Will You Survive?
As you sit in your truck for days waiting for the next shipment, you have probably wondered about the economy and what factors cause you to be sitting. he reasons you are sitting more often and longer than ever before are too numerous to list; however there is one basic economic rule that will answer your questions. Supply and demand...
How's Business These Days?
My stories from the road depict some of the adventures, and ups and downs Diane and I have experienced since entering the world of expedited freight transport over five years ago. These stories have been written mostly in good economic times.
Tax Tip: What if I can't file on time?
An economic recession officially began in December, 2007 and continues today. It is the most severe economic downturn in our lifetimes. In our one-truck, owner-operator business, Diane and I began to see the effects in the last quarter of 2008. We saw a decrease in the number of loads to haul and lower prices being offered to haul them.
By filing the extension, you will eliminate a late filing penalty. However, an extension is not an extension of time to pay taxes due. So if you are going to owe taxes, you should send in the money along with your extension so you can avoid or reduce underpayment penalties.
Tax Time Tidbits for 2008
Many drivers forget the small stuff either because they are not aware of the deduction or because they don’t thing the deduction is big enough to matter. Generally speaking, all money spent to realize your income and to operate your truck is deductible.
TAX TIP: retirement credit and mortgage help
A tax tip for tax season from PBS Tax & Bookkeeping Service, your trucking specialist.
TAX TIP: Get a jump on your taxes
Here is a handy checklist you can use to help get a head start with your taxes this year.
It's Tax Time Again!
The best way to get started is by getting together all your income and expense records for 2008 for your accountant. If you’re handling it yourself add up the totals for the year breaking down your expenses by category. When gathering expense information be sure to include all checks written, credit card charges, cash expenses and any expenses reflected on your settlement statements.
The Hidden Tax and Getting Your Own Authority
You’ve obtained your own authority, now what? Here are a few things to consider. Make sure you’re operating legally. You are now responsible for all licensing, registration, permitting and insurance for your equipment and your business.
An Industry Analysis
"This economic situation is serious; companies (expedited carriers) have to take a look at their expenses and if they haven't already done it, pare back their fleet. They have to look at their fleet and determine who are the best drivers and keep them moving. Those drivers who haven't been taking the loads and pulling their weight have to go."
"The smart companies also re-examine their customer base and they look for those accounts that are not paying on time or that have a low margin. By the same token however, it's tough to pull back the discounted rates that the carriers have offered their customers because there are so many trucking companies looking for business." - Stu Sutton
It’s true you can get more mileage per gallon with a newer more fuel efficient aerodynamic truck. You would also be able to save on repairs and downtime. Therefore, I will ask you a question. Does the savings in fuel cost, repairs and downtime more than offset the increase payments of a new rig? In other words, are you in a better financial situation?