Aug. 11, 2025

Trucking to Success

Trucking to Success
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Season 2

TaxTalk4 U Trucking to Success. Trucking 101 starting a trucking business Owner Operator. What do you need to run start a trucking business? Strong Financial Performance, Operational Efficiency, Customer Satisfaction & Retention, Safety Performance. Operational/financial Metrics cost per mile, REvenue per mile, operating rations, Net income. Keeping taxes lower, Fuel effcieney. Safety & Compliance Accident rate, DOT compliance. OOIDA Truck to Success.

Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).

Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.

Become a supporter of this podcast: https://www.spreaker.com/podcast/tax-talk-4-u--6333550/support.

WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of w FOCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fouler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning.

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With over thirty years of experience.

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Barry will break down taxes, bookkeeping, tax planning, and tax relief.

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For individuals and businesses just like you. So let's have

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some tax talk for you with your hosts. Barry G.

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Foul Or, Good morning and welcome Ask. It's great to

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be back in the office. Last week was a busy

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week for us, you know here, you know we've been

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going through a conversion of software that we used for

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bookkeeping and stuff. We're transitioning completely away from you quick

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books and moving to software called zero x e r O,

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really good software. We're at a seminar on Friday all

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day learning a little bit more about zero and the

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tools we can use to help all of our businesses

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out there be more successful and get them the financial

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information that they need to be able to run their

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business and be successful. And so that's a great week

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to have this show of you know, trucking to success.

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And you know here at truck or Tax Tools, you know,

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we do a lot of bookkeeping for truckers obviously, and

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we want to see them be successful. And you know,

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when we're talking about being successful, you've got to start

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from you know, how do you start and run a

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successful commercial trucking company? You know, running a business regardless

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of whether you are going to be a trucker, whether

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you're going into consulting, whether you're going to go in retail,

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whatever it is that you enter into. You know, it's

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not an easy thing, an easy task to jump out

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and do and be successful just because you decided you're

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going to go into you know business. You know, there

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are many many successful business owners, successful truckers. Many people

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that are successful in business working for somebody else, but

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not everybody has what it takes to run a successful

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business or a successful trucking company for that matter. You know,

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I love when you sit here and you run questions

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on the internet and how they have this wonderful AI

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who's going to answer, you know, questions? And I sit

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here and look at it and go, hey, you know,

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the question I put in was what is a successful

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trucking company? And it first came back with you know,

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like FedEx, a couple of the real large businesses out there,

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Old Dominion, Yellow, XPO, Schneider just to you know, name

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a few. And they're sitting there saying, you know, hey,

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these are successful examples of successful businesses and stuff out there.

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It wasn't what I was looking for, you know. They're

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saying this is these companies are successful, such as you know, FEDEG, GPS.

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They have high revenue, strong employee bases, and efficient operations.

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But is that what you're really entering into when you're

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first getting into trucking business. No, you're you're a single

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owner operator and you're looking to be successful being out

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there by yourself. You know, I looked over the weekend

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preparing for this show a little bit of successful business

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owners and one of the other ones that came up

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was an owner of a gas station. Yeah, believe it

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or not, they're tired. I'm talking about how an owner

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of a gas station became very successful and that success

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was because of his drive to be successful. He found

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his niche within the gas station business to become one

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of the biggest gas stations, not just in Texas, but

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now he's expanding across the country. And that is BUCkies.

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You know, could you imagine owning a gas station and

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becoming a multi millionaire off of gas and it's all

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the other products and everything else he puts in his store.

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It's almost like going to an amusement park just to

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watch the people that are going into the store. And I,

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you know, I admit, you know, I get gas at

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Bucky's and that's great. I hate going into their store though,

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because of how many people are in the store. So

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I will avoid those stores on Friday, Saturdays, and Sundays

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unless it's first thing in the morning on Friday or

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something because of the people that are there and the

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massive number of people. But he's been truly successful, not

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because he got out there and ran one gas station,

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but the drive to be successful, and so you know

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here you're going to run a successful business in the

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trucking business. And speaking of being successful trucking business, one

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thing that does help is being a member of oh

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IDA Owner Operator and the Driver's Association, and there's a

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lot of other good associations out there as well. But

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o idea, if you're looking to get into trucking business

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and be successful, what's on a seminar coming up at

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the end of October called truck to Success. So you

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can go to oh Ida search for oh Ida Truck

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to Success and you can come up with this seminar

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comes up in October. I believe the twenty second through

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the twenty fifth. Matter of fact, I'm going to be

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there talking about bookkeeping, taxes, lease, purchase, business entities, all

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those things, and then they're going to be talking about

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everything else that you need to know to be successful

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in the trucking business. You know, getting your own authority,

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all these things that come to play when you're in

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the trucking business. But you know, continuing on, what is

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it hey and what are the traits of a successful

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trucking company, well, one is going to be having excellent equipment,

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reliable equipment. You know, a good trucking company needs quality equipment.

