Am I Getting Ripped A New 1?

[BigJoe0904]

I am a co-driver with an owner. Signed on with FedExcc in a D-unit. The deal we have work out is we spilt all expenses (truck payment, insurance, c-link, fuel, repairs everything). After that i recieve 45% of the gross. What do you think?

 

[mss1963]

run as far as you can why would you pay for something that is not your's or gonna be your'. just my thought.If your going to help pay all those expenses then you might as well buy your own truck.

 

[aileron]

My thoughts exactly.

 

[BigJoe0904]

Do you think it would be better to get my own truck and run solo? As of now my portion of the expenses is about $1200 a month.

 

[mss1963]

run as far as you can why would you pay for something that is not your's or gonna be your'. just my thought.

 

[piper1]

You pay half of all the expenses and receive less than half of the gross....problem 1

As stated above, you are paying for a truck that unless you have an agreement on ownership will never be yours..problem 2.

I would find another fleet owner to drive for, get some time under your belt and then decide if you want to do it yourself, I think the time would do you a world of educational good.

 

[geo]

you should not being paying for anything, only your meals and anything that you would buy along the way
when i had a co driver and wanted to stop someplace to eat on the road he said i can't afford that i would pick it as i wasn't go to stop at 2 places

 

[mss1963]

My self I would do a 60/40 split with the owner paying all expense's, because he is getting all the deduction's and if you say that your portion is around $1200.00 a month something fishy about that because that will not cover your fuel cost's and truck payment plus other related cost maintence,insurance,toll's ect.I would look at other option's.

 

[mss1963]

Geo how's the weather down there? heavy rain up here in wallops Island.

 

[BigJoe0904]

The way its going as of now Load-20%fuel-expenses then i get 45%
fuel not included in the $1200 it comes off the top 20%

 

[mss1963]

BigJoe I would do the 60/40 let the owner pay all expenses if he won't agree look for another fleet owner, he is taking advantage of you that's my opinion ask Dave what he think's?

 

[Fkatz]

NOW HERE IS THE BIG QUESTION?????????????????

What???? is he going to let you take as tax deductions.????? the $1200.00 for WHAT, it seems that you are making his payment for him and he is getting away with everything else. IF is it a new vehicle everything is under warrenty, and he doesn't have to pay for the repairs. So who is he kidding?????????????
FIND ANOTHER OWNER!!!!!!!!!!!

Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934


Providing Professional Accounting Services and Income Tax Preparation

Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.

 

[BigJoe0904]

No tax deductions. truck is a 2005 freightliner M2 with 250K miles. and the truck payment is 1750 a month 227 insurance 120 c-link and 150 workmans comp. all maintainance and repairs should they arise would be split

 

[piper1]

I'm having a bit of a brain fart today...

BigJoe, if the load pays $1000.00 to the truck from the carrier, how much do you end up with in your pocket?

 

[mss1963]

take the $875.00 a month you would be giving him and put that money into your own truck all this owner see's is a sucker stay away you will be broke before you even get started he's looking for a free ride!!!

 

[BigJoe0904]

it would be $360 but $287.5 roughly a week comes out in expenses

 

[BigJoe0904]

this is the way it would work out monthly

Gross-fuel-$2300expenses x 45%= My pay

 

[davekc]

BigJoe I would do the 60/40 let the owner pay all expenses if he won't agree look for another fleet owner, he is taking advantage of you that's my opinion ask Dave what he think's?

Find another owner. I answered your PM as well.

 

[jaminjim]

I agree with Dave, find a different owner.

 

[x06col]

Sum soda pop eh Jazbo???