Out of pocket expenses?

One thing I did was operate off of my money. What I mean by that is when I left the house I never took any advances. Companies will let you draw an advance out of your check. Some will charge you money to do this. Many newbies start out in the hole. By the time all the deductions come out they have liitle left on their paycheck. The thing is it doesn't matter what you make when your out. What gets you in trouble is what you spend when your out.

I would find out how long you will be out and try to plan that way. Everything cost more out there on the road. I always stocked up on my vittles before I left and used my drivers pay back card for other stuff.

 

Out of pocket expenses... by that, I take it to mean, how much will you be spending on yourself.

You should plan on about $200 or more a week, if you eat in a truckstop every meal. You can reduce those cost considerably by making the correct purchases.

If you purchase an invertor, fridge, microwave, and groceries for 2 weeks. You could be looking at about $600 for your original outlay. But you'll save that much the first month...so it's a good investment.

These things can be bought piecemeal rather than all at once if you don't have the money to start.

I generally try to have at least $200 in cash on me when I leave the house....based on 2 weeks on the road. I have the above items I mentioned. But still like to have some extra cash just in case.

Almost everything you buy for your truck, and your job is tax deductable. You get a per day deduction for meals...you can save receipts, or take the "allowed" deductions. Amounts vary depending on your state, mine was $52 per day out this past year. You can actually "make" money with this deduction, if you are smart with your cash.

A smart move...as the early poster mentioned. Try NOT to take advances, once you get your finances in order. It makes keeping track of mistakes on your check easier. Just use your debit card for needed cash.

There will be times when you want to take an advance, even though you have money in your pocket. You'll run into a million deals out on the road LOL. Be there done that

Things you buy for your truck. If it is a "company" expense they will pay for it. You get no deduction. Things you buy for your truck, to dress it up, look cool, or simply make life easier (IE a CB radio, even XM radio). You can take the deduction. KEEP ALL THOSE RECEIPTS !

 

Interesting. This is really good to know.

 

This is a littel tricky, because it depends on your company. When I drove for Covenant, they REIMBURSED all tolls, scaling loads, truck related expenses (washer fluid-only the blue stuff-lightbulbs,gladhand seals,etc.) So if I was going to the northeast, I would make sure to have a good amount for tolls. Of course, this changed when I stopped running team, and got a solo truck with a prepass plus. This is a transponder that works like a prepass (for scalehouses) but also has an I-pass (or ezpass), to pay tolls electronically. So, unless I was crossing OH or IN, I could keep rolling without worrying about tolls.
As far as tax write-offs, save any receipts for stuff you DON'T get reimbursed: Steel-toe boots,CB radio, any cash advance fees, any showers YOU pay for, etc. There are MANY more, but this is all my tired brain can recall.

I always try to have around $200/wk available, I have a cooler and buy groceries at Meijer before hitting the road.

 

Inverters can be wired to your batteries, or they can be wired thru your truck's power panel. At covenant, they wanted them all wired thru the powr panel, with a 50 amp fuseable link. And no, they are not hard to install, the only thing is if you are going to be neat and hide the wires it can take a little time.

 

some companies say that they must install the power inverter.
that is just to make sure it is done right so you do not burn down their truck.

the most important thing is.
you will need to check with your company to see what the policy is on the installation and how big it can be.

 

I am just the opposite,I take my advances and just consider it part of my perdiem money,my company charges me 1.00 and I deduct that at the end of the year, When my wife goes out shopping she buys things that I need on the road,all deductible,paper towels,hand soap antibacterial,cleaning fluids like simple green,baby wipes,cloth type,no fragrance with aloe,toilet paper,cheaper than kleenex,all the normal house keeping cleaners ,windex,etc,I circle the truck supplies off of the grocery list and use that whole slip for a receipt for taxes at end of the year. You can make out a hand receipt for any coin operated machines you use,like a stamp machine,laundry,even if your wife or girlfriend washes your clothes at home,you can write up a hand receipt for laundry at a ta etc,of say 10 dollars a week to wash your towels,comforter,pllow cases sheets etc,hand receipts written by you,save for end of the year deductions. If you are an owner operator,you can if you have a coin truck wash at home,make a reeipt every time you are home for 25 30 dollars when you wash your trucks exterior,or 5 dollars just to debug your windows,all legal with a hand written receipt. there are many many more ,trucker tax services helped me learn all of this thru the years.it can make or break you in trucking business,especially as high as fuel is today. Hope I helped you a little.

 

Thanks for filling in the gaps $1.5, like I said when I originally posted, I was pretty tired.

Most companies will give you a list, about a page (both sides) of deductible items. Aother one is Sat Radio, provided it stays in your truck. Some accountants will tell you that only part of its deductible, I deduct the whole cost.