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You have to have reliable trucks, well built trailers, updated

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safety equipment, quality communication tools, plenty of maintenance devices, keep

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everything working properly. And the ability availability of excellent equipment

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can make or break your trucking company. If you can't

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keep the truck on the road, there's no money coming in.

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Inter fink, it's only going out. You've got to shut

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down and you don't have your equipment available. Guess what,

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there's no money coming in the door. You also got

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to know what's happening in the market. You know, these

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day and as dual costs have gone here, they haven't

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come down completely yet. Equipment costs we're up here. Load

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prices has been pushed down because people get in this

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business and they think they have to take a load

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just to keep the truck running it on the road.

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They don't look at what the profitability of that load.

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If truckers would take the time to look at these

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loads and know, this is my cost per mile, this

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is what it costs me to have this truck on

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the road. Here's my cost if my truck is standing

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still and doing nothing, So how am I going to

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make money in the business by taking loads that exceed

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your cost per mile? So just having a truck on

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the road and running doesn't guarantee you're going to make

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a profit. All it guarantees is is you're going to

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have additional expenses. That's all it does. So to build

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a successful trucking business, you need to keep an eye

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on the market at all times, make sure you're setting

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the right rates, plan for your future, make adjustments to

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your operations and to your business plan by keeping that

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pulse on market, you know, using trade magazines, news sources, podcasts,

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podcasts such as tax Talk for You, Matter of fact,

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connect with us at tax talk for you dot com.

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Follow us over there, never miss an episode, and maybe

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you just learned something to help your business run a

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little bit smoother. Having connections within the industry as well,

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you know, getting to know people that also do the

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same thing that you're doing and how to be a

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little more efficient in running your business makes all the

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sense of the world. Kind of like meeting I was

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at on Friday for zero. Getting to talk to other

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people that are in our business. Finding ways to make

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us operationally more efficient helps our bottom line. Yeah, we're

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going to be making changes and making things better for you.

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Are clients that are truckers and if you're not a

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client of truck or tax tools, and you should be

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great rates, great people, great communication. This is what we

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get to do to help you in the business. Now,

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when you're keeping that pulse on the market, don't forget

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to go back to a business plan you should be

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writing as you're getting started to go into the trucking business.

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That business plan is your guide, is your bible, is

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the route you need to take to make your business successful.

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You don't head off on the road without programming where

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you're going in your GPS. You shouldn't head off on

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the road without programming where you're heading with your business. Hey,

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we're going to keep talking about what makes the traits

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for a successful trucking company or business owner.

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Right after this, we have only scratched the surface of

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today's show. Please stand by as Barry G. Fowler will

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be right back with tax Dog for you. If you

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own the IRS or are going through an IRS audit,

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don't go at it alone.

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Called Taxation Solutions, Tax.

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Relief at eight eight eight nine three zero one zero

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one six. We are your solution for IRS, TETs, audits,

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back taxes, garnishments, leans and levies. Whether you're an individual

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or business, you need a solution and a strong, aggressive

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tax resolution.

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Don't let the IRS walk all over you.

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Stop the IRS now call eight eight eight nine three

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zero one zero one six or go to Taxationsolutions dot

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net now for a free no obligation consultation. Let's get

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back to tax stock for you with more tax stock

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once again.

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Here's your host, Barry G. Fowler.

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Hey, you know, I kind of love sitting here talking

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on the radio and telling you guys and helping you

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become successful and being successful and your business. And sometimes

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it's about customer service relationships, you know, with your vendors,

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with the people you're transporting goods for. Maybe it's logistics company. Uh,

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maybe it's a broker. And sometimes you know, you might

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find a good broker after it doesn't charge you very much,

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and hey, that's great, get a good relationship with them.

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You might find a company that you're transporting for, like

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one of our clients transports cattle and he's got a

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great relationship with the people that he transports cattle with,

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so you know, they probably pay him a little bit

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more for him to take the loads and stuff. So,

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you know, being oriented around customer service kind of like

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trucker tax tools. You know, we're oriented around you and

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communications with you, keeping you abreast of things that are

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going on the industry, but also following up with you

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to make sure that we've got everything so you've got

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good books to run your business, and so maintaining good

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customer relations is critical. If you know what customers like,

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what helps their business, and what drives them nuts or

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just basically pet peeves to avoid you know, hey, you

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can establish great relationships getting to know, you know, Jimmy

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and a little bit about him. You know, maybe his

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kid plays baseball, maybe they love fishing, maybe they love

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the outdoors. Maybe they're ranchers, maybe you know, whatever it is,

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you know a little bit more about them. You can

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establish more personal relationships with those people so that you're

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the first one on their list to call if they

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need a load transported or taken somewhere, or maybe you're

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getting in where you're transporting loads for these people every

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single go. You know, weak and you know, maybe you

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find somebody at the other end where you're transporting the

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loads back. And now you've got a great business going

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back and forth to different locations to help you become

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operationally sound. And one thing we always tell people is

