Double Yellow's Company Driver to Independent Thread

Discussion in 'Ask An Owner Operator' started by double yellow, Nov 5, 2014.

  1. Terry270

    Terry270 Road Train Member

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    BG, KY
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    Ok interesting. What I've been doing is full throttle up the grade(or whatever is enough to hold speed) and try to time it where I can let off close enough to the top where I top the crest at 40-45ish and regain on the other side(hopefully without touching accelerator)
     
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  3. TruckerPete1990

    TruckerPete1990 Road Train Member

    8,623
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    Bentonville Arkansas
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    the company I'm leasing to pays ifta. Does this mean I just pay pump price? (don't subtract fuel tax).
     
  4. double yellow

    double yellow Road Train Member

    5,946
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    Aug 28, 2011
    State of Jefferson
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    Check with them to clarify. Sometimes it means they just file IFTA for you (but still bill you if you owe). Sometimes it means they file and if you didn't pay enough at the pumps, they'll cough up the difference.

    If it is the former, buy where it is cheapest price less IFTA. If is is the later, then just fill up at the place with the cheapest pump price.
     
  5. TruckerPete1990

    TruckerPete1990 Road Train Member

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    Bentonville Arkansas
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    Yea they file n pay it.
     
  6. Skate-Board

    Skate-Board Road Train Member

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    Merrimack, NH
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    Ok DW. I've tried to explain IFTA to people and I haven't found anyone who understands it. Most argue with me even though they don't have their own authority or file it themselves.

    So, given that. Can you tell me how you can end up owing zero after filing every quarter?
     
    paul_4lp Thanks this.
  7. Terry270

    Terry270 Road Train Member

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    You can even get a refund. If you fill only in IL and travel other states you will have already paid the highest tax possible and will be getting money back from the other states.
     
    dannythetrucker Thanks this.
  8. TruckerPete1990

    TruckerPete1990 Road Train Member

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    Okay so I did my ein number I need a bussiness account how can I prove my business address? I haven't registered a name as I'm leasing to a carrier
     
  9. Blu_Ogre

    Blu_Ogre Road Train Member

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    Out west
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    Most places if you use your last name in the business name then you may not need a DBA.

    T. Pete's Trucking for example.

    Come up with a name that will get printed @ the top of checks and other business paperwork. Show the EIN paperwork to the banker and let them know it is Sole Proprietorship and your home address is the mailing address.
     
    TruckerPete1990 Thanks this.
  10. double yellow

    double yellow Road Train Member

    5,946
    10,066
    Aug 28, 2011
    State of Jefferson
    0
    I've been avoiding looking at this quarter's numbers. I knew going in this would be my worst quarter, but still... Anyway, here are the results (keep in mind I took off most of January and all of February):


