Working as an owner-operator is a great way to make a living, and you can make a lot of money from doing it. However, owning your own trucking company can also come with a lot of expenses that can really cut into your profits. Keeping track of all of these expenses is important for two reasons. First of all, you should be able to look at how much you are spending so that you can accurately keep track of your income and make adjustments to help you save money on big expenses later on. Secondly, you may be able to deduct certain expenses from your taxes if you work with a good accountant. These are some of the expenses that you will want to keep track of.
Truck Maintenance and Repair Costs
Changing the oil, buying tires and otherwise maintaining and repairing your truck can get costly. Make sure that you keep track of all expenses related to keeping your truck in good shape, including towing bills. Click here to learn more about diesel truck repair in your area.
Fuel Expenses
People talk about how expensive fuel is for their cars, but chances are good that you spend a whole lot more money on diesel fuel for your truck each year. Keeping track of these costs is important.
Electronics for the Road
Nowadays, there are all sorts of electronics available on the market for truckers like you who are looking to make your job easier and safer. From CB radios and antennas to GPS navigation systems, this equipment can be pricey, but also worthwhile.
Travel Expenses
Do you ever have to fly out to pick up a load, stay in a motel or otherwise cover your own traveling expenses? If so, these should be tracked and documented.
Business Supplies
Even though you might not have a traditional office like a lot of business owners do, you do run a business nevertheless. This means that you might have to spend a lot of money on business supplies, such as paper, a computer, pens, pencils, staples and other similar supplies. Many people think about tracking the cost of a computer, but they don't realize just how much small office supply costs can add up, too.
As a trucker who owns your own trucking business, chances are good that you spend a lot of money running your business each year. By tracking your expenses, you can get a clearer picture of what you are spending and can help ensure that you are getting all of the tax deductions that you are entitled to as well.
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