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you should keep a reserve, keep some operating capital on

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hand for those emergencies. You know, if you're not good

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at saving money just because your bank account looks really good,

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set up a couple of different accounts. You know, set

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up account that's for maintenance, set up an account that's

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for your taxes, or set up an account that's you know,

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more of your es grower reserve account. But you can

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do it yourself and make money off of it and

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keep money aside for those emergencies. You know, at all times,

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your trucking companies should have that kind of emergency fund

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that will cover at least three months of expenses. That way,

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you know, if some reason, you know, work is a

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little bit slower, where the loads aren't paying quite as

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well and you don't want to take the loads and

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put the wear and tear on the truck where payments

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get delaid, you've got the wherewithal to do it, because

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if your trucks still sitting still you're still got to

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pay for insurance and other costs, make your truck payments,

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pay your family of bills. So three months is a

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good target. Six months is even better. A year's worth

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would be wonderful. Put money aside, especially if for those

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emergencies as well, where maybe that truck goes down and

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you've got to pay for major repairs and stuff. Now

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we talk about somebody being in the trucking business, you know,

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being about safety is important as well. You know, yeah,

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you need to be efficient, you need to be frugal,

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but you're never going to cut corners on safety. You know,

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depending on the size and needs of your company's safety

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program may include regular training and you know training like

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I d A. You know, puts on and some of

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the things that they do to help you in you

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know business. You know, if you have other people working

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for you in how safety programs are are great. If

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you've got multiple upon multiple trucks, having a safety department

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or safety minded people working for you, you're more likely

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to last in the business. And you know, one more thing,

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you know, if you're expanding your business, and the same

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we do in our business, we hire slowly and then

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we're looking for employees here to be here for the

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long haul. You know, turnover happens just the way it is.

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Somebody's going to pay more and to attract good talent

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and take your talent from your business. But you know,

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it's not about just getting a warm body and putting

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them in the truck. It's getting a person that has

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the same ethics, same mindset as you, that is willing

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to go the extra mile to help you in the

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business and make not just them profitable, but hopefully make

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your business profitable as well. Employee turnover can kill you

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as a company, and while employee retention in any business

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can help you become successful and help you to run

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the business more smoothly. You know, finding people this day

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and age to you know, work sometimes it's hard. It's

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hard in our business to find people that have the

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talent and the drive to want to do what we

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do for our truckers. And you know, we go the

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extra mile to help and being able to go through

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to do that helps you and your business and helps

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us in our business because we're here to help try

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to help you be successful. Now, we can't help you

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be successful by installing drive into you and the desire

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to go out there and hoof it and make more money.

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Those are in your heart before you ever get started.

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See I always say some people are meant to be

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in business. Other people are meant to have somebody else

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drive them in business. So you know, when you're sitting

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there talking about the drive to be in business, are

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you willing to go through and go the extra mile

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to find the places get your loads, to get out

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there and move it and not take the time off.

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Whereas if you're working for somebody else, you've got somebody

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that's hounding you to get you to go to drive

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because you're going and going and going. Hey, yeah, we

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got a great question here. You were talking to someone

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who is thinking about going into trucking. Would you suggest

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a stepping off point where other than schooling, would person

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start to know if this was a career choice for them. Well,

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first off, you know, if if you're thinking about going

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into trucking, might be sitting down talking to some truckers.

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Good place to learn a little bit about what they

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do besides just driving, you know, out there on the

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open road. You know, do you love to drive? Can

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you handle being out in a truck? Twenty four to

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seven as many days as you can possibly be out

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there on the road, and you've got to follow a

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lot of rules Department of Transportation, you know, there's a

305
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lot of other things that are that go into this.

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But what you might do is go and get your CDL.

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So you're going to have to go through some training.

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That may be a starting point where you get out

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and you start to see, hey, do I really want

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to do this? And I drive the truck. You know,

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truck driving is not for everybody. And then maybe take

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a W two job for a year or two. It's

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your feet. See this is this for you before you

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spend the hundreds of thousands of dollars that you're going

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to spend to get a truck, get a trailer, gets started,

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get all set up, learn everything you need to do,

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and then from that point, once you decide that this

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is the place that you need to be or want

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to be, then you know, hey, then maybe you go

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and you go to Old Ideas truckt to Success Seminar

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and you learn the ins and outs of running a

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trucking business and what you've got to do. One of

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the benefits of coming to a seminar like Oh Ideas

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tructed success. You not only learn the ins and outs

325
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of everything in the business, but you get to meet

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some the great people at o IDA. You get to

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sit down with me and learn more about taxes and

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bookkeeping and the financial side of being in business. And

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then you get to meet and greet and talk and

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network with other people that are looking to do the

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same thing that you're looking to. And you've got some

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contacts out there. So those are the places that I

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would start and then keep moving from there. Now we

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come back, we're going to continue talking about trucking to success.

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How do you get out and start your own business

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in the trucking business, and you can apply this to

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every other business in the real world. We'll do that

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right after that.