    [TABLE]
    [TR]
    [TD]Lane[/TD]
    [TD]odometer[/TD]
    [TD="width: 86"]loaded mile[/TD]
    [TD="width: 86"]rate[/TD]
    [TD="width: 100"]$/LM[/TD]
    [TD="width: 86"]$/AM[/TD]
    [TD="width: 17"][/TD]
    [TD="width: 86"]Weight[/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [/TR]
    [TR]
    [TD]Vacaville to Bend to Milwaulkie to Seattle[/TD]
    [TD]1516520[/TD]
    [TD]773[/TD]
    [TD]$2,350.00[/TD]
    [TD]$3.04[/TD]
    [TD]$2.60[/TD]
    [TD][/TD]
    [TD]15000[/TD]
    [/TR]
    [TR]
    [TD]Auburn, WA to Groveport, OH[/TD]
    [TD]1517425[/TD]
    [TD]2400[/TD]
    [TD]$4,750.00[/TD]
    [TD]$1.98[/TD]
    [TD]$1.86[/TD]
    [TD][/TD]
    [TD]43000[/TD]
    [/TR]
    [TR]
    [TD]Troy, OH to Bethlehem, PA[/TD]
    [TD]1519981[/TD]
    [TD]526[/TD]
    [TD]$1,775.00[/TD]
    [TD]$3.37[/TD]
    [TD]$2.70[/TD]
    [TD][/TD]
    [TD]43000[/TD]
    [/TR]
    [TR]
    [TD]Findlay, OH to Sacramento, CA[/TD]
    [TD]1520638[/TD]
    [TD]2307[/TD]
    [TD]$3,575.00[/TD]
    [TD]$1.55[/TD]
    [TD]$1.22[/TD]
    [TD][/TD]
    [TD]33000[/TD]
    [/TR]
    [TR]
    [TD]Herlong, CA to Ft Jackson, SC[/TD]
    [TD]1523563[/TD]
    [TD]2659[/TD]
    [TD]$4,000.00[/TD]
    [TD]$1.50[/TD]
    [TD]$1.34[/TD]
    [TD][/TD]
    [TD]32000[/TD]
    [/TR]
    [TR]
    [TD]Summerville, SC to Rockford, IL & Dubuque, IA[/TD]
    [TD]1526555[/TD]
    [TD]1069[/TD]
    [TD]$2,350.00[/TD]
    [TD]$2.20[/TD]
    [TD]$1.94[/TD]
    [TD][/TD]
    [TD]45000[/TD]
    [/TR]
    [TR]
    [TD]Oshkosh, WI to Lexington, SC[/TD]
    [TD]1527766[/TD]
    [TD]977[/TD]
    [TD]$2,625.00[/TD]
    [TD]$2.69[/TD]
    [TD]$2.13[/TD]
    [TD][/TD]
    [TD]13000[/TD]
    [/TR]
    [TR]
    [TD]Browns Summit, NC to West Babylon, NY[/TD]
    [TD]1529000[/TD]
    [TD]546[/TD]
    [TD]$2,243.00[/TD]
    [TD]$4.11[/TD]
    [TD]$1.81[/TD]
    [TD][/TD]
    [TD]45000[/TD]
    [/TR]
    [TR]
    [TD]Chardon, OH to Ringgold, GA[/TD]
    [TD]1530240[/TD]
    [TD]631[/TD]
    [TD]$1,600.00[/TD]
    [TD]$2.54[/TD]
    [TD]$2.27[/TD]
    [TD][/TD]
    [TD]43000[/TD]
    [/TR]
    [TR]
    [TD]Loudon, TN to Atlanta, GA[/TD]
    [TD]1530945[/TD]
    [TD]185[/TD]
    [TD]$975.00[/TD]
    [TD]$5.27[/TD]
    [TD]$3.41[/TD]
    [TD][/TD]
    [TD]45000[/TD]
    [/TR]
    [TR]
    [TD]Salem, SC to Louisville, KY[/TD]
    [TD]1531231[/TD]
    [TD]430[/TD]
    [TD]$1,200.00[/TD]
    [TD]$2.79[/TD]
    [TD]$1.93[/TD]
    [TD][/TD]
    [TD]46000[/TD]
    [/TR]
    [TR]
    [TD]Winchester, KY to Herlong, CA[/TD]
    [TD]1531853[/TD]
    [TD]2240[/TD]
    [TD]$3,800.00[/TD]
    [TD]$1.70[/TD]
    [TD]$1.46[/TD]
    [TD][/TD]
    [TD]32000[/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD]1534450[/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD]Total Miles:[/TD]
    [TD]loaded mile[/TD]
    [TD]rate[/TD]
    [TD]$/LM[/TD]
    [TD]$/AM[/TD]
    [TD][/TD]
    [TD]Avg Gross Weight[/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD]17930[/TD]
    [TD]14743[/TD]
    [TD]$31,243.00[/TD]
    [TD]$2.12[/TD]
    [TD]$1.74[/TD]
    [TD][/TD]
    [TD]61201[/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD]Deadhead:[/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [/TR]
    [TR]
    [TD][/TD]
    [TD]21.62%[/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [TD][/TD]
    [/TR]
    [/TABLE]



