Some numbers for new O/O

Discussion in 'Ask An Owner Operator' started by DUNE-T, Aug 23, 2018.

  1. Derailed

    Derailed Road Train Member

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    Good point, keep the salary down as low as possible to avoid payroll taxes and learn what things you can buy for around the house that can be written off
     
  2. rda2580

    rda2580 Heavy Load Member

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    Good thread hoping this one doesn’t get derailed!
     
  3. Oldironfan

    Oldironfan Road Train Member

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    Stuff you can buy much of and deductible from taxes.
    Bubbles in a bottle, the stuff kids use. Why to test for air leaks.
    Windex lots of it windows.
    Rainex, windows.
    Wipers when on sale.
    Antifreeze.
    Distilled water for engine.
    Wipers fluid.
    Notebooks.
    Pens, pencils.
    Laundry soap.
    Towels.
    I'm sure there is much more.
     
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  4. HillbillyDeluxeTruck

    HillbillyDeluxeTruck Road Train Member

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    Tax write offs arent all they're cracked up to be. You dont get to write off every dollar spent.
     
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  5. RedForeman

    RedForeman Momentum Conservationist

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    Here is an interesting data set for insurance rates I stole from someone else's post somewhere. Two years old, but just look at the difference across states. Different state laws drives rates all over the place.

    No comment on the rest. Look at 100 different trucking businesses and you'll hear the 100 different best ways of doing it. It's expensive to operate and it's hard work.
     
  6. DUNE-T

    DUNE-T Road Train Member

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    The thing is, if you open up in MS, but your IFTA shows you operate in the Northeast all the time, they will raise your insurance. That's another thing to consider also
     
  7. RedForeman

    RedForeman Momentum Conservationist

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    Of course it will. Just like any number of risk factors such as your credit score, commodities hauled, CDL issue date and record, any loss run, and so on. The point being the base rate depends on your home state and how insurance company friendly or not they are. I knew there were some differences, but had not seen it charted out like that link until a month or two ago. It's certainly interesting, especially to someone who is thinking of starting a carrier business and circumstances favor moving away from a high rate state beforehand.
     
  8. 86scotty

    86scotty Heavy Load Member

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    That's pretty cool. Thanks for sharing. Any idea why Louisiana is so high? It's more than twice what some of the others are and it's not like there's a lot of traffic or risk down there.
     
  9. Armatus

    Armatus Light Load Member

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    I literally just started out as an O/O. About 30 days in. About 3k in repairs already and hasn't even been 30 days. Luckily I have a business on the side and make a decent income from that already.

    If I didn't have money coming in from another source I would have sold the truck already.

    Luckily I can afford to break even or even lose a couple thousand the first few months.
     
  10. RedForeman

    RedForeman Momentum Conservationist

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    It's above my pay grade, but I'd expect it has to do with what sort of laws they have on the books in Louisiana versus other states. Things like no-fault, does the insurance commission or courts favor plaintiffs versus insurance companies, things like that. If it costs more for an insurance company to operate in that state, rest assured 110% of that increase cost will be passed on to the consumer.
     
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