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We have only scratched the surface of today's show.

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Please stand by as Barry Chief Fowler will be right

341
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back with tax talk for you. As an owner operator,

342
00:21:44.640 --> 00:21:47.279
you already spend too much time away from your family.

343
00:21:48.039 --> 00:21:51.400
Trucker tax tools handles all your bookkeeping and taxes.

344
00:21:51.440 --> 00:21:54.079
No matter what level trucker you are. Life on the

345
00:21:54.160 --> 00:21:55.880
road can meet taxi, but.

346
00:21:56.079 --> 00:21:58.960
That doesn't mean that your wallet or time with your

347
00:21:59.039 --> 00:22:02.759
family should suffer. For Trucker Tax Tools makes your life

348
00:22:02.880 --> 00:22:06.559
run smoothly. Go to Trucker tax Tools dot com for

349
00:22:06.640 --> 00:22:09.599
a free guide that will give you the tools to

350
00:22:10.039 --> 00:22:13.960
never worry about your taxes again. Call Trucker Tax Tools

351
00:22:14.160 --> 00:22:18.480
eight seven seven nine six six two four seven seven

352
00:22:18.799 --> 00:22:21.880
or go to Trucker tax Tools dot com now and

353
00:22:22.079 --> 00:22:28.279
let the experts keep you trucking. Let's get back to

354
00:22:28.480 --> 00:22:32.160
tax stock for you with more tax stock once again.

355
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Here's your host, Barry G. Fallon.

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Hey, welcome back. You know I love questions. If you're

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looking to get started in the trucking business, this is

358
00:22:42.680 --> 00:22:45.759
a great place, in a great forum to put your

359
00:22:45.839 --> 00:22:47.880
questions out there and I'll answer them the best I can,

360
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and those that I can't maybe over for you to

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ida and you can get the answers over there. One

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00:22:53.640 --> 00:22:55.599
thing to do is make sure you get your membership

363
00:22:55.839 --> 00:22:59.599
so ideas you have the tools necessary to help you

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in the business as well and great contacts over there.

365
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So we've got a question here from Greg. Do you

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get taught the dot rules that's the Department of Transportation

367
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rules and what to know in the trucking schools, Well,

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the trucking schools if you're talking about getting your CDL.

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I'm not sure everything that they will teach you or

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train you in the trucking school, but you know, I'm

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pretty sure they're going to give you some of the

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regulations that you've got to follow as a trucker out there.

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I know, Truck to Success teaches a lot of Department

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of Transportation rules and regulations you've got to go through

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and follow as a trucking business. So getting over to

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Truck to Success as well worth it, you know, I

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00:23:53.240 --> 00:23:55.440
will say this about Truck to Success. I've met a

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lot of great people that are over there. There's a

379
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lot of people that have come to this seminar and

380
00:24:01.839 --> 00:24:06.000
decided this isn't the right path for me, which is

381
00:24:06.160 --> 00:24:11.720
a great lesson to learn for trucker that, hey, this

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00:24:12.000 --> 00:24:14.119
may not be the right path that go down. I

383
00:24:14.160 --> 00:24:16.160
don't want to have my own authority, or I don't

384
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want to be running a business and have other drivers.

385
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Then maybe I just want to go and be a

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least on driver somewhere, or maybe I just want to

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stay W two because it's easier or better. Those are

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all valuable lessons that you can learn a try to

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success when you're when you're actually learning about the trucking

390
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business and everything it takes to run this business, especially

391
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before you put your investment into you know, the tractor

392
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and trailer out there, because those are big investments and

393
00:24:49.720 --> 00:24:53.759
your side tied to those loans. Now you're getting started

394
00:24:53.799 --> 00:24:57.240
in this business, you know, it's about financial stability. It's

395
00:24:57.240 --> 00:25:02.319
about financial it's about keep being close eyes and close

396
00:25:02.599 --> 00:25:06.680
watch on your bottom line. And that starts as you're

397
00:25:06.680 --> 00:25:09.400
starting the business and you're putting that business plan together,

398
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you know, and you're going out and let's say you're

399
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going to buy that new piece of equipment. When you're

400
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buying that new piece of equipment, make sure you read

401
00:25:18.079 --> 00:25:19.880
what you're signing when you buy it. So you're going

402
00:25:19.920 --> 00:25:21.599
to go get it finance or you're going to have

403
00:25:21.759 --> 00:25:26.799
a lease, you know, you've got to read those agreements.

