Paying for Fuel

Discussion in 'Ask An Owner Operator' started by ultraclassic, Aug 17, 2011.

  1. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    Jul 30, 2009
    Lexington NC
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    I have 2 comdata cards one through Landstar the other CR England also use check or debit but never a credit card. If I dont have money to buy fuel then I shouldn't be in the business
     
    BigJohn54 Thanks this.
  2. ultraclassic

    ultraclassic Light Load Member

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    Aug 4, 2011
    Oklahoma City, OK
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    I was just thinking the ease of the statement of the CC for tax reasons and having all of your fuel expenses in one place.
     
  3. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    Jul 30, 2009
    Lexington NC
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    You still have to do a fuel tax report(gallons purchased by state each quarter) and income statement(cost per month) IRS and DOT dont care how you paid for it and they want to see fuel receipt not a CC statement
     
  4. Kawkrider

    Kawkrider Bobtail Member

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    My fiance went the O/O route with Trans Am and ended up negative 2 grand almost every pay check.
     
  5. Rich_Trucking

    Rich_Trucking Light Load Member

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    -2k every paycheck? HOW DID THAT HAPPEN???
     
  6. RedForeman

    RedForeman Momentum Conservationist

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    Jan 30, 2011
    Johns Creek, GA.
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    I was noting the age of this thread and saw it was one BigJohn54 was active in. He and I became good friends about this time, comparing business models and whatnot. He ended up driving my truck a few months after this post, but with open books on the business side. It was great seeing him prove/disprove his workbooks against reality as we went along. Hardly a day goes by I don't think about him. RIP buddy.

    This is him posing with his new KW at the start of his 2nd attempt at o/o in the early 80's. A few weeks into it a major engine breakdown coincidental to the beginning of a union strike at the Caterpillar plant that made the parts needed for his warranty repair. He could have tolerated the week or two for the repair. A month of waiting on parts from the shut-down plant put him out of business.

    John.png
     
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