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Partners in Business
The leading business training program for owner-operators.
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Latest Stories: Page 27
Partners in Business
PIB TIP: DEFINE YOUR BUSINESS. Before you lease a
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 […]
October 12, 2011
Partners in Business
PIB TIP: UNDERSTAND LEASING CONTRACTS. As you prep
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 […]
October 5, 2011
Overdrive Extra
Taking the per diem deduction
Knowing the per diem basics will help you navigate the tax labyrinth.
October 1, 2011
Partners in Business
PIB TIP: RESEARCH LEASING. Before you lease a truc
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 […]
September 28, 2011
Partners in Business
PIB TIP: TRUCK LEASING TIPS: Spec the most common
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 […]
September 21, 2011
Partners in Business
PIB TIP: DETAILS ON DEDUCTIONS FOR TIPS: Be aware
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 […]
September 14, 2011
Partners in Business
PIB TIP: HAVE A FIXED RESIDENCE. One way to avoid
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 […]
September 7, 2011
Overdrive Extra
2 trucks, 20 new costs
If you really want to be successful, don’t cut corners or try to save money when it comes to drivers. You get what you pay for.
September 1, 2011
Partners in Business
PIB TIP: REFUNDS FOR NEW OWNER-OPERATORS. Potentia
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 […]
August 31, 2011
Partners in Business
PIB TIP: KEEP YOUR RECORDS. The IRS usually has th
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 […]
August 23, 2011
Partners in Business
PIB TIP: DEDUCT FOR BUSINESS PURPOSES. If you buy
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, […]
August 18, 2011
Partners in Business
PIB TIP: DRESS FOR SUCCESS. In addition to adding
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 […]
August 10, 2011
Overdrive Extra
3 keys to expansion
Focus on the business model and the day-to-day operations of your trucking company in three major areas.
August 5, 2011
Partners in Business
PIB TIP: CUT TAXES AT WASH TIME. If you wash your
PIB TIP: CUT TAXES AT WASH TIME. If you wash your truck at home, you can claim the cost of household water and detergent for washing the truck. Be sure to document the date and time. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s largest owner-operator business […]
August 3, 2011
Partners in Business
PIB TIP: USE THE CALENDAR TO SAVE. Before Dec. 31,
PIB TIP: USE THE CALENDAR TO SAVE. Before Dec. 31, buy whatever big-ticket business equipment you can: new tires, a laptop, an in-cab heater. If you buy on credit, you get the tax benefit quickly while postponing the cost. The Partners in Business program is produced by Overdrive and the consultants at ATBS, the nation’s […]
July 27, 2011
Partners in Business
PIB TIP: CLAIM TUITION TAX CREDITS. If you’re payi
PIB TIP: CLAIM TUITION TAX CREDITS. If you’re paying tuition for yourself or your children to a qualified college, take the tuition tax credit, a dollar-to-dollar savings, off your tax bill. The tuition generally has to be to a school that offers a federal student loan program, which eliminates some driver or diesel training programs. […]
July 20, 2011
Partners in Business
PIB TIP: HIRE THE KIDS. If you put an adolescent c
PIB TIP: HIRE THE KIDS. If you put an adolescent child on the payroll and pay him, say, $4,000 for the year, he pays no taxes on the income because he didn’t make enough, but you pay no tax on it, either. Make sure the kids are doing age-appropriate work and keep documentation of it, […]
July 13, 2011
Partners in Business
PIB TIP: GIVE TO GOOD CAUSES. Donations to churche
PIB TIP: GIVE TO GOOD CAUSES. Donations to churches, scholarship endowmnets, charities such as the Red Cross and the Salvation Army and nonprofits like Trucker Buddy International are tax deductible. Gifts to business associates are tax deductible, too, but limited: $25 in gifts per associate per year. If you’re leased to a fleet, keep in […]
July 6, 2011
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