404
00:25:27.039 --> 00:25:29.519
I think one of the funniest things that the truck

405
00:25:29.559 --> 00:25:33.519
to success. You know, when we're talking and we've had

406
00:25:34.039 --> 00:25:37.559
some of the people of Ida talking about how you know,

407
00:25:37.799 --> 00:25:41.640
the least purchase is good or bad to walk away

408
00:25:41.759 --> 00:25:43.759
lease is you can walk away from your lease at

409
00:25:43.759 --> 00:25:46.160
any time. You know you're going to be leased onto

410
00:25:46.319 --> 00:25:48.640
this company and they're going to lease you a truck

411
00:25:48.799 --> 00:25:50.720
as well, So now they've got you coming and going

412
00:25:51.200 --> 00:25:54.000
and then oh yeah, don't worry about it. You know,

413
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here you are. And the next thing you know, the

414
00:25:56.480 --> 00:25:59.319
loads are slowing down, coming towards the last year of

415
00:25:59.400 --> 00:26:01.359
the lease out. They're taking the truck back for me

416
00:26:01.599 --> 00:26:04.720
to watch and read. Not always the smartest place to

417
00:26:04.799 --> 00:26:07.599
go is to leash your truck from the company you're

418
00:26:07.640 --> 00:26:10.039
going to be driving from, especially when they're holding the

419
00:26:10.079 --> 00:26:12.559
purse strings and giving you the routes and giving you

420
00:26:12.759 --> 00:26:16.000
the loads. So you may have to watch some of

421
00:26:16.079 --> 00:26:20.200
those things there, but I will tell you maintaining good

422
00:26:20.400 --> 00:26:24.119
financial practices. Having truck or tax tools do your bookkeeping

423
00:26:24.440 --> 00:26:29.400
your taxes helps you track your revenue and your expenses,

424
00:26:29.960 --> 00:26:32.799
and it becomes very crucial to be able to look

425
00:26:32.839 --> 00:26:36.720
at that and read that for your long term success.

426
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And you know, maintain that adequate, adequate working capital that

427
00:26:40.880 --> 00:26:44.559
we talked about a little while ago in reserves so

428
00:26:44.799 --> 00:26:48.440
that when those ups and downs happen, you know you've

429
00:26:48.519 --> 00:26:51.240
got more money. So if you've got a big upside,

430
00:26:51.759 --> 00:26:54.640
it's a great time to put more money away or

431
00:26:54.759 --> 00:26:59.759
when that eventual downside is going to be because you know,

432
00:27:00.440 --> 00:27:05.079
maybe the freight these have shrunk a little bit or

433
00:27:05.240 --> 00:27:07.839
now you know fuel costs if isn't a little bit,

434
00:27:08.359 --> 00:27:12.880
or insurance costs went up higher, replacement costs, repair costs,

435
00:27:13.039 --> 00:27:16.680
all that inflation and everything that you're running into right now,

436
00:27:17.200 --> 00:27:20.920
you know you've got the wherewithal to overcome that and

437
00:27:21.000 --> 00:27:26.079
then optimizing your profit margin. You know, understanding and actively

438
00:27:26.279 --> 00:27:30.920
managing factors like you know, revenue per mile, cost per mile,

439
00:27:32.079 --> 00:27:41.400
loaded mileage, not deadheading helps maximize the profitability of your business.

440
00:27:41.880 --> 00:27:47.359
Did you catch that? Managing factors like revenue per mile.

441
00:27:47.839 --> 00:27:51.359
I'm a treat making per mile, what is your cost

442
00:27:51.839 --> 00:27:56.599
per mile? What is your loaded mileage? So you know

443
00:27:56.920 --> 00:28:00.319
how are you going to maximize your profitability? And we've

444
00:28:00.359 --> 00:28:04.440
got a great worksheet that we get from oh Ida

445
00:28:05.160 --> 00:28:08.240
on cost permile. Love to give that to you. Hey,

446
00:28:08.319 --> 00:28:10.960
connect with us at tax Talk for you dot com

447
00:28:11.680 --> 00:28:15.359
messages through there go to truck or tax tools dot

448
00:28:15.480 --> 00:28:19.279
com or Facebook page messages there we can get to

449
00:28:19.400 --> 00:28:23.960
you the cost per mile worksheet so that you can

450
00:28:24.119 --> 00:28:28.279
work through what is your cost per mile and make

451
00:28:28.680 --> 00:28:33.640
your business more successful by monitoring the revenue per mile,

452
00:28:34.039 --> 00:28:40.119
your cost per miile, your standard costs for sitting still. Hey,

453
00:28:40.200 --> 00:28:43.000
we've done some great things here at truck or Tax Tools,

454
00:28:43.079 --> 00:28:44.960
and you know, one of the things has been this

455
00:28:45.079 --> 00:28:49.720
great transition we're making away from in house QuickBooks to

456
00:28:50.559 --> 00:28:55.720
the new software we're using zero. We have modified our financials.

