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Taking the plunge. My journey as an O/O.

Discussion in 'Ask An Owner Operator' started by Farmerbob1, Jan 7, 2019.

Page 99 of 256
  1. Dec 13, 2019 #981
    Tug Toy

    Tug Toy Road Train Member

    7,022
    73,604
    Jul 4, 2015
    Corn field
    0
    Vacation?
     
    Tug Toy, Dec 13, 2019
    Tug Toy, Dec 13, 2019
    #981
    Eldiablo Thanks this.
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  3. Dec 13, 2019 #982
    Farmerbob1

    Farmerbob1 Road Train Member

    3,685
    5,792
    Jan 17, 2017
    0
    I've spent probably twenty days of the last month farting around on the computer in the hotel room, enjoying being lazy, so, yeah, I consider it a vacation.
     
    Farmerbob1, Dec 13, 2019
    Farmerbob1, Dec 13, 2019
    #982
    Rideandrepair and dwells40 Thank this.
  4. Dec 13, 2019 #983
    Cat sdp

    Cat sdp . .

    21,201
    75,272
    Apr 8, 2012
    Orion's Belt
    0
    21K in the 15% tax bracket.....$3,150..


    But maybe my math is wrong.....:-/
     
    Cat sdp, Dec 13, 2019
    Cat sdp, Dec 13, 2019
    #983
    Opus and Farmerbob1 Thank this.
  5. Dec 13, 2019 #984
    INRUT

    INRUT Medium Load Member

    552
    1,999
    Aug 21, 2016
    0
    @ 21k of that will be tax deductible. Between expenses and reducedaverage income, I'll likely be getting a chunk of the money I've sent to thegovernment (in estimated taxes) back. Hard to say whet that number willbe. I wish you luck, but in any business when you start thinking like this the end is near. You don’t want to be looking at losses as a right off, you want to be searching for right offs. Hopefully you can run a few years without issues to recover, good luck
     
    INRUT, Dec 13, 2019
    INRUT, Dec 13, 2019
    #984
    Rideandrepair Thanks this.
  7. Dec 13, 2019 #985
    Eldiablo

    Eldiablo Heavy Load Member

    863
    5,701
    Jul 15, 2016
    0
    $1.37 a mile? Did I figure that right? Holy crap.
     
    Eldiablo, Dec 13, 2019
    Eldiablo, Dec 13, 2019
    #985
    Farmerbob1 Thanks this.
  8. Dec 14, 2019 #986
    bigtravelr

    bigtravelr Light Load Member

    104
    128
    Jul 8, 2017
    0
    Way to have a positive attitude about the whole thing looking at it as a vacation.

    I think you came out great considering you only spent 18K on the rebuild. Now you have a truck that could run a million miles potentially.
    If it were me I'd had an APU and keep it now that it has an overhaul.
     
    bigtravelr, Dec 14, 2019
    bigtravelr, Dec 14, 2019
    #986
    dunchues and Rideandrepair Thank this.
  9. Dec 14, 2019 #987
    Farmerbob1

    Farmerbob1 Road Train Member

    3,685
    5,792
    Jan 17, 2017
    0
    I was asked to be more accurate in my assessment. I did so. 21k or so of my expenses will be a write-off, and that does mitigate the year-end costs of taxes.

    It's still a loss, yes, but I do not see why I should ignore it. Having some understanding of your tax liability is pretty important in business too.
     
    Farmerbob1, Dec 14, 2019
    Farmerbob1, Dec 14, 2019
    #987
    RStewart, dunchues and Rideandrepair Thank this.
  10. Dec 14, 2019 #988
    Farmerbob1

    Farmerbob1 Road Train Member

    3,685
    5,792
    Jan 17, 2017
    0
    I probably will. After I get more money in the bank.
     
    Farmerbob1, Dec 14, 2019
    Farmerbob1, Dec 14, 2019
    #988
    Rideandrepair, Tug Toy and dwells40 Thank this.
  11. Dec 14, 2019 #989
    DUNE-T

    DUNE-T Road Train Member

    7,021
    17,080
    May 10, 2015
    Detroit, MI
    0
    Imagine this. For the next few weeks you are given only 2000 miles per week and your fuel pump or ECM fails along the way. Your maintenance fund will be wiped away completely and you will go deep in debt with no way of getting out.
    You need to get away from that mileage pay lease ASAP
     
    DUNE-T, Dec 14, 2019
    DUNE-T, Dec 14, 2019
    #989
    snowwy, Eldiablo and Long FLD Thank this.
  12. Dec 14, 2019 #990
    Farmerbob1

    Farmerbob1 Road Train Member

    3,685
    5,792
    Jan 17, 2017
    0
    That is possible, however I will not make my plans based on Chicken Little logic.
     
    Farmerbob1, Dec 14, 2019
    Farmerbob1, Dec 14, 2019
    #990
    Rideandrepair, runningman0661, RunningAces and 1 other person Thank this.
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