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Any ole timers want to chime in?

Discussion in 'Trucker Taxes and Truck Financing' started by MYSTICFOG, Oct 1, 2011.

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  1. Oct 1, 2011 #1
    MYSTICFOG

    MYSTICFOG Bobtail Member

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    Sep 23, 2011
    Sacramento, Ca.
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    I have a O/O Tax benefit question of buying a older tractor and working off loadboards vs. leasing a compliant 2010 fuel conservative tractor and running under their authority.

    Is it wise to pull a equity line of credit (from your home) to buy a older 86 pete lets say 25,000 or get lease on a 2010 fuel efficient.

    How much of the 2010 compliant tractors lease payments can be itiemized 100%- 50%?

    Is it advisable to break out anymore, because all I here from disgruntled truckers is 175,000 gross and 50,000 net. Any help would be appreciated from the old vets wanting to pass on some pearls of wisdom.
     
    MYSTICFOG, Oct 1, 2011
    MYSTICFOG, Oct 1, 2011
    #1
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  3. Oct 1, 2011 #2
    Grouch

    Grouch Road Train Member

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    It has been several years since I was an O/O but I will take a stab at answering some of your questions.

     
    Grouch, Oct 1, 2011
    Grouch, Oct 1, 2011
    #2
  4. Oct 1, 2011 #3
    chalupa

    chalupa Road Train Member

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    Houston,Texas
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    Agree with Grouch 100% and yes it's still 100% on the lease....which I think is better than a 5 yr dep.

    25K for an '86 anything is way too much........ and no, never involve the home.

    JMO
     
    chalupa, Oct 1, 2011
    chalupa, Oct 1, 2011
    #3
  5. Oct 1, 2011 #4
    Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Your home is a sure thing, trucking isn't........keep the two separate.
     
    Allow Me., Oct 1, 2011
    Allow Me., Oct 1, 2011
    #4
  7. Oct 1, 2011 #5
    MYSTICFOG

    MYSTICFOG Bobtail Member

    26
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    Sep 23, 2011
    Sacramento, Ca.
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    Do you O/O guys and gals out their find a broker?
    If so where or how do you find that good broker?

    I will talk to a taxman about leasing, but what year and make of tractor would be good all around dry van hauler or utility flatbed, no oversize.

    What leasing company is going to keep me turning with lower payments.

    Also, last question, what do insurance companies look for when you go to them wanting to break out, experience, truck, lanes or company endorsement/riders?

    Thanks
     
    MYSTICFOG, Oct 1, 2011
    MYSTICFOG, Oct 1, 2011
    #5
  8. Oct 1, 2011 #6
    Black_379

    Black_379 Light Load Member

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    Aug 15, 2011
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    Talk to a good financial advisor, and tax accountant.
     
    Black_379, Oct 1, 2011
    Black_379, Oct 1, 2011
    #6
  9. Oct 1, 2011 #7
    Grouch

    Grouch Road Train Member

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    Please do not take what I am about to say the wrong way. But from reading your posts, I am of the opinion that you should not get into the business as an owner/operator. Now you probably are much brighter than me, but what I am reading here is that you are a little "uneducated" in trucking as owning your own truck. Instead of taking my advice, I would advise you to contact Kevin Rutherford. Kevin has a business in Colorado and his business deals strictly with owner/operators and their questions. He has a radio show on XM/Sirus . Do a Google search and you can find out how to contact him.

    There is a lot more to owning a truck than meets the eye and you need to have your eyes wide open before investing money that you don't seem to have.
     
    Grouch, Oct 1, 2011
    Grouch, Oct 1, 2011
    #7
    NYROADIE Thanks this.
  10. Oct 1, 2011 #8
    G/MAN

    G/MAN Road Train Member

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    I prefer older trucks, but I would not want something that was an 86 for otr trucking. There is no way that I would pay that much for a truck that old. You can get much more for $25,000 and have something that is newer. I would not buy a 2010 truck to start, either. I would look for something about 4-5 years old that is in good shape. When you buy a truck you will need to depreciate it out over time. If you lease a truck you can deduct the entire lease payment.

    You need to keep your costs down. The lower you can keep your overhead the more profit you should make. Buying or leasing a new (or newer) truck would be a lot of stress on you starting out.
     
    G/MAN, Oct 1, 2011
    G/MAN, Oct 1, 2011
    #8
  11. Oct 1, 2011 #9
    Old Man

    Old Man Road Train Member

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    Oklahoma City, OK
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    buy a pre EGR truck, it will cost less to own.

    You have to make money before you start worring about taxes, some tax advisors don't live in the real world, a paid for truck may cost you a little more in taxes but you don't have payments when you are not working, those $2000 lease payments come around very fast and 4 or 5 years is a long time.
     
    Old Man, Oct 1, 2011
    Old Man, Oct 1, 2011
    #9
    Black_379, G/MAN and puncher Thank this.
  12. Oct 2, 2011 #10
    MYSTICFOG

    MYSTICFOG Bobtail Member

    26
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    Sep 23, 2011
    Sacramento, Ca.
    0
    Yea old man, your right!

    What kind of tractor are you speaking about, I never heard of it.
     
    MYSTICFOG, Oct 2, 2011
    MYSTICFOG, Oct 2, 2011
    #10
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