CRST Malone L/P from the beginning

what do you mean by with hold your own taxes.If you have no profit you should owe no taxes. I can not see how he could could have a profit and loss statement with only one week on the road. CRST has not even started to take out his lease payments yet.Besides that everyones net would be different depending on what was made and what was spent in a week month or year. I have many friends that make much more money than I do ,but I make way more profit than they do.I have a friend with 6 trators and 6 reefers and 6 drivers his trucks make over a million dollars a year. I have one old cabover and make more profit than he does with 6 new trucks and trailers. Do you see where I am going with this? After taxes can only be figured after profit and that is yearly not weekly.I think you guys are confused not me but I may be wrong.

 

I don't believe you understand how the whole tax thing works... after one week you would still have a profit/loss statement.

Ethan

 

OK i'll try and simplify my question. I was only asking for a range of what his settltement is after all the deductions by CRST but before he figures what uncle sam gets. Gravdigr i understand you haven't run long enough to get a figure and i appreciate your responses. Spacetrucker88 i was only looking for the amount he gets weekly to the truck after deductions from CRSTi apologize for not being clearer but even if you make zero profit or even take a loss you are still on the hook for some taxes even if it is only fica and medicare and of course self employment taxes because uncle sam can rob us all with the pen. But i do appreciate your responses also spacetrucker88. Thanks to you to drtydieseland any one else who tries to make this a better forum by sharing info and experiences with out the name calling.

 

I am gonna take a stab at this which might help someone that is a company driver and wants to become an owner operator.money to the truck (you) should be in the 120000 to 150000 dollar range for a year.This is not money you get to take to the casino , because you have fuel insurance tires oil toll truck washes either truck payments or lease payments ,parts and repais and about a hundred other things i cant think of right now.so in reality that 120 to 150 can and might be down to 20000 to 30000 dollars or less.If you are a company driver all you need to do your job is you, when you own or lease a tractor everything is on you. Now I am not saying it can not be done many people do great but many more fail and it is because they can not handle money. I would be much better off to have a company job,but I do not want anyone telling me what to do and I find every thing out the hard way.I kinda got off subject here my point is at tax time (April 15th a lot of the operators have no money to pay the tax they owe

 

I definitely want to be an owner soon, Mainly because I don't care for being told what to haul and where to haul it.

I've been keeping track of my fuel expenses, fuel mileage, miles, how much my truck takes per mile to run just on fuel. I haven't factored in the fuel surcharge, just been going off of what the pump price is. I use Excel to keep track of everything.


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dirty what kind of tractor would you buy

 

I'm wanting a hood, mainly because I do flatbed and that's what I want to do if I buy my own truck. I'm not sure yet though as to what truck. I want a hood no matter what. Either a w900l, 379exhd, or 9900ix. I'm leaning more toward the 9900ix because I love the interior's.

But I do love the w900l though, either way I want a flat top sleeper and its got a be a 48-63" sleeper, that way I can keep the wheelbase shorter. Ive been to some tight places even as a flatbedder

 

I don't claim to be an accountant, even tho I play one on TV. Digger, one huge advantage on your L/P, is you can deduct 100% of your lease payments, if you bought one outright, you can't deduct your payments. They have depreciation tables, and you can only write off the depreciation on your tractor over 1,3 or 5 years. On a used tractor, you should get a better write off with a lease. Of course you have your per diem, don't know what it is now, used to be $58.00 per night.(200 nights=almost $12,000). A good trucking accountant is worth his weight in gold. Shoes,clothes,gloves,phone, computer, anything and everything should be a deduction. Might even be able to pay your wife to do some of your paperwork. On a different Malone channel, someone was saying your fuel discounts show up at a later time on your card. (Sounds like a tax free savings account to me.) Lotsa things to play with......I got a feeling I'm not telling you anything you don't already know, sounds like you've done your homework. Good Luck.