457
00:28:56.119 --> 00:28:59.400
We think it's great. I can't wait to see what

458
00:28:59.559 --> 00:29:02.279
some of our clients say about the financials we're now

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00:29:02.359 --> 00:29:05.799
producing because we have now been able to with the

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00:29:05.880 --> 00:29:10.400
new software move things around more of uh direct costs

461
00:29:11.000 --> 00:29:14.119
to the costs that you have while you're on the

462
00:29:14.319 --> 00:29:17.680
road moving your load from point A to point B,

463
00:29:18.519 --> 00:29:21.680
and then indirect cost costs that you're going to have

464
00:29:22.000 --> 00:29:29.519
every month basically standing still. You know, interest expense, professional fees,

465
00:29:31.359 --> 00:29:35.680
meals and stuff. You know, these are costs out there

466
00:29:35.759 --> 00:29:37.880
that you're going to get. And we put per dams

467
00:29:37.960 --> 00:29:43.599
down here in the administrative costs side because basically that's

468
00:29:43.799 --> 00:29:46.359
just your meals while you're on the road, but it's

469
00:29:46.440 --> 00:29:51.240
not truly a direct cost of running your truck. So

470
00:29:51.319 --> 00:29:54.000
you're going to have, you know, the direct costs up

471
00:29:54.039 --> 00:29:59.319
above the line for such things as fuel tolls, scales,

472
00:30:00.799 --> 00:30:04.799
fuel surcharge. So there's a lot of great things that

473
00:30:05.119 --> 00:30:09.599
we are actually doing in our business that is there

474
00:30:09.799 --> 00:30:14.640
to uh make it better for you and help your business,

475
00:30:15.240 --> 00:30:17.799
and then you'll be able to see some good, you know,

476
00:30:17.920 --> 00:30:23.519
financial reports that you'll be able to look at and

477
00:30:23.759 --> 00:30:28.759
understand your business. And uh so I'm trying to bring

478
00:30:28.880 --> 00:30:32.359
up here a real quick income statement that we look at.

479
00:30:34.039 --> 00:30:37.720
So we've got everything from growth trucking revenue to refer fuel,

480
00:30:38.279 --> 00:30:42.680
duel surcharge, stop fees, tollpays, unloading fees, and then we

481
00:30:42.759 --> 00:30:47.640
got the cost of service maybe death, fuel mileage charge,

482
00:30:48.279 --> 00:30:53.079
refer fuel tolls, scales, truck maintenance costs, all these things

483
00:30:54.359 --> 00:30:58.799
that you have out there for you know your cost

484
00:30:58.960 --> 00:31:02.440
of service, and then you have all your administrative type

485
00:31:02.519 --> 00:31:09.079
costs such as your bank fees, does subscriptions, insurance licenses,

486
00:31:11.160 --> 00:31:19.599
parking supplies, truck lease, maybe uniforms out there, professional fees,

487
00:31:20.240 --> 00:31:25.680
fuel tax, heavy highway tax, and travel and stuff. So

488
00:31:25.960 --> 00:31:28.519
you can see we itemize things very well so you

489
00:31:28.640 --> 00:31:31.160
can help look at your business and see what your

490
00:31:31.240 --> 00:31:34.119
business is doing. Hey, Sally, thanks for the question. Is

491
00:31:34.200 --> 00:31:39.480
bookkeeping counting as a professional service? Absolutely, and it's tax deductible.

492
00:31:39.920 --> 00:31:42.319
Do you get the benefit of having a professionals like

493
00:31:42.640 --> 00:31:45.680
us doing your bookkeeping for your trucking or your business

494
00:31:46.240 --> 00:31:51.720
and then being able to deduct that and save money

495
00:31:51.799 --> 00:31:55.200
on it because it is a tax deductible service that

496
00:31:55.359 --> 00:31:59.279
we do provide. We've got a few more questions coming in,

497
00:31:59.359 --> 00:32:01.759
which I really love, you know. Get those questions to us,

498
00:32:01.799 --> 00:32:05.319
and then we're gonna get to those questions right after

499
00:32:05.400 --> 00:32:05.799
this break.

500
00:32:07.119 --> 00:32:10.720
We have only scratched the surface of today's show. Please

501
00:32:10.799 --> 00:32:14.000
stand by as Barry G. Fowler will be right back

502
00:32:14.160 --> 00:32:19.920
with tax talk for you. As an owner operator, you

503
00:32:20.200 --> 00:32:23.599
already spend too much time away from your family. Stop

504
00:32:23.720 --> 00:32:27.759
spending time doing paperwork. Go to Trucker tax tools dot com,

505
00:32:28.160 --> 00:32:32.640
a solution filled specifically for truckers. Trucker tax Tools dot

506
00:32:32.720 --> 00:32:38.759
Com makes your life run smoothly. Let's get back to

507
00:32:38.960 --> 00:32:42.599
tax stock for you with more tax tock once again.

508
00:32:43.119 --> 00:32:45.640
Here's your host, Barry G. Fowler.

509
00:32:48.240 --> 00:32:51.279
Hey, uh, you know, great questions coming in today, So

510
00:32:51.480 --> 00:32:54.880
keep those questions rolling in and we'll get those questions answered.

511
00:32:54.920 --> 00:32:58.640
Because this is about you. This is about trucking to success,

512
00:32:59.240 --> 00:33:02.799
you know, and it doesn't matter whether you're in business,

513
00:33:03.000 --> 00:33:06.640
in the trucking business or you're in any other business.

