Operating Costs

$160k gross? I better be NOT paying $1650.00 in taxes if I have a legitimate receipt for that $5000.00.

That could be sales tax, federal income tax and it state tax. And changed my AGI to a lower bracket too maybe?

I always figure I save %33 if I spend it through the company legitimately. If I lose the reciept or forget to write it off on my taxes you pay income taxes on it. I pay every bit of that %33 in income taxes.

so yeah at least $1650.00

 

That's $600/yr less in taxes than I would pay, and that's just fuel expenses.

 

Hell sales tax is over $500.00 where I live!!!

I wouldn’t buy something for $5000.00 without figuring out how to avoid that if at all possible.

Heck new tires have an additional %25 FET tax on them... that’s $250 on every $1000 spent or $1250 in just FET on that $5000. Forget to write it off there’s another $1700. State sales tax because you don’t do the paperwork to get it waived? Another $500?

so if your not paying attention it could cost ya an extra $3500 to spend that $5000?

$50? Sounds like some are leaving some serious money on the table?

 

Sure. Joe. I thought you might have a tax program that you could plug numbers into. But I guess you don't.

Here's my overall point:
Keeping track and worrying about your expenses gets you nowhere. Stressing out about little things makes the job that much worse.
Some people find it interesting, I don't. But that's me.

Work hard and every day. Know what rates you need to fund your operation.....everyone is going to be a bit different. Set your plan, and drive on. Its really not as difficult as some folks would have you believe.
Good luck all.
I'm out

 

I agree with you on that fellow to a certain point. Not even a truck owner any more, he should not be preaching to those in trenches having real fight. lol

 

Reasonable assumption is 22% Federal income tax, 15% self employment tax, plus state tax and local tax, if applicable. Since this is at the margin, I'd say 42% would be a reasonable assumption, which makes for a little higher deduction of $2,100.

 

No I don't...but I'll sure ask my misses accountant and will let it known here...kinda curious now.

 

Hendrickson Truck Lines Files for Chapter 11 Bankruptcy

 

This is a great discussion. It's pretty interesting to me to see how different people think. Just about every poster has been around awhile, which means basically nobody is brand new and they've all kept on trucking. That is saying something right there no matter how you run your numbers.

Trucking fascinates me in that there are so many ways to do it, so many niches, so many different plans that work doing the same thing. Actually, very few of us are doing the same thing. Different locations, rates, equipment etc. make a different job but at a family reunion everyone just thinks of you as a truck driver. "How's the trucking going? Where have you been lately?" It's all the same to them.

 

Seems that you guys think not knowing your numbers means throwing away 1 or all receipts. That is not the case, not for me anyhow. And this number you guys speak of changes every year, month or day any ways. Today I found a bolt in my tire, this month the good loads went across the toll road, this year I had to rebuild a motor. All cost me more than usually this day or month or year. Fuel went up or rates went down, it all changes "the number". I don't haul crap loads and try to work everyday.

I can save a lot more by changing oil, tires, brakes, air leaks, oil leaks, replace anything and everything than you number guys.
All you pencil pushing, computer geek, spread sheet number know'ers will never out earn us callus hand dirty fingernails guys. (sarcasm, attempt at humor)