Trim the Trucking Expense Fat

Posted in Money Saving Tips by Brian ·  

The song goes “Money makes the world go around . . .” but that doesn’t mean you want to watch it go out your cab window as you’re tooling down the highway. There are several ways to trim the trucking expense fat and you may be surprised at how easy it is.

With tax season soon to be here, you may want to start thinking about next year. Next year? You haven’t even taken care of last year’s taxes yet. Actually, since the new year is just beginning, it’s the perfect time to think about next year’s taxes, especially if you think you might owe money for last year.

You may want to find a tax professional to help you determine which tax deductions available for truck drivers. Here are a few deductions you may want to consider:

• Per diem is a great deduction, don’t forget to use it.
• Retirement accounts have been in the news a lot lately because of the current economic situation. However, retirement accounts still have many tax advantages to consider.
• Depreciation happens as soon as you drive that new rig off the lot. Ask your tax professional how much depreciation can help on your taxes. You may be surprised.

Every truck driver likes to relax when they have down time. If you have some time on your hands, try to stay away from video/pinball and gaming machines while you’re at the truck stop. This may help you relax, but it can also be a big drain on your cash-on-hand while you’re out on the road.

Fix your own meals as much as possible. This may be the easiest way to trim some of your expenses from your budget. Make a run to the grocery store before you leave out to stock up on food you can keep and prepare in your truck. This could save you quite a bit of money.

Pack enough clothes for a couple of weeks out on the road. Then, when you’re home next, wash everything there instead of at a laundry while you’re out. If you do happen to run out of clothes at stopping to do laundry isn’t avoidable, be sure to keep track of what you spent. This is a valid expense for tax purposes.

Avoid getting cash advances at all costs. Not only is keeping track of everything a hassle, it can be expensive. Be sure to leave home with plenty of cash-on-hand to cover your normal expenses while you’re on the road. This will help you avoid paying ATM fees and will make bookkeeping much easier.

Slow down to save money. Your truck uses up to 8% more fuel for each extra 5 miles per hour you drive. This could end up saving you a good chunk of change, depending on whether fuel prices increase again.

Monitor the air pressure in your tires on a regular basis. Low tire pressure can greatly affect your miles per gallon. Properly inflated tires can also increase the life of the tire, so there’s no excuse for letting that task go.

You want to be able to keep more of your hard-earned paycheck. Begin by trimming some of the trucking expenses listed above. Before you know it, you’ll come up with more ways to trim the expense fat and keep more of the green for yourself and your family.

Every Driver Has Had One Of Those Experiences Only Us Drivers Can Relate To! Had An Experience On The Road You’d Like To Share? Leave your comments now and enter to win a $500.00 gas card. We give away one each month and you can be our next winner… Click Here To Enter Now!

Want to  Watch those  extra pounds drop off  naturally while you sit ? Go to www.thetruckersedge.com/home

Post a comment

• Polls

  Do you think the speed limit should be changed to 55 MPH?

  • Yes
  • No

  View Results

   Loading ...

• Recent Articles

  • The Taxman Cometh
  • Trim the Trucking Expense Fat
  • What to do While Stuck in Traffic
  • What’s a Trucker to Do for Retirement?
  • Biodiesel: All It’s Cracked Up to Be?
  • GPS and Other Routing Software
  • Help for Truck Drivers with Sleep Apnea
  • No Rest for the Sick DRIVER
  • On-Board Safety
  • Start Planning Mother’s Day for Women Truckers Now

• Categories

  • Money Saving Tips
  • Resources
  • Secrets To Fuel Savings
  • The Healthy Trucker
  • Trucker Lifestyle
  • Women Truckers

• Archives

  • February 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008

• Links

  • The Truckers Edge