XM 171

[Broompilot]

The tax expert was speaking Wednesday AM on Dave Nemo.

I just will spell out what I remember not exact quote.

Average 18 wheeler solo in the U.S.

Grossed $151K

Average fuel bill $55K

Per Diem benefited him 10K

Average repair bill in a year 5K very low all the way to 24K extreme probably engine overhaul.

Average deprciation ( I would guess this includes payment as well) remember average $18K

Average spendable net add back in depreciaiton and per diem was right at 50K subtract those two and it was 29K.

The same average income was very very close for company driver as well as OO just personal choice. So I would imiagne if you want to be ahead of the game be just a little smarter with ones funds? Expenses? And more important your schedule.

Some called in agreeing with and others bragged just a little after hearing this. I believe one could do better or otherwise not as well depending on ones desire to work smart not harder.

 

[TeamCaffee]

Dont forget today is Rutherford on 171 eastern time 4 to 7. Sure learn a lot about your bottom line!

 

[greg334]

Sorry Broom but I have to say it - I thought Tax Experts were like tooth fairies.

 

[nightcreacher]

broom,depreciation has nothing to do with the truck payment,if you lease a truck you can write the lease payment off,but if you are buying the truck,only can depreciate and take the interest you pay on note.

 

[LDB]

Nobody could possibly know everything about the tax code I don't think, being what, 28,000 pages? I can tell you though that John Turner is one sharp guy and I'd put what he knows up against anyone else in the field. I would call him an expert based on his top tier performance and the fact he specializes in trucking and has studied it in depth. In that particular field I'd say there's no question he's an expert. I don't know if he would or wouldn't be the guy for a non profit emu farm but for trucking he's it.

Leo Bricker, 73's K5LDB
OOIDA Life Member 677319, JOIN NOW
Owner, Panther trucks 5508, 5509, 5641
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.

 

[louixo]

"A politicians job is to get his hands on others people´s money." That said, "your job is to keep that politician from getting his hands on your money." Claim it. The worst that can happen if you really go claiming coo coo, is that you´ll be audited. If there´s a discrepancy that you can´t prove, you pay, and maybe pay a penalty. You won´t go to jail, unless you´re in the millions, and habitual. The last I heard your chances of being audited are about 1 in 400. Take every deduction you can. That´s where a tax pro will be you friend every year. If you use it, ask if it can be deducted, at home or n the cab, even if a dependent uses it.