Partners in Business

PIB TIP: DEFINE YOUR BUSINESS. Before you lease a truck, spend some time researching the type of freight you want to haul. By knowing what industry you will haul for before you buy or lease a truck, you may uncover hidden costs and specific requirements that will influence your purchase. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and is sponsored by ...

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PIB TIP: UNDERSTAND LEASING CONTRACTS. As you prepare to lease a truck, make sure you know about alteration restrictions and that all warranties pass through you. Find out when payments are due, what to do in case of an accident or damage to the truck and understand the conditions under which you can get out of the lease. Before you sign a lease, consider maintenance funds. The Partners in Business ...

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PIB TIP: RESEARCH LEASING. Before you lease a truck, get a cost comparison between an outright purchase and a lease from different dealers. Have your accountant assess each one. Make your lease term as short as possible and know what happens at the end of the lease. If there are mileage limits, make sure they are well within the mileage plans of your operation. The Partners in Business program is produced by Overdrive and ...

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PIB TIP: TRUCK LEASING TIPS: Spec the most common type of truck for your application, for the sake of resale value. Compare the state residual value with the resale value of a similar truck. Ask to see the truck’s maintenance records before signing the lease, and don’t rush. If possible, have an accountant or attorney look at the deals. The Partners in Business program is produced by Overdrive and the consultants ...

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PIB TIP: DETAILS ON DEDUCTIONS FOR TIPS: Be aware that on deductions for tips on maintenance service, tire changes, repairs and other such service, you can deduct them only if you actually pay the tip. Falsely claiming tips is fraud. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and is sponsored by Freightliner Trucks.

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PIB TIP: HAVE A FIXED RESIDENCE. One way to avoid an IRS audit is to make sure you have an established residence where you collect mail, even if it’s a parent’s house you rarely visit. Without a home to be away from, you don’t qualify for the daily per diem write-off for meals. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, ...

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PIB TIP: REFUNDS FOR NEW OWNER-OPERATORS. Potentially you can get a refund to the extent of taxes paid your first year in your own business. If your withholding as a company driver was $100 before you became an owner-operator and you paid no additional taxes during the year, the most you usually can receive as a refund is $100. The Partners in Business program is produced by Overdrive and the ...

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PIB TIP: KEEP YOUR RECORDS. The IRS usually has three years to challenge deductions or income stated on your return by requesting an audit, so you should keep your records for at least three years. The IRS randomly selects some returns to determine compliance with its tax rules. Only a Certified Public Accountant can represent you in an audit. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the ...

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PIB TIP: DEDUCT FOR BUSINESS PURPOSES. If you buy dinner for a driver you are trying to recruit for your company, you can deduct an entertainment expense. But you can’t deduct the cost of a video for entertainment. You can deduct the cost of a CD player and a VCR, but not CDs or videos, unless they are used for educational purposes related to your business. The Partners in Business program is produced by ...

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PIB TIP: DRESS FOR SUCCESS. In addition to adding an ounce of safety to attire on the job, you can also save money. You can deduct the cost of coveralls, but not blue jeans. Also, you can deduct steel-toed shoes, but not tennis shoes. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and is sponsored by Freightliner Trucks.

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