profit and loss

I think you have a different way of figuring your expenses than I do. I use the Cost Per Mile spreadsheet found on the OOIDA website. My CPM is about $1.00 after figuring in all of my fixed and variable costs.

 

Just a question if you have your own authority don't you have to pay for your own insurance and fuel tax? License plates?

 

Perhaps you would get some feedback if the image was eligible to read... It's way to small for my 20/20 vision to read it.

You may just bite the bullet & hire an accountant that knows trucker taxes. There are more tax deductions involved other then just maintnance & fuel.

 

Your doing it wrong.

$0.65 per mile is your expenses? I highly doubt that!!!

Just spend the money and get yourself a trucker's accountant. It's well worth it!! A complete tax write off. They will also inform you of other deductions that you don't have a clue about.

I use these people...

http://www.cbsitax.net/

I don't sort anything... I just drop all my reciepts 7 settlements into an envelope & send it to them. They sort, calculate, & create a P&L for me. Not only that, they also inform me of any quarterly taxes I need to pay & do my 1040 at the end of the year.

 

If your fuel is $.51 theres no way your opperating cost is only $.65, insurance, regs, fuel tax, maintnance, do you have a truck and trailer payment all things that need to go into your profit and loss to get the correct number.

 

What are you paying yourself to DRIVE the truck ? , fuel at $0.51 and you state its part of the $0.65 CPM your #s do not add up.

My CPM for FUEL and WAGES is in the $0.95 / mile and thats without $0.01 being spent on anything else