State of Business Review - 2008

Even for the most experienced owner operator or fleet owner, it is useful from time to time to get “back to basics”! Now, more than ever, with fuel prices at an all time high is when you should adopt this philosophy. This will be what separates the good from the average. Remember, you are running a business, not just driving a truck!!!

Do you have a plan? If not, get one!

Once you have a business plan and begin to execute it by running your business, you will be able to measure your success by the profit you are generating. If you are not delivering the profits you want or need, it can only be one of two things: not enough income or too much expense. REMEMBER….KEEP IT SIMPLE!

Maximize Income
• Work Ethic: You can’t generate income while truck is parked.
• Load Acceptance: Take the best load available. Keep the wheels rollin’!

Minimize Expense
• Control what you can control. The two largest controllable expenses are Food and Fuel.

Food – Eat on the road as you would eat at home. IRS allows per diem deduction of $52 per day (overnight away from home) of which 80% is deductible for truckers. That means you get a $41.60 deduction whether you spend that amount on food or not.

Fuel – Manage how you purchase fuel with a trip plan (check prices on-line). Understand the fuel surcharge program with your carrier. SLOW DOWN…ONE MPG INCREASE CAN SAVE APPROXIMATELY $15K PER YEAR.

Maintenance and Repair – $.03 - $.10 per mile fund set aside for WHEN, not IF your truck breaks down. Fixed costs (Insurance, Truck Payment, Plates, Etc.) don’t stop while you our of service. Time lost is money lost!

These are just a few small ways you can make your business more profitable. Having the necessary skills and experience to operate your equipment properly is only half the battle; having the skills and experience necessary to operate your business properly is the other half.

We know that the success of any carrier is directly tied to the success of their drivers.

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What can CBSI do for you?

1) Provide you with a personalized business plan to meet your personal budget.

2) Prepare the necessary financial information you need to run your business.

• Preparation of Federal and State Tax returns
• Monthly and Year To Date Profit and Loss Statements
• Quarterly Estimated Tax Forecast, Analysis and Payment Vouchers
• Cost/Revenue per mile analysis

3) Keep you out of trouble with the IRS!

4) Provide ongoing business advice

If you have that “box of receipts” and haven’t known what to do with them, now is the time get it done. CBSI will discount any back work and catch up bookkeeping to get you on the right track going forward. They will provide you with a quote up front and there is no obligation or contracts. THERE IS NO REASON NOT TO CALL! They have been working in this industry for over 20 years and have heard it all.

Remember, you are running a business, not just driving a truck! CBSI can help!
888-255-3939 / www.cbstrucktax.com