The dollar goes back into the business, it doesn’t just go “missing”
Any half decent accountant should be able to beat up 100k into 50-60k owning a truck, they are about the greatest write off you can have next to a farm.
Why are you driving so FAST with fuel costs so high?!
Discussion in 'Ask An Owner Operator' started by TruckerPete1990, Jan 26, 2023.
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1. Gross 300k
Fuel 50k
Various maintenance and payments 100k
Other overhead 50k
After the accountant is done, your takehome is 100k which you owe 25% on in taxes leaving you 75k
2. 1. Gross 300k
Fuel 45k
Various maintenance and payments 100k
Other overhead 50k
After the accountant is done, your takehome is 105k which you owe 25% on in taxes leaving you 78.75k
Why is scenario 2 where you have 3,750$ more after all is said and done not more desireable?
I dont much care what you decide to do with your money or what you do or dont reinvest, but it seems to me that spending more on fuel to keep more from the taxman doesnt make senseOpendeckin and gokiddogo Thank this. -
Are you going to line your coffin with $3700 just to say you have it?
edit: talking about single truck, not a fleet -
I too am talking single truck, i simply dont see the point in spending money just so it wont be taxed. I DO see the point in reinvestment of that saved money into something you need or even just want. I guess if going faster is the need or want you could justify it that way. It doesnt bother me what speed others choose to drive, and I'm not going to slow down to 55 mph from my normal 64 to 68 mph even though it would likely save me some money, but I WILL invest money on things that reduce idling. My 12 v electric powered mini split ac unit paid for itself twice over in a single year, and it certainly reduced my tax burden, But im not NOW going to idle so i can burn the extra money it is saving me...
Will i line my coffin with 3700 so i can say i have it? no, but im pretty sure i can afford more steak dinners with the 3700 than without itOpendeckin and gokiddogo Thank this. -
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Last edited: Jan 28, 2023
Reason for edit: Deleted -
If a 70 MPH four-wheeler slams into the DOT bumper of a trailer being pulled by a truck that's governed at 55, there's a pretty good chance the four-wheeler driver could die. But if both the truck and the four wheeler are doing 70 then there will be no crash and thus no resultant death.Chuck579, Phoenix Heavy Haul and Vampire Thank this. -
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If the saved money comes exclusively from not idling instead of slowing down, thats simply not true
If the saved money comes from a better fuel card program, that is not true
Only if you think the only way to save money on fuel is to slow down are you correct -
Anything else is not apples to apples. That’s arguing in bad faith.RockinChair Thanks this. -
Define "less time on the road." In my experience the receiver isn't going to take you much earlier than your appointment. If you really bust it you might make up a day if they are accommodating. If not, what difference does it make if two loads both loaded on Monday and are delivering on Thursday and one used what, 4 hours less of drive time? If those 4 hours are needed for the next load there may be a point there, often it isn't where you come in hot to last delivery with very little left on the 70 clock. Do we all run 2/8 splits every day to avoid the 30 minute rule and maximize every possible minute? Do we never sleep 10 hours and 1 minute? It is usually much easier and less stressful to take it a bit easier.
wore out Thanks this.
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