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Partners in Business
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Latest Stories: Page 28
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
Overdrive Extra
Sharpen your saw, then expand
Every business owner thinks about expansion at one time or another.
July 1, 2011
Partners in Business
PIB TIP: TRACK PERSONAL MILES. You can deduct mile
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 […]
June 29, 2011
Partners in Business
PIB TIP: START A RETIREMENT ACCOUNT. If you don’t
PIB TIP: START A RETIREMENT ACCOUNT. If you don’t have a retirement account, start one. Up to a point, the money you put into an IRA, SEP or 401(k) is tax-exempt until you start drawing it out, many years hence. Put money into it regularly, ideally every week or at least every month. The Partners […]
June 22, 2011
Partners in Business
PIB TIP: MINIMIZE YOUR TAXES. Owner-operators need
PIB TIP: MINIMIZE YOUR TAXES. Owner-operators need a business services provider who specializes in owner-operator businesses to cope with the 3.4 million-word long U.S. Internal Revenue Code. A business tax preparer knows, for example, that the per diem works differently for truckers and other workers subject to federal hours of service regulations. The Partners in […]
June 15, 2011
Partners in Business
PIB TIP: USE PER DIEM DEDUCTIONS. Since Oct. 1, 20
PIB TIP: USE PER DIEM DEDUCTIONS. Since Oct. 1, 2009, the federal per diem rate has been $59. If you run through a state with a higher per diem, however, you can use the higher rate for days spent in that state. An over-the-road trucker who’s away from home much of the year saves money […]
June 7, 2011
Overdrive Extra
Diamonds in your cab
My job allowed me as much as 12 hours a day to learn via audio materials.
June 2, 2011
Partners in Business
PIB TIP: COLLECT AND SAVE RECEIPTS. For tax purpos
PIB TIP: COLLECT AND SAVE RECEIPTS. For tax purposes, remember to collect receipts for lumper fees and for any expenses automatically charged to your credit card, such as tolls, scales and credit card fees. Many owner-operators maintain separate credit cards for business and personal use just to simplify keeping track of such expenses. The Partners […]
June 1, 2011
Partners in Business
PIB TIP: KEEP GOOD RECORDS. You should keep all re
PIB TIP: KEEP GOOD RECORDS. You should keep all records that support every deduction you claim on your tax return, starting with your log book for per diem deductions. Save and label expense receipts, maintain an expense log and sort it all at the end of every run to show when, where and what you […]
May 25, 2011
Partners in Business
PIB TIP: GUARD ATM VISITS. Make sure no one’s gett
PIB TIP: GUARD ATM VISITS. Make sure no one’s getting too cozy when you use an ATM. Crooks can use cell phone cameras to capture PIN keystrokes, then lift your wallet before you’re out of the store. Don’t carry personal data in your wallet that you don’t have to, including your Social Security number, key […]
May 18, 2011
Partners in Business
PIB TIP: PROTECT YOUR IDENTITY. If you run long-ha
PIB TIP: PROTECT YOUR IDENTITY. If you run long-haul and let mail pile up, you’re leaving a well-stocked pond for identity thieves. Make alternate arrangements for mail delivery, such as a post office box, of bank statements and other documents. Junk mail notices approving you for a credit card can be stopped by calling (888) […]
May 11, 2011
Partners in Business
PIB TIP: STORED-VALUE CARDS. From an owner-operato
PIB TIP: STORED-VALUE CARDS. From an owner-operator’s perspective, the worst drawback of a debit card is that, when a debit card is used to initiate a purchase whose final bill can’t be determined immediately, a hold on a certain amount of money is often applied. To avoid holds, be careful to record purchases made with […]
May 4, 2011
Overdrive Extra
Simplify your record keeping
The owner-operator bookkeeping system I’ve developed is as simple as one can be and generates the best reports possible.
May 1, 2011
Partners in Business
PIB TIP: RECORD DEBIT CARD PURCHASES. From an owne
PIB TIP: RECORD DEBIT CARD PURCHASES. From an owner-operator’s perspective, the worst drawback of a debit card is that, when a debit card is used to initiate a purchase whose final bill can’t be determined immediately, a hold on a certain amount of money is often applied. To avoid holds, be careful to record purchases […]
April 27, 2011
Partners in Business
PIB TIP: REQUEST FREE CREDIT REPORTS. Maintaining
PIB TIP: REQUEST FREE CREDIT REPORTS. Maintaining a high credit rating will be easier if you keep up with what it is. Federal law now requires each of the three major credit reporting companies to send you a free copy of your credit report, on request, once a year. Visit annualcreditreport.com. The Partners in Business […]
April 20, 2011
Partners in Business
PIB TIP: PAY CREDIT CARD BALANCES. Having a busine
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 […]
April 13, 2011
Partners in Business
PIB TIP: GET ONLINE ACCESS. Even if you don’t pack
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 […]
April 5, 2011
Overdrive Extra
Build a winning team
If you work hard on these relationships and use good business practices, you will have enough money and will benefit from getting help in planning for the big stuff.
April 2, 2011
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