Trucking guides

Know your real cost per mile, settle fuel tax, keep the books and set aside tax without a bookkeeper. Free calculators, plain-language guides and spreadsheets that already have the formulas.

• How do I work out my real cost per mile as an owner operator?Your real cost per mile is your total operating costs for a period divided by the total miles you drove in that period, including empty miles.
• How does IFTA work, and what do I do each quarter?IFTA, the International Fuel Tax Agreement, is an agreement among the member U.S. states and Canadian provinces.
• Is this load worth taking once deadhead, fuel and waiting time are included?A load is generally worth considering when what you keep per mile, after deadhead, fuel and unpaid waiting time, still covers your costs and leaves the…
• How does per diem work for truck drivers?Per diem for truck drivers is a flat daily amount used in place of tracking every meal and incidental cost.
• How much should an owner operator set aside for quarterly estimated taxes?An owner-operator often sets aside part of every settlement to cover two things: self-employment tax and income tax.
• How should an owner operator track expenses and receipts so tax time is easy?An owner-operator may find it helpful to keep business receipts, log them within a week of the purchase, and pay business costs from a separate…