partners in business

PIB tip: Save every receipt, no matter how small

Why “tip” the taxman? Place an envelope in your truck for collecting your receipts and send them at the end of each month to your business services provider, who can then provide you with a monthly profit and loss statement as well as accurate quarterly tax estimates.

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PIB tip: Shop for insurance

Don’t automatically include insurance in the final contract of a truck loan. Shop around beforehand, and you may opt to buy it elsewhere.

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PIB tip: Use a separate credit card for business expenses

Try to find a credit card without an annual fee and with a low interest rate. If possible, pay the balance in full every month

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PIB tip: Obtain a monthly earnings statement

All of your records should be converted into a profit and loss statement at the end of every month to show miles, revenue, costs and how much money you made or lost.

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PIB tip: Open a separate checking account for your business

If you are the sole owner of the business, open an additional personal account and save yourself the extra fees associated with business accounts. Deposit your settlement checks in this account and pay yourself for driving from these funds. A separate account will also give you easy access to all of the information needed in case you are ever audited. 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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PIB tip: Save your log books

Your log books are your best record of your per diem (daily) expenses, primarily meals, so be sure to keep them in a safe place along with your receipts and tax returns. You may need your logs to prove your expenses, should you be audited.

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PIB tip: Shorter loan, less costly truck

The ideal loan term for a three-year depreciable asset like a heavy-duty truck is three or four years. Here's why.

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