It's a Team's Life
Tax Day
Preparing for the end of years taxes starts each year on January 1st and continues all year. Our rolling business of a one truck operation creates a plethora of receipts and without a receipt no deduction.
Keeping track of expenses and receipts sometimes feels like a full-time job and each of us has our own way to stay organized. Right below our radio is a cubby hole that is perfect for storing receipts and also holding our book that we write odometer readings in when we fill. Today, when I started driving there, was one receipt in the cubby hole for a partial fuel fill that Bob purchased while he was driving. By the time my shift was over I had added two more receipts, one for filling the truck with fuel and the other for a cash toll I had to pay.
When I was done driving I took the receipts to the back with me and entered the amounts in the respective categories within my Quicken. I have a category for fuel as well as for cash spent. After they were entered into my Quicken they are placed into an envelope for the end of the month when I scan my receipts into the computer. There are easier ways to do this by taking a picture of the receipt instead of scanning it. No matter the system you use the key is to be able to produce the receipt if needed.
What does keeping track of expenses do for you? First, at the end of the year, it is relatively easy to come up with the figures needed to have our taxes prepared. The other is that we know what it costs to run our truck per mile and what income we need per day to stay profitable.
There will be different discussions about this at the Expedite Expo this year and it would be great to share ideas of how to do this mundane easier. If you are not registered for the Expedite Expo here is the link to get this done:
Bob & Linda Caffee
TeamCaffee
Saint Louis MO
Expediters since January 2005
Expediting isn't just trucking, it's a lifestyle;
Expediting isn't just a lifestyle, it's an adventure;
Expediting isn't just an adventure, it's a job;
Expediting isn't just a job, it's a business.