Owner Operators: What was your net this year?

Yes I have a Qualcomm and yes it is free of charge. Yes I have a pre pass and it is $13.65 a month but that was already deducted before I got to the numbers I gave.

I do not pay tolls ACT pays them.

I am responsible for fuel taxes but I get money back not owe them at the end of the quarter.

I pay truck insurance and bobtail and occ/acc insurance but again they were deducted before I got to those numbers.

I have .07 per mike deducted for my maintenance account and again that was deducted before I got to those numbers. Yes you probably should be driving here it is obviously a lot better deal than you are in.

 

I used to think I was making BIG $$ when I first went l/o. But then my accountant re-aligned my thoughts by forcing me to itemize every expense monthly. Rather than keep a pile of notes I put the info on a spreadsheet. What an eye opener! Once entered I could compare data, work the calculations until I had a true picture of what was actually going on financially. Like BK2 I thought I was making a lot of money, even considered adding a second truck. Thankfully I over that foolish idea now.

PS:I was advised NOT to deduct my daily food expenses but take the daily per dium rate allowed by the gov't. So I count my full & partial days on the road and report them on my tax statement.

 

Rollin coal I have .07 per mike deducted for a maintenance account that was already taken out before I got to the $60000 number. I do not deduct food out of that number because that is a personal expense and last I checked you have to eat regardless if you have a job or not. You are correct they could fire me if they wanted to but I don't know why they would when I have 14 years experience and never late with no accidents and no tickets in several years and a 0 CSA score. We have guys pay off their trucks all the time.

 

Another thing is if I am not making that much they why is my estimated taxes due over $13,000 for the year? I have an accountant who is very familiar with trucking taxes. People can tell me what I am not making all they want but if I wasn't doing it then why am I paying taxes as if I was?

 

Owner Operators: What was your net this year?


my loss is less than last year! still waiting for the official 1099

 

So you got paid $73,000 total, or $60,000 total? If it's the latter, shouldn't it be $47,000 "profit"? Just asking.

You said you got nothing to prove, yet keep coming back. You sure seem to be hell bent on proving something. One of the things I leaned in my life is, everyone "knows" he/she is right, and chances are you are not going to convince anyone otherwise. As long as you're happy with what you earned, who cares?

 

wow, after paying federal, state, and local tax, he's got a bucket full of cash, great , when your done with your lease turn that puppy in and and pay CASH for a bran new truck and you will make triple the profit, your doing what large company's with (lawyer's and tax account's can not do) make a profit, i think heartland and Crete are the ONLY debt free company's out there, look at swift, around 400 million in the hole, i believe ffe is 50 to 60 million in the hole,

 

$.07 does not even come close to cover the maintenance cost of these big boy toys. That is like the bottom end for just covering PM's, alignments, tires, etc.

Talk about the classic LP flame out scenario. "Look ma, we be rich." The the big bills start coming in. "But I have a warranty" Uh, doesn't pay for a 5 figure tow bill, hotel rooms, etc.

There is a reason that time and time again O/O's keep coming back to it costing $1.20/ mile range for a truck. And you have a higher fixed expense than most of these guys.

And when you flame out, walking away from the truck owing ACT for repairs, you will be talking about how you got screw ed.

So, I say again - No you didn't.

 

BTW, do you even know what your figures are? Depending on the thread you will claim different numbers.

 

OK, show of hands. How many REAL O/O's believe what they get on their settlement represents your true income?

I think only LP's believe that all costs of operation are accounted for in a settlement.