3 Decisions You Need to Make When You Shop for a Heavy Truck

Shopping for a truck involves three separate decisions. There’s the vehicle itself, the money to pay for it, and the taxes. Like legs on a stool, all three need to bear weight if that truck is going to help you make a good living.

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Independent Assessment: Don’t Leave Employment Status to Chance

Having an employee carries all kinds of obligations, including holding or reporting funds for EI, Canada Pension Plan (CPP), and workers comp, and following a variety of rules for hiring and dismissal. You can’t sidestep those obligations just by declaring a driver’s independence.

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4 Ways to Lower Your Risk of a Tax Audit (and Cut Your Tax Bill)

The trucking industry has a mile-long rap sheet of non-compliance when it comes to taxes, which is why owner-operators are big targets for auditors. Fortunately, you can lower the risk of an audit and potentially reduce your tax obligation at the same time. It’s a matter of structuring your business properly, getting organized, setting up regular financial reviews, and asking for help.

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How to Go Out of Business

I’ve written columns to help you build your business and columns to help you plan for retirement. But with high fuel costs and a slowing economy, more owner-operators are deciding that neither success nor retirement is in the cards. They’re going out of business. Your accountant can guide you through the process but I’ll list some of the major points for you to consider.

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7 Factors That Determine Whether You're an Employee or Independent

The trucking industry has always been under pressure to save costs. For years, one way companies have attempted to do this is through the use of self-employed drivers or “driver services.” By contracting a driver, the fleet can add or subtract capacity without the obligations and costs of having an employee. There are good and bad sides for both the carrier and the driver in this type of arrangement. Let’s review.

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An Accountant's Guide to Cutting Fuel Costs

I don’t drive a truck for a living. But I do see good ideas and decisions reflected in the balance sheets of owner-operators and small fleet managers who are finding ways to reduce the impact of volatile fuel prices on their business. When you talk to your accountant about fuel-saving strategies off the road, here are four questions to ask.

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