It's a Team's Life

Quarterly Review - Q2 2025

Quarterly Review - Q2 2025

This is your friendly reminder that you should be looking at your numbers for the year. It is hard to believe that the year is over half over. How is your business doing? Are you ahead of last year or are you behind? Do you have ways to compare year over year numbers? If you are not a numbers person, that is okay. However, it is important to find someone who can help you keep track of your numbers and give you guidance about how your business is doing. 

If you are like us, the last couple of years have been very challenging. For us, last year was one of our worst years ever both in dollars earned and total loads completed. By knowing our numbers we were able to get through last year with no added debt. We had some unexpected personal expenses that kept us off the road in the beginning of last year. Fortunately, we had enough in both personal and business savings to cover all costs on both sides of our life. As the year went on we were able to save some to replenish what was used while we were off. In addition, we were able to make a home improvement without adding any debt. 

Comparing the first half of last year to the first half of this year we are running about even. While some might think that this is a good thing we are feeling the pinch of higher costs of everything. This means that we have one of two options. We can either try to cut costs which seems unlikely. Or we can try to make more which also seems to have been a challenge. We are still holding our own; however, how long is that sustainable? Are you feeling the same? What are you doing to keep your personal and business bottom line above water?

One thing we are doing is seeking a professional to help us cut taxes. Taxes are an expense that as business owners can be avoided (to some extent) by all of the legal deductions that we are allowed to take. If you have no idea where you are spending business money, then you could be missing out on some tax loopholes that businesses are legally allowed to take. This is just one reason why knowing your numbers is so very important. If your business is not showing a profit for three years in a row, the IRS will consider your business a hobby and you will not be able to take advantage of the many deductions that a business can take. 

If you are reading this blog and do not have a business, you can still apply some of the things that are mentioned here. You still need to know where your money is going. First, get out of debt. Next, save, save, save.

Here’s to millions of safe, profitable and TAX FREE miles.

Kelly Plumb