514
00:33:08.279 --> 00:33:12.759
These things are important to you and your business and

515
00:33:12.880 --> 00:33:17.720
being successful in business. And we've got another question that

516
00:33:17.960 --> 00:33:21.440
just came in. What other types of businesses have costs

517
00:33:21.559 --> 00:33:24.400
and fees. If you're in business, you have a cost,

518
00:33:24.920 --> 00:33:28.599
you have fees, you have expenses. You know. Some of

519
00:33:28.640 --> 00:33:32.200
the other businesses that we do relate to you know, farming,

520
00:33:32.319 --> 00:33:38.880
ranch relate to daycares. You know, families of our trucking

521
00:33:39.000 --> 00:33:44.319
companies do all kinds of businesses out there, production, business,

522
00:33:45.200 --> 00:33:47.720
you name it, do it. But they have costs. You

523
00:33:47.839 --> 00:33:51.920
maybe have a cost of labor, contract labor, staffing, You

524
00:33:52.039 --> 00:33:56.680
may have automotive expenses. Mileage, So if you're if you

525
00:33:56.799 --> 00:33:59.000
have your personal car and you're driving to or from

526
00:34:00.319 --> 00:34:02.599
the store to pick up stuff for your truck or

527
00:34:02.680 --> 00:34:05.799
for your business. Maybe you're going out to meet with

528
00:34:05.839 --> 00:34:10.199
a client or a prospect out there, that mileage is

529
00:34:10.280 --> 00:34:17.480
all deductible for your business. Dues and subscriptions, subscriptions you

530
00:34:17.639 --> 00:34:21.280
do for the business, or maybe membership to an organization,

531
00:34:21.880 --> 00:34:24.440
if you're running equipment that you use in the business

532
00:34:25.039 --> 00:34:29.760
is all deductible. Of course, your insurance that you pay

533
00:34:29.880 --> 00:34:36.000
for becomes a deductible business expence. Again, professional fees, getting

534
00:34:36.000 --> 00:34:40.440
your taxes done, your bookkeeping done, are all deductible expenses.

535
00:34:42.199 --> 00:34:45.480
If you have rent an office building and you have

536
00:34:45.599 --> 00:34:50.599
janitorial expenses, those are tax deductible. Telephone, even a portion

537
00:34:50.719 --> 00:34:53.320
of your cell phone you use in the business all

538
00:34:53.440 --> 00:34:57.880
becomes tax deductible. One of the things that we talk

539
00:34:57.920 --> 00:35:01.039
about try to success, to make you successful in the

540
00:35:01.119 --> 00:35:06.880
business is all the ordinary and necessary costs of doing business.

541
00:35:07.239 --> 00:35:09.719
You got to think about your business in a different way.

542
00:35:10.360 --> 00:35:14.039
It's about getting every tax deduction you can possibly find

543
00:35:14.639 --> 00:35:18.760
that relates to your business. Now, the IRS says it

544
00:35:18.880 --> 00:35:22.519
has to be ordinary and necessary. Your cell phone is

545
00:35:22.760 --> 00:35:27.400
necessary in business. Now, how much is it used in

546
00:35:27.519 --> 00:35:30.480
business versus used for personal You kind of got to

547
00:35:30.519 --> 00:35:32.320
look back at the bill. How much are you calling

548
00:35:32.440 --> 00:35:36.599
your significant other or other family members that aren't necessarily

549
00:35:36.679 --> 00:35:39.840
working in the business, what you're just communicating with And

550
00:35:39.960 --> 00:35:47.760
then how much are you calling your suppliers, calling your broker, logistics, bank,

551
00:35:48.320 --> 00:35:52.719
you things that you do for business in business and

552
00:35:52.880 --> 00:35:56.480
making sure that you've got the things that you need

553
00:35:56.960 --> 00:36:01.119
to get the deduction so that you're saving money on taxes. See,

554
00:36:01.199 --> 00:36:05.039
one of the biggest expenses anybody has that's in business

555
00:36:05.639 --> 00:36:09.320
is taxes. You know, taxes, taxes, taxes were always hit

556
00:36:09.480 --> 00:36:13.679
with taxes, and so it's about managing your finances to

557
00:36:14.760 --> 00:36:18.960
minimize the tax as well. So it's kind of a misnumber.

558
00:36:19.039 --> 00:36:23.079
We want to maximize profitability, we want to minimize tax.

