$100k Club

diamondd817 · Nov 1, 2021

HokieBlueBalls said: ↑

Made 256 K this year.

I own my own truck and have no payments, so I'm lucky here, and if you can get to this point, this is where you can actually be somewhat rich in trucking.

I'm an O/O with my own Authority.
Starting from Nov 1, 2020 through Oct 31, 2021, here is the breakdown

125K miles with 15K Dead Head, so 140 K Total Miles, but paid for 125.
125x.2.75 dollars per mile was 343,000 dollars paid to me.

My costs
20,000 gallons of fuel with 3 active fuel cards totaled 60,000 in fuel
17,000 in tires, maintenance plan, all maintenance
21,000 in insurance
4,000 for all tags, permits, memberships, fuel cards, etc
25,000 put back to get a new truck every 4 years, and I sell the previous one at 500,000 miles
My Costs Totaled 87,000

So, Money Made is 343,000
Total Costs Including saving for the next Truck is 87,000
Total Money in My Pocket that I have to Pay Taxes on Was 256,000 dollars
If you figure my total Federal Taxes and State Taxes I will pay at a rate of 28 percent total, I will put in my pocket, 187,000 dollars after all taxes, everything paid, 187K bring home or per month, it's 15,500 dollars pay check per month.

Guys, do whatever you possibly can to be an owner operator. It's easy to write and I understand it's tough to do, but when I write owner operator, not a lease, not a contract, your OWN authority. Completely on your own, and run the load boards. You can actually BE WEALTHY in trucking.

Lets say you had to make a truck payment and your truck isn't paid for, and you had a truck payment of 7,000 dollars per month. Based on the above, you are STILL bringing home 170,000 thousand per year that is then taxable, and that is with putting back 25 saving per year for the next truck.

I did all of the above in exactly 42 weeks. 10 weeks off or 2.5 months per year.
Click to expand...

How did you come up with $87,000 in costs? Your cost breakdown adds up to way more than that (127k?). What am I missing?

jackoboyo · Nov 1, 2021

Just because you put $25,000 aside for a new truck you can't deduct that. It is still income.
Are you an S-corp or sole proprietor?

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