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?
Filling The Empty Miles
Jim Van and Dee Coston are feeling the pinch. The couple, who team as independent owner operators with locations in Spring Hill, FL and Hubert, NC, has seen diesel fuel rise from 30% to just over 50% of their total operating expenses - and Jim and Dee are not alone.
Protecting Your Assets
When it comes to protecting your assets there is no single iron clad action you can do to protect yourself completely. It’s more about layers of protection and adequate planning.
Tax Tips: Mid Year
You should be getting your paperwork ready for taxes throughout the year and you should know the financial results of your business year at any time. In other words, prepare a profit and loss statement.
Trim Those Expenses
Becoming a successful expedited owner-operator isn't as simple as buying a truck and heading out on the open road to meet your financial goals. To be a successful owner-operator, you've got to think the way a successful owner-operator thinks.
Your IRS Rebate
President Bush recently signed the long awaited tax stimulus package which is designed to put money into the pockets of many Americans. This will be in the form of a rebate check. The checks will hit the mail late spring or early summer. The rebates are based on information reported on the taxpayers 2007 income tax returns.
Income Tax Options
April 15th has come and gone, it's the last day to make an IRA contribution (traditional or Roth). But your business can still set up a Self Employed Retirement Plan (SEP IRA) for 2007 until the extended due date of October 15th for individuals and partnerships, and September 15th for S-corporations. A SEP IRA owner may contribute and deduct up to 25% of compensation up to $45,000 for 2007.
Tax Time - What You Need to Know
Note: You do not have to wait until 2009 to start making 2008 IRA contributions.
The Federal tax return deadline for the 2007 tax year is Tuesday, April 15, 2008. An extension means that you are extending the filing of your income tax return until October 15, 2008.