Starting any business can be a bit of a challenge. You are going to need to go out of your comfort zone in order to get this going and learn all of the tricks of the trade for the best results. One type of business that you might enjoy doing, especially if you would like to be able to travel throughout the country, is starting your own truck driving business. But while this can be a really exciting kind of business, there are some unique challenges that you will need to watch out for to ensure that you are getting the best results out of the process.
Before you get too far into your new business, make sure that you have a good tax professional who will be able to help you out every step of the way. Whether you are starting an individual business or would like to have some other people work for you as well, having a tax professional who can help you out with all your record keeping or tax issues can help to make the process easier. Make sure to find a tax professional in your area who is able to help you out from the very beginning.
Getting the Right Supplies
To start your business, you need to make sure that you have the right supplies set up. Of course, you will need to get the truck that you will use to drive your business, or more than one if you are starting a fleet. You will also need some log books, phone so you can get more routes, and anything else that helps to keep the business running the way that you would like.
If you have never worked in truck driving before, you need to make sure to work with someone who has experience with this kind of stuff. It ensures that you are going to get all of the information that you need to do well with this business. Keep the receipts of what you spend on to start the business because your tax professional will be able to help you use this information to reduce your tax bill on your tax return.
Picking Your Price and Route
Most of the time you will have some experience with truck driving before you start out your own business. This makes it easier to figure out the prices that you want to charge and which routes you would like to take. You can determine whether you want to be paid per hour, per mile, or some other method that you agree upon first. You can also choose between local routes, regional routes, or even going across the country.
Before getting too far in your business, try and determine some of these things. They are going to determine how much you are able to make in this process as well as how much you are going to be working.
Having Good Record Keeping
In order to do a good job with running your business, you need to be good at keeping records. You have to watch all of the receipts that are coming in as well as what money you are spending that is going out. Any business owner has to worry about this, but since truck drivers are on the road the majority of the time in order to make money, it is harder than ever to keep track of your records.
If you are an over the road truck driver and only home a few days each month, it may be impossible for you to get your records done. Rather than letting it fall to the side, make sure to hire a tax professional who will be able to help you out, or take over, with the bookkeeping so you can concentrate on the road.
Finding a Tax Professional
Many times, when you are a truck driver you are going to have to go all through the country and your time at home could be limited. This is going to make it really hard to get some of the stuff done that we discussed earlier. How are you going to have time to do taxes and keep track of your monthly income and expenses if you only get to spend a few weeks total at home for the whole year? Many truck drivers find that they become a few years delinquent on their tax returns because they just don’t have the time they need to get the taxes done.
This is why it can be a good idea to hire a tax professional to help you out through this process. They can take in the receipts that you get through the year and keep track of the bookkeeping for you. At the end of the year, they can work on your tax return to ensure that you are getting it all done on time. With the right tax professional, you will be able to find the right deductions and credits to save even more money in the long run.
When you run your truck driving business, you will be keeping care of a lot of things. You need to have the right tax professional on your side to ensure you get all your records and tax issues taken care of. When you are ready to get that bookkeeping done, contact a tax professional in your area today.
Allan J Rolnick, CPA, CTC