Input from swift L/O

Thanks for all the useful and helpful posts.

I am currently running team and I like it. That being said if I were to lease I would most definitely run my truck as a team truck with my co-driver I have now. This dynamic alone ( with the info I've learned here) should skew the odds a little more in my favor. According to my calculations the over mileage deduction should easily cover the balloon payment in a team truck so that's just one of the many benefits of running team.

I am putting together a profit/loss spreadsheet and when I finish it and have time to post it I would like some input to see if I've missed anything. It still seems like I won't make a whole lot more but if I were to run multiple trucks I could make a lot more and be home more often. So I will play the numbers game for a while and see how I can make it work if I choose to go the L/O route.

Another question:

How will my insurance rate be effected if I decide to lease before I have 2 years experience. Also does age factor into premium costs?

 

I'm Having trouble uploading a spreadsheet with my mobile devices but here is a drop box link: https://www.dropbox.com/s/jeinymk1c7ua4cm/LEASE OP profit-loss2.xls

All of the fields in orange font are changeable variables the rest of the spreadsheet will calculate everything automatically so if anyone wants to take a look at it and see what I am missing because I'm sure there are some things that I'm missing, I would appreciate it.

Feel free to make changes to it just keep in mind everything should calculate itself like FSC, fuel cost,etc. only the fields in orange font need to be adjusted to make changes and I left a few blocks open on the expenses column just in case and the column is already set up to calculate into the total expenses. I also have the miles set up as a per trip thing so that a realistic picture can be seen from different cpm rate for the different mileage ranges.but if you want you only have to use one row and just put a total weeks mileage in the block.

If anyone has the ability to post it on this thread please do I just can't right now. hopefully all the formulas translated properly to the spreadsheet.

 

It appears as though the spreadsheet cannot be edited via Dropbox but nevertheless I would appreciate some feedback. When I get home later this week I can upload an editable version from my computer and then anyone can edit it to show me how they run the numbers so I can get a better understanding as to how a decent profit can be turned while leasing.

I'm not so sure how much income tax to calculate and I know it would change with the individual, but I don't currently get taxed that much as I fall into a lower tax bracket and I have 3 dependents so I calculated it at 8% but some feedback on that or other discrepancies would be appreciated.

Thanks in advance!

 

Thanks a lot. I will make adjustments accordingly. I knew that some of the numbers I was running would be kind of off especially when it came to taxes as I had no clue what to expect. When I ran my last business the gross profits were no where near as high as in trucking seeing as a huge portion of profits goes towards fuel so I didn't know what exactly to expect as far as that. Even though fuel is tax deductible I figured you would tax on gross then deduct business expenses when you file.

I appreciate all the great input!

 

Thanks for the input. I was considering a bit more for maint. Fund but that's the nice thing about this spreadsheet is I can adjust the variables and it will calculate it for me so I can play the what if game. What if I put this much in maint fund, what if I only get x miles this week etc. etc.

It's hard to see since the spreadsheet is not editable but my formulas calculate the consistent expenses i.e. lease payment and insurance whether I'm running or not so the sitting costs are factored in with the days off in the monthly expense totals.

 

I have an additional question so I figured I would resurrect this thread. I was reading in lady k's thread and saw that mystic posted that he pays under 6% in taxes I was just wondering if I misread that and what would be a good rate to tax myself at seeing as I'm married and have two kids.

Also just to clarify: I would only tax my business income and not my salary correct? And how would that work filing personal income taxes?

I would've asked on the other thread but it is kinda off topic and I didn't want to hijack the thread.