The Annual Load Book was designed by a 3rd generation owner operator with serveral years as both a fleet owner and an owner operator. It has been my experience that you have to know what you are doing first to be able to stay on top of your program and not wake up one morning out of business. The Annual load Book is a tool that helps me stay on track.

Some Helpful Hints updated

From time to time I run into or am asked by someone about some hints that help make the business of trucking better and more profitable or more effecient.

Here are a couple of the better tax deferments that are available..

  1. You can deposite up to $6,750.00 per person on your health plan into an HSA tax defered account.
  2. You can also open up a personal IRA account from a financial advisor company like Vanguard, Meryl Lynch and so on. If you are over age 50 then you can annually contribute $6,500.00 and $5,500.00 if you are younger than that. Open one for each person that you want your company to make the contributions into. The nice thing about having a personal IRA account  is that the contributions act as a business expense like fuel and are deducted from your gross income. You can also borrow cash for repairs from your IRA account and you will only be taxed on the portion that you do not replace by the end of the year.

These are just a couple of the best ones that I know about that can help lower your tax liability. Most of us are at a 15% to 18% self employed tax rate so if you need to know what to withhold for future taxes and to pay ahead use that amount and you will always be very close to what your tax liability is.

Happy Trails

Jack Bates

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P.S. If you have missed any of the newsletters or updates you can go to the web site and read them in the blog comment tab.