Are You Profitable?

Please define profit in your eyes by my tax return lady no by my bank yes it's all a matter of your view and how you look at success I dont ever show profit on tax returns

 

The best common denominator would be all collected money after all unavoidable expenses: fuel, truck payments, drivers pay (although this is arbitrary for a solo owner operator) insurance, maintenance, legal fees, tollway, etc.
I would exclude arbitrary items such as retirement allocations, maintenance fund, health or occupational insurance etc.

 

Easy way to reduce income (profit) without a loss.
Depreciation and other write offs.

 

If you own freight company A.
And you own truck asset company B

A leases from B. Tremendous write offs.
Then B and A switch asset ownership.

I was told that is why some of the equipment rental companies were started.

 

I own a farm and a few trucks the trucks have cost way more money than I will ever make from them but everything you buy for your company has a tax write off at least for a farm as business write off as required expense and you can hold onto that for a set number of years before you have to report it so for farms the years you make money you buy and sell equipment and or build more grain tanks pole barns ex your assets go up in value but it shows loss of profits as far as the government is concerned

 

My Company never makes a profit. Everything left after expenses is pay for myself. That’s the technical answer. This year like last, I will work enough to survive. Net worth, Assets- Liabilities. Slowly improving. This year, Like last year, very slowly. I’m OK with that,
If Net worth starts to decline. I’m ready to sell my Old equipment, and get a Job, preferably outside of the Trucking Industry.Ive seen enough,seen better days. Not as Challenging anymore. Honestly, having my Own Authority with only 1 Truck, is hardly worth all the risk and responsibilities involved. Not to mention the time it takes. How many times, while Others are heading home, Im just getting loaded, and have to put 400-500 miles behind Me. Sometimes, I think a Full time 40 hr 5 day job with benefits, and a part time Saturday Bussiness, be it Carpentry, or a flea market, or produce stand. Would be a better option. I’d do that now, except I may regret it, as I’ve got this Trucking thing set up pretty good.It’s what I know, but I have no desire to go any further, with more Trucks or Customers, Drivers. Etc.So the big Challenges aren’t there, anymore. The Challenge has always been the Motivator for Me.