PIB tips

PIB TIP: TRACK PERSONAL MILES. You can deduct mileage on your personal vehicle if you make a business-related trip to the bank, the post office, a business meeting, a truck show or a dealership, supply store or parts yard – even to a grocery if your purchases are business-related. Keep a log on the dash or in the glove compartment to jot the date, mileage and purpose of each business-related trip. The Partners in Business ...

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PIB TIP: PAY CREDIT CARD BALANCES. Having a business credit card is useful. But most owner-operators get into a trap of spending more money than they should. If a credit card balance is not paid off at the end of each month, the interest charges can exceed 18 percent. You’ll get the best rate on credit cards, and other lending forms, by keeping a high credit rating. The Partners in Business program is produced by ...

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PIB TIP: GET ONLINE ACCESS. Even if you don’t pack a computer on the road, once you’re signed up at your bank or credit union for online access, you can check your balance and cleared checks anywhere you have online access to guard against your own or your spouse’s failure to record to record a check. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business ...

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PIB TIP: MANAGE CASH FLOW. The best practices for managing cash flow include using a business operating account and never taking cash advances. Avoid overdraft fees by recording every check as soon as it’s written. Don’t forget debit card purchases, and develop a system for logging automatic monthly drafts, such as utilities. 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 ...

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PIB TIP: HAVE A RESERVE ACCOUNT. The best owner-operators have at least $5,000 in reserve before they ever go into business. That amount should be maintained and increased, especially with a truck that ages. The purpose of the reserve account is to set aside money for large or unforeseen items that could put a large drain on your operating cash – major maintenance items, tires, quarterly estimated taxes and insurance deductibles, for example. The Partners ...

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PIB TIP: HAVE A RESERVE ACCOUNT. The best owner-operators have at least $5,000 in reserve before they ever go into business. That amount should be maintained and increased, especially with a truck that ages. The purpose of the reserve account is to set aside money for large or unforeseen items that could put a large drain on your operating cash – major maintenance items, tires, quarterly estimated taxes and insurance deductibles, for example. The Partners ...

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PIB TIP: CREATE SEPARATE BANK ACCOUNTS. It’s important to open a separate bank account that will be used to manage the income and expenses of your business. All your income from your trucking business should be deposited into this operating account. Trucking expenses should be paid for out of this account. 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 ...

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PIB TIP: MAINTAIN PROPER INFLATION. Maintaining correct inflation is free and is the highest saving maintenance you can perform on your truck. Improper inflation is by far the greatest reason that tires fail or wear out early, also wasting fuel. Daily pre- and post-trip inspections give owner-operators the chance to check pressures and look for leaks, punctures, broken valve stems or nails. Metal valve caps tend to withstand wear and tear better than plastic ones. ...

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PIB TIP: PERFORM ROUTINE MAINTENANCE. Proper maintenance of tires, wheels, axles and the steering column also will help keep your tire costs down. Wheels naturally lose alignment and balance. Bushings, shocks, bearings and valve stems wear out. Checking wheel alignment periodically can pay big dividends. Whenever you start seeing a heavy spot or a flat spot, the tire has ceased to be centered on the hub. When you need to scrap a tire, inspect it ...

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USE WIDE SINGLES. Wide singles weigh less than doubles and save fuel. They also cost less than the two tires they’re designed to replace, although you have to buy new rims to get in the game. Wide singles are retreadable, too. An automatic tire inflation system can help keep the tires inflated to proper pressure. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services ...

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