    [TABLE]
    [TR]
    [TD]EXPENSES[/TD]
    [TD="width: 86"][/TD]
    [TD="width: 86"][/TD]
    [TD="width: 86"]per mile[/TD]
    [/TR]
    [TR]
    [TD]Car & Truck (Business):Fuel[/TD]
    [TD]$6,209.48[/TD]
    [TD]19.87%[/TD]
    [TD]$0.346[/TD]
    [/TR]
    [TR]
    [TD]Car & Truck (Business):Inspection, Maintenance, & Repair[/TD]
    [TD]$2,622.24[/TD]
    [TD]8.39%[/TD]
    [TD]$0.146[/TD]
    [/TR]
    [TR]
    [TD]Car & Truck (Business):permits, Fees, & Road Taxes[/TD]
    [TD]$1,285.78[/TD]
    [TD]4.12%[/TD]
    [TD]$0.072[/TD]
    [/TR]
    [TR]
    [TD]Car & Truck (Business):Scales[/TD]
    [TD]$137.14[/TD]
    [TD]0.44%[/TD]
    [TD]$0.008[/TD]
    [/TR]
    [TR]
    [TD]Car & Truck (Business):Tolls[/TD]
    [TD]$485.65[/TD]
    [TD]1.55%[/TD]
    [TD]$0.027[/TD]
    [/TR]
    [TR]
    [TD]Insurance (Business & health)[/TD]
    [TD]$2,185.00[/TD]
    [TD]6.99%[/TD]
    [TD]$0.122[/TD]
    [/TR]
    [TR]
    [TD]Office Expenses (Business)[/TD]
    [TD]$650.57[/TD]
    [TD]2.08%[/TD]
    [TD]$0.036[/TD]
    [/TR]
    [TR]
    [TD]Prof and Legal Fees[/TD]
    [TD]$310.00[/TD]
    [TD]0.99%[/TD]
    [TD]$0.017[/TD]
    [/TR]
    [TR]
    [TD]Supplies (Business)[/TD]
    [TD]$135.84[/TD]
    [TD]0.43%[/TD]
    [TD]$0.008[/TD]
    [/TR]
    [TR]
    [TD]Taxes (Business)[/TD]
    [TD]$3,051.36[/TD]
    [TD]9.77%[/TD]
    [TD]$0.170[/TD]
    [/TR]
    [TR]
    [TD]Travel (Business)[/TD]
    [TD]$378.85[/TD]
    [TD]1.21%[/TD]
    [TD]$0.021[/TD]
    [/TR]
    [TR]
    [TD]depreciation[/TD]
    [TD]$781.25[/TD]
    [TD]2.50%[/TD]
    [TD]$0.044[/TD]
    [/TR]
    [TR]
    [TD]TOTAL EXPENSES[/TD]
    [TD]$18,233.16[/TD]
    [TD]58.36%[/TD]
    [TD]$1.017[/TD]
    [/TR]
    [/TABLE]


    Net Q1 income: [TABLE]
    [TR]
    [TD]$13,009.84[/TD]
    [/TR]
    [/TABLE]
    ($0.73/mile)

    Net income per month:
    [TABLE]
    [TR]
    [TD]$4,336.61[/TD]
    [/TR]
    [/TABLE]


    In hindsight, I should have taken cheap loads to minimize deadheads out of New York (500 miles) and to & from Herlong, CA (200 miles). Heck I should have just parked in Louisville and flown home rather than take those $1.50/mile loads to get to & from California...


    Compared against gps, I see my odometer now reads ~ 1% more miles which means instead of 8.75mpg I'm at 8.66. Not a huge difference, by psychologically 8.75 seems a lot closer to 10 than 8.66...

    You should have some mail coming to you in the name of your business. Some banks are more particular than others (I found US Bank was a bit more lenient on documentation than others)
     
    Last edited: Apr 5, 2015
    Iggly, spectacle13, Grijon and 9 others Thank this.
  11. Skate-Board

    Skate-Board Road Train Member

    3,801
    3,996
    Aug 9, 2014
    Merrimack, NH
    0
    That's true but only people who truly understand how IFTA works can answer my question above.
     
    csmith1281 Thanks this.
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