Question on yearly net income.
- Thread starter Mars22
- Start date
Agreed, back to the OP's question.
Yes it is a personal subject. Many people don't feel comfortable posting their income but it goes beyond that. Asking for an O/O's net income after all expenses and taxes is so personal that it is a worthless figure to use for comparisons. A thousand vanners could all gross $70,000 a year and yet their net income would vary wildly as to make any accurate comparison difficult at best.
I own and operate a cargo van that has been paid off for 4 years. While my maintenance expenses have risen they are nowhere near a monthly loan payment. Also, my physical damage premium has decreased. My wife has a good job and I'm covered under her health insurance plan so I have no health insurance costs. Being married our taxes are filed jointly and I file a "Schedule C" for my business which includes a Form 8829 to cover deductions for using the home we own for my business.
A single person, non-home owner, paying their own health insurance, with a new van and 60 months of payments will have a much different net income from me and could possibly pay no Federal Income tax. I could keep going but the point is no two vanners are alike and even though their gross income may be identical, their net income will not be. A better figure to use to make comparisons would be gross income.
Do some research here to get an idea of the different costs involved in being a van O/O. Somewhere in the Truck Forum I posted the maintenance costs for a Chevrolet 3500 cargo van. This could give you some ideas and then run the numbers. Will it work for you financially?
As for your expedite opportunity with that carrier out of Columbia, MO, I believe it was Columbia ??. It sounds like a good deal but check them out carefully. Seek out some of their vanners and talk with them. Maybe not hit them right off with the gross pay thing, be a little less direct. I have never visited CraigsList prior to reading this thread. Is it common not to mention a company name in their ads? Why not post the carrier's name here to see if other E.O. members are familiar with them?
I do the expedite thing because I can. I enjoy it! I'm not getting rich but I am making some money and the tax deductions help to reduce our overall tax burden come April.
Good luck!
Yes it is a personal subject. Many people don't feel comfortable posting their income but it goes beyond that. Asking for an O/O's net income after all expenses and taxes is so personal that it is a worthless figure to use for comparisons. A thousand vanners could all gross $70,000 a year and yet their net income would vary wildly as to make any accurate comparison difficult at best.
I own and operate a cargo van that has been paid off for 4 years. While my maintenance expenses have risen they are nowhere near a monthly loan payment. Also, my physical damage premium has decreased. My wife has a good job and I'm covered under her health insurance plan so I have no health insurance costs. Being married our taxes are filed jointly and I file a "Schedule C" for my business which includes a Form 8829 to cover deductions for using the home we own for my business.
A single person, non-home owner, paying their own health insurance, with a new van and 60 months of payments will have a much different net income from me and could possibly pay no Federal Income tax. I could keep going but the point is no two vanners are alike and even though their gross income may be identical, their net income will not be. A better figure to use to make comparisons would be gross income.
Do some research here to get an idea of the different costs involved in being a van O/O. Somewhere in the Truck Forum I posted the maintenance costs for a Chevrolet 3500 cargo van. This could give you some ideas and then run the numbers. Will it work for you financially?
As for your expedite opportunity with that carrier out of Columbia, MO, I believe it was Columbia ??. It sounds like a good deal but check them out carefully. Seek out some of their vanners and talk with them. Maybe not hit them right off with the gross pay thing, be a little less direct. I have never visited CraigsList prior to reading this thread. Is it common not to mention a company name in their ads? Why not post the carrier's name here to see if other E.O. members are familiar with them?
I do the expedite thing because I can. I enjoy it! I'm not getting rich but I am making some money and the tax deductions help to reduce our overall tax burden come April.
Good luck!
Yeah, that's about right, but the low end is probably $50,000 rather than $40,000. If you figure an average of 1000 miles a week, and you are out for 46 weeks a year, at a dollar a mile that's $46,000. More or less miles, and more or less time out, and that'll give you a good starting point. I've grossed a hair over 90K, and a hair over 50K, and everywhere in between. Just depends.
One really needs a list of items to accurately look at something.
Just using gross figures can be misleading. I've seen trucks easily run in the 200k plus per year and went broke.
Same with just using net numbers. Many factors will determine that number.
Just using gross figures can be misleading. I've seen trucks easily run in the 200k plus per year and went broke.
Same with just using net numbers. Many factors will determine that number.