Rates are crashing and fuel to the moon!

@ProfessionalNoticer
[Then, at the end of every month, add up the paid invoices and then subtract the expenses and this gives you a solid idea of what you made (or lost) that month. I'd also make a mark on the left side of the page for every night I spend out from home to keep track of Per Diem deductions. Add those up at the end of the month and multiply times whatever the IRS gives for that deduction for the year.

This process works great for me and it helps me tax plan as the year moves along as well. At the end of each month I put 35 percent of that bottom line number aside for my tax bill.[/QUOTE]
I just learned about the overnight thing from my tax guy yesterday. He never told me about it before. And I thought all days on the road count. So, I put the number on the road. We then changed that. Do you count both days for every night spent on the road? Or just one day of the two??? I will make sure I have that done for this quarter

Thanks for that.

 

Exactly. I just add the tax paperwork step to my list of other daily paperwork. It's no big deal to write down a couple numbers in a book and indeed it does become second nature.

 

Yes, for Accounts Receivable I keep another book and a digital file for those numbers separate from my tax books. I write down the details immediately after invoice submittal and it includes the due date and monthly/yearly totals due.

 

We headed for a hard hit, better buckle up tight. Funny though wife works at a Toyota dealer. They can’t keep SUV’s or trucks in stock. Cars are sitting. They have a backlog of 65 tundra and Tacoma trucks waiting to come in. Well over 70 SUV’s
Quite a few are paid for already. Toyota hasn’t even made them yet. Where is all this money coming from?.

 

I think a lot of home owners are refinancing and pulling new found equity out of their homes and that’s fueling a lot of buying as well. Technically even trucking companies could do the same with their equipment although that’s a horrible idea. Still, people do it.

 

Iam waiting to see how these people that went out and bought campers & RVs 2 years when Covid was a issue so they could " Get away " .. now with gas & fuel costing like it does .. wonder how that playing out for them plus it's just about time for those campers & RVs to start nickel & dimming them ..

 

If they cant afford 2-300 more in gas then they couldnt afford it to start with.

 

point of order, but if they couldn’t pay cash for a toy like a camper, they couldn’t afford it......

So many people make GREAT money right now, and still live paycheck to paycheck, one hiccup away from the payday lender......

 

Thank You for clarifying that for me..
I guess my point was..most of them financed those for 5 to 7 years and the points your made are spot on I would bet that some of them even went out and bought a 80k vehicle to pull the campers
And that the time our goverment was throwing FREE STIMULUS MONEY to everybody ..
I guess as kind of a compression look at Paliton.. they couldn't sell exercise equipment fast enough because everybody was gonna work out at home since gyms were closed now all that equipment is for sale on Ebay & Craigslit for .30 on the dollar and Paliton it's self has financial issues !

 

Without stupid people, smart people don’t get rich.

plan accordingly.