SCHNEIDER CHOICE PROGRAM - FREEDOM AWAITS " YOU " by JAR-HEAD

Don't let the administration worry you as much as the Trucking aspect , lots of folks get caught up in the word TAX and ESCROW and forget about running the business and how to book freight etc .. without the ability to control costs and limit expenses there is no need for tax and escrow cause you won't profit ..

I'd say the tax liability is minimal compared to the thought of not being able to effectively communicate and run you business by gaining the ability to book profits and control costs .

A TRAC lease which is what SNI offers is 100% deductible it's not a depreciated asset so not need for a ARM table or justified costs because it's 100% along with your Fuel , escrow and Maint fund .. your escrow and maint fund are write offs to your business as its pre tax revenue you do not pay taxes on those funds till you use them and they are then normally accompanied by a receipt which is again a WRITE OFF .

Don't worry so much about the book keeping as,much as you worry about the ability to RUN THE TRUCK and earn a PROFIT .

There are lots,of folks here who can lend assistence to that aspect . The learning process in book keeping is much easier to grasp than the freight booking portion of the job ... keep your receipts of course ... almost everything is,a write off ..

Truck
insurance
iFTA, ( fuel taxes )
Fuel
health care
XM ( weather reports )
Phone
Internet
Maint
escrow
book keeping
tax prep
office supleis ( pens paper , etc )

Much more but that's a good list ... to start

Keep in mind almost everything is a,write off , medication , Co pays , everything is a expense so like I say don't worry so much about that as much as THE JOB at hand ..

Hope this helps

 

My advice as Roadie said would be

DO NOT add more to your Maint account than you have to the reason is this . You have to be approved to use that money by the company and you've already contributed the required amount . Your extra is a valuable to you 24/ 7 in your bank account should you need it .

Keep your capital in your pocket as its,the Cash on hand which makes you long term viable when you need it for instance in a years time a,100 a,week is 5200 a,year but if you got I'll or got hurt that 5200 in your bank account can go a ways to help you survive while if you put it in maint your health is not a maint exp.. lol

So just food for thought

 

Personally I'm a sole propietor ... but I had things set up in a way that limited my liability personally , but as was said each person and situation is different you should seek advice as to yours .....