

If I understand correctly: it is legal to give yourself money for personal spending and not file personal income tax???

Very nice

Good for you, our weight average is usually 60k to 75k, our loads are near max at 40k to 48k, never done an average with deadhead...will have to do that, just got this borrowed trailer, don't know how much it weights on its own.

we actually go over mountains regularly, WA to CA and sometimes WA to AZ.
We just got the truck and it actually seems to drive better around 60-62mph...I found it does worse at 55mph....still in testing.

Turbo tax is set up for business ??? I did not know this.
the IRS said to do form 1065, however according to their website I should have filed something entirely different.
They are such a mess....@#$%^&*()_........lol and the form...how man it is full of ridiculous repetitive questions.

Thanks again, much appreciated

 

No, they would be a partnership or corporation.

You have to pay taxes on any income, but you don't have to file anything with the IRS every time you pay yourself a draw.

Yeah, they're a killer -- especially when heavy.

As a sole prop I use the "home and business" version. Looks like you would need the "corporation and partnership" version.

 

Where is your ad ?