TruckersEdge

PIB TIP: UNDERSTAND YOUR EARNINGS:  Determine a reasonable amount of miles you expect to run. Consider your age, experience, motivation, financial goals, health, personal and family needs, and your tractor’s condition to make that determination. Establish miles to run each week, month and year, and you have goals to work toward. 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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Spot freight index up 215% in February

Freight availability on the North American spot market in February more than tripled from a year earlier, based on the TransCore Freight Index. February’s increase of 215 percent marked the fifth consecutive month of improvement on a year-over-year basis and indicated unusually strong seasonal volume. The level for February, normally a weak month for spot freight, was within 5 percent of the record levels reached in 2004. The TransCore North America Freight Index measures truckload freight volume found ...

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PIB TIP: KEEP UP WITH A CHANGING MARKET. Use your personal profit and loss statement to compare your performance with your business plan and budget. Your profit and loss statement should show weekly, monthly and annual costs and revenue, as well as miles driven and cost per mile. Compare your profit and loss report with your budget and figure out what changes you need to make to be profitable. The Partners in Business program is ...

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PIB TIP: PROFIT AND LOSS STATEMENT. Your settlement statements and receipts should be sorted into like categories to add up for a total at month’s end. Then your operating information should be incorporated into a consistent format called a profit and loss statement, which should include how many miles you drove, your revenue, your costs and how much money you made during the month. The Partners in Business program is produced by Overdrive and the ...

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PIB Tip

PIB TIP: SAVE YOUR RECORDS. You must keep the records that were used in the preparation of your tax return (records that support income and deductions) for at least three years from the date you filed the return. 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 the load-matching service TruckersEdge, powered by TransCore DAT, and Schneider National Inc.

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PIB TIP: TRANSPORTATION. For use of a personal vehicle for business, you should include the cost of the car and improvements, the date you started using it for business, the mileage for each business use and the total miles for the year. You should include your business destination and purpose of the trip. These details can be kept in the notebook you carry with your receipt envelope. The Partners in Business program is produced by ...

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  PIB TIP: KEEP A NOTEBOOK WITH YOUR RECEIPT ENVELOPE. The notebook will be used to record those expenses for which you can’t obtain a receipt, such as for a truck wash at a coin-operated facility or personal use of your auto. You should give a record of these expenses to your business services provider monthly, along with other expenses. You must track the date, location, amount and purpose of each expense in your log to ...

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TODAY’S TIP: When you apply for a loan, be prepared to provide as much information as you can. The more you tell a potential lender about yourself and your operation, the more comfortable he will be lending you the money. Show that you are a business owner first and a truck operator second. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and sponsored ...

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PIB Tip

PIB TIP: SAVE YOUR LOG BOOKS. Your log book is your best record of your entitlement to per diem (daily) expenses, mainly meal costs. So be sure to keep it in a safe place along with your receipts and tax returns, both of which you may need if you are audited. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business services firm, and sponsored by ...

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PIB TIP. HAVE A PLAN:  A business plan helps you make ends meet. It shows you how much money is needed for expenses, where it will be spent and how much you can afford to pay yourself. Your business plan should show all sources of income and cost, while taking into account industry averages, personal expenses and cash flow. It should provide a complete financial picture in weekly, monthly and annual detail. The Partners in ...

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