2017 Income & Expense Review

Discussion in 'Ask An Owner Operator' started by ChicagoJohn, Dec 28, 2017.

  1. Banker

    Banker Road Train Member

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    Ruthless Thanks this.
  2. Cheezy_smile

    Cheezy_smile Light Load Member

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    I keep my business income and expenses thru quicken. I am not thrilled with it and thinking to use something else. Does anybody use anything more user friendly and simpler ?
     
  3. Banker

    Banker Road Train Member

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    I use Profit Gauges online bookkeeping software at $23 a month. It is a Kevin Rutherford product and I know how some people feel about him, but after over 30 years trucking I form my opinions based on my experiences and not by what others think.

    ***I am not seeking anyones opinion on whether they like him or not. It works for me and my business and that is good enough for me.***

    You can decide for yourself if you like this product. It is specifically geared to trucking and can be fine tuned to keep track of your specific expense categories if you like. Or you can keep it simple and categorize expenses and income exactly like the IRS wants them.
    The part that I really like is that it gives you a running cost per mile, revenue per mile, profit per mile and many other ways to analyze your specific operation. I am a number cruncher and I enjoy looking at my numbers from every angle possible. I probably should have been an actuary or statistician instead of a carhauler. This program allows you to analyze your numbers very thoroughly. It will do this just about for any time period you like. Settlement, monthly, quarterly and yearly.
    I am not a computer GuRu so after the first couple of settlements I had it figured out and now it is very easy. I can enter the info on my IPad sitting on the couch looking at my settlements on my IPhone. Kevin usually offers a year end special of a free month and allows you to go back the entire year. So yout first year of bookkeeping will be free if he still does that promotion. If you don’t like it it doesn’t cost you a dime.
    At tax time you can print or email a one page itemized statement of your business income and expenses for your tax professional. Since my CPA does none of my bookkeeping, my tax prep services were only a couple hundred bucks for the family and business done by a CPA firm I have been using 20 plus years. They handle the depreciation of my tractor and trailer and give me my quarterly payment stubs that I mail in.
     
    Last edited: Dec 29, 2017
    Zaros, TallJoe and Cheezy_smile Thank this.
  4. HalpinUout

    HalpinUout Road Train Member

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    RigBooks.com is another good one. I use it. Very simple to use. $19.00 monthly
     
    Cheezy_smile Thanks this.
  5. Derailed

    Derailed Road Train Member

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    I started using Inuit online payroll early this year. Direct deposit myself weekly from my corporate account to my personal. Very easy to setup and use. It's around 30$/month for the version I have. Payroll taxes get filed online quarterly.
     
    Last edited: Dec 29, 2017
    Pieter78 and Banker Thank this.
  6. ChicagoJohn

    ChicagoJohn Road Train Member

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    I just use QuickBooks, but it's not the easiest to use. Unless you have some accounting understanding. I switched to the online version this year for $10/ month.
     
  7. ChicagoJohn

    ChicagoJohn Road Train Member

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    I just looked at it, it looks nice, but how'd you get it for $19? It's $32 month now.
     
  8. HalpinUout

    HalpinUout Road Train Member

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    I don't know? Possibly cause I use auto pay on my credit card monthly? I've had it for 5 months now... I don't recall if when I signed up they had a special promotion going or something...
     
    ChicagoJohn Thanks this.
  9. Ridgeline

    Ridgeline Road Train Member

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    I use quickbooks and won't use the online version because of the issues with security - I don't trust anything that is in the cloud.

    My QB is setup for my company, I paid for it to be customized for both A/R and A/P. It wasn't too bad to get that done, then I had a little booklet written with all the things we have in it so anyone can use it.
     
    redoctober83 and ChicagoJohn Thank this.
  10. TallJoe

    TallJoe Road Train Member

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    Can health Insurance be a business expense? I understand, if you as business buy insurance for your employees, but can it be set up that I as a Corporation can purchase coverage and give it to myself as self-employed? How's it different money-wise from buying it from Obamacare?
     
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