i am a o/o trucker and buying 2nd truck and need info?

Question

yes i am a truckdriver i own my truck and am gettin redy 2 buy my 2nd truck i need some info my company that i am putting truck with will only pay truck and will not split it off to my drivers i hire or me i need to know how most fleet owners do business and how it could be documented for tax purposes thanks sincerily dale hunter owner of hunter transport

Answer 1

It *sounds* as if you want to hire drivers by own the trucks yourself. If so, just consult your accountant on what's deductible. Nowadays, even the TIRES can be leased as to be tax deductible.

However, since you're hiring drivers, "vetting" them becomes a bigger issue, as you as company are responsible, which means you need to start maintaining DOT standard "driver file", and conduct drug and alcohol testing as per DOT and local standards, usually thru a 3rd party consortium, and that cost MORE than doing business as a owner/operator.

You also have to do tax deductions (accountant again), state worker's comp insurance (if applicable) and unemployment insurance (if applicable). These don't apply much to owner/operators, but a LOT to hired drivers. Think about it.

Of course, you *could* lease out the trucks to other owner/operators (i.e. the driver), and that will avoid the labor stuff. However, make sure he has all the paperwork done right first. :)

(I help run a bus company and it's not THAT different from running truck fleets)

Answer 2

Not quite sure of what your question is - do you lease to someone, or, do you have your own authority? What State are you in? What is your radius of operations? Are you looking at leasing TWO trucks to a different company??