Taxes: Can I do better with my own rig?

Discussion in 'Ask An Owner Operator' started by feldsforever, Jan 5, 2020.

  1. feldsforever

    feldsforever Road Train Member

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    I bring in after tax 800 to 1200 wkly. Usally on the higher side. Plus 353.00 per diem. This is post tax. Last check. 1,653.87
    353 being pd

    Can I do better with my own rig post tax?
     
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  3. Wespipes

    Wespipes Road Train Member

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    Man the variables to answer that question are insane. Yes and no. Some make way more . Some make way less. Personally myself, Yes I do better then that. What do you haul? What are your truck/trailer/insurance payments and so on and so on. Do you have a junk truck that's always down and needing repairs? Same question with trailer. How business savvy are you?
     
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  4. Afarinnatar

    Afarinnatar Bobtail Member

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    Buying your own rig and O/O isn't about making more money. If it is, then you're 99% likely to be disappointed. Its about the freedom and passion for trucking foremost. If you want to just make money, then start a brokerage and become one of these triple/quadruple brokerages.
     
  5. The Biggest Dawg

    The Biggest Dawg Light Load Member

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    it's all about the money.
     
    Last edited by a moderator: Jan 6, 2020
    Reason for edit: skirting the profanity filter
  6. x1Heavy

    x1Heavy Road Train Member

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    No.

    I bought a rig back in early to mid 90's a little kitty with quite a good package. 41,000 note said. Freight was paying around 1.50 to 1.65 with a break even on paper about 1.24 meaning that I as a driver wont make more than some of others running company trucks. Sometimes depending on bills, costs and so on less to zero or less than zero. And it will also be building a motor carrier, one truck to start with 1099 taxes out the wazoo at all levels of Government.

    Being a company chump is so easy, hold steering wheel. Stay awake.

    Hence savings.

    For reasons not related to this thread the organization that was going to go through with this figured this deaf trucker is no go so they tore up the note and told me to scram. Lawyers looked into that one. There was alot of discrimination in those days. How dare I rise above workshop tasks and attempt to run on my own? HA...

    We had a truck with one of a owners of a trucking company that were about 200+ tractors almost two times that in dane reefers and a big shop and two ternimals filled with office drones. All of them requiring payroll weekly. One week my truck got sick. Three states worth of shop dealers finally fixed the root cause (A corroded sensor inside engine block for coolant temp) It was about a 5000 dollar journey against the owner's pocket to find and fix it. While the truck continued to fall down, throw codes shut down and overheat. Making two loads late. One a very rich and important load.

    Oh yes that little sweetie can be such a #####. Take all of your money and charge up some more.
     
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  7. feldsforever

    feldsforever Road Train Member

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    I'm sorry for the vague question. I. Posted it in a rush. As I find this site to be one of my favorites to read right before I take off. Almost like I got some one in the passenger seat. Any ways here goes.

    NO, I am not business savvy at all. My wife on the other hand. Can rub two pennies together and make a dime.
    My main attraction to wanting my own rig. Is the independance of going home. When needed or wanted. I.e missed my sisters funeral last year.( different company)
    I would also like to dodge some weather that my boss thinks this truck is a magnet for...lol. I've been on and off this site for a couple years. And really enjoy all that I read. I guess the honest post of being a o/o is what kept me from it so far. In my case most likely but not garunted would be o/ land star.

    My monthly expences are less than 1,800. But our goal is to pay off the 30 yr home loan in 15 yrs. Thats the major pusher for this. Every where ive wanted to go my boss sends me. I actually work for a really good dude. What helps is he drove for quite a while b4 starting a fleet.
    I make 42% after fuel, tolls and maintenance. Any major break downs. I dont contribute to or so he says.
    In 18 months the biggest break down cost. Was I think 2900 or 3900 I can't remember.
     
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  8. JonJon78

    JonJon78 Road Train Member

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    A good company job with a full benefits package will get you just as much if not more than being a owner operator out here will....
     
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  9. The Biggest Dawg

    The Biggest Dawg Light Load Member

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    everyone always talks about these mythical company jobs. I couldn't find one. but I bet that company driver making 100k a year is working way harder than an o/o paying themselves 100k a year.
    If a company driver is making more money than me after I get a few years under my belt i think its time to rethink the way I do business.
     
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  10. JonJon78

    JonJon78 Road Train Member

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    I would bet that company driver who doesnt have to do any book keeping, booking loads, truck maintenance etc etc etc works less hours...
     
  11. TallJoe

    TallJoe Road Train Member

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    Most of them, company drivers making 100K a year, you'll find nowhere else in the World but here in the owner operator section. .
     
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