559
00:36:23.159 --> 00:36:26.000
And you've got to remember just because your bottom line,

560
00:36:26.599 --> 00:36:30.559
as you know, one hundred thousand dollars at the bottom line,

561
00:36:30.639 --> 00:36:33.000
and you're going to get tax that if you're self employed,

562
00:36:33.559 --> 00:36:35.960
you know you get tax fifteen point three percent right

563
00:36:35.960 --> 00:36:39.480
off the top for Social Security and medicare. Now, minimizing

564
00:36:39.599 --> 00:36:43.159
that will also help profitability. So if you were able

565
00:36:43.239 --> 00:36:47.239
to find ten thousand dollars of additional expenses, it saves

566
00:36:47.280 --> 00:36:52.119
you fifteen hundred dollars. So you know, that becomes kind

567
00:36:52.159 --> 00:36:55.480
of important because at the end of the day, it

568
00:36:55.679 --> 00:36:58.440
helped your bottom line. It may have been things that

569
00:36:58.519 --> 00:37:00.840
you've been paying on the personal side. They relate to business,

570
00:37:00.880 --> 00:37:03.000
but you didn't think about how they relate to business,

571
00:37:03.480 --> 00:37:06.159
and we need to get them over here to where

572
00:37:06.360 --> 00:37:10.840
it is a pre tax item, not some item you

573
00:37:10.960 --> 00:37:14.599
pay after tax. Hey, britt a good question. Should you

574
00:37:14.719 --> 00:37:18.480
have a separate phone line for business? Yes? No, maybe

575
00:37:18.960 --> 00:37:21.119
you know a separate phone line for business is something

576
00:37:21.320 --> 00:37:24.920
you can advertise. Now, if you are growing a business,

577
00:37:25.960 --> 00:37:28.440
you know, and we're talking specifically about a trucking business,

578
00:37:28.440 --> 00:37:30.480
but I'm going to relate this to other business as well.

579
00:37:30.960 --> 00:37:32.400
If you're out there and you're going to be the

580
00:37:32.559 --> 00:37:36.800
only driver in your trucking business, your personal phone line

581
00:37:36.920 --> 00:37:39.519
your business phone line can merge and be one in

582
00:37:39.599 --> 00:37:41.800
the same. Now, I remember, you know, in that cell

583
00:37:41.880 --> 00:37:44.360
phone you're using for business, it's only going to be

584
00:37:44.400 --> 00:37:47.800
a portion deductible, but it can be used because you're

585
00:37:47.880 --> 00:37:50.119
not out there. Now, Let's say you want to go

586
00:37:50.239 --> 00:37:54.280
out there and compete with JB. Hunt and you're going

587
00:37:54.320 --> 00:37:57.800
to have a massive number of truckers running for you,

588
00:37:59.440 --> 00:38:02.800
or you're going to run ten fifteen trucks, you will

589
00:38:02.920 --> 00:38:07.880
probably want a line that is dedicated for business and

590
00:38:08.000 --> 00:38:11.840
business only aligne that you can actually put the business

591
00:38:12.039 --> 00:38:15.440
name on so somebody can find you as if you're

592
00:38:15.480 --> 00:38:18.039
running on a website and everything else. You might want

593
00:38:18.280 --> 00:38:22.360
a second phone line, you know, for that. Or maybe

594
00:38:22.400 --> 00:38:24.400
you're going to start running an office and you're going

595
00:38:24.480 --> 00:38:30.239
to want a voiceover IP system that has the mobile

596
00:38:30.280 --> 00:38:34.199
apps that you can answer the phone anywhere. Then maybe

597
00:38:34.440 --> 00:38:37.760
you've got the office phones, but it can be run

598
00:38:37.920 --> 00:38:40.679
on an app on your phone as well, So we

599
00:38:40.840 --> 00:38:43.440
do that here at Truck or Tax Tools. We got

600
00:38:43.559 --> 00:38:48.480
voiceover IP, but we can answer the phones that come

601
00:38:48.599 --> 00:38:53.559
in through our phone service provider, and we can also

602
00:38:53.679 --> 00:38:57.159
answer on our cell phones through their apps. So you know,

603
00:38:57.320 --> 00:39:02.159
it not necessarily separate phone, but it does have a

604
00:39:02.239 --> 00:39:06.800
separate phone number for the business and we can answer

605
00:39:06.920 --> 00:39:11.679
these things through the apps out there. And that's kind

606
00:39:11.719 --> 00:39:15.920
of leveraging technology which can help you and your business,

607
00:39:16.039 --> 00:39:21.719
whether you're using fleet management software, real time tracking, communication tools,

608
00:39:23.079 --> 00:39:26.800
things that enhance efficiency and aids and compliance and stuff.

609
00:39:27.159 --> 00:39:29.360
Now that's really nice in any business that you have,

610
00:39:29.760 --> 00:39:34.400
because if you're running a business, embracing technology sometimes is

611
00:39:34.480 --> 00:39:37.159
the way to go. So we're at the zero meeting

612
00:39:37.239 --> 00:39:42.320
on Friday and looking at new technology, new integrations our

613
00:39:42.400 --> 00:39:47.960
software to better service our clients and provide more efficiency

614
00:39:48.719 --> 00:39:52.440
so that you know, we can make things smoother and

615
00:39:52.559 --> 00:39:57.239
easier for not just our staff but our clients as well.

616
00:39:57.320 --> 00:40:01.320
So as we go through additional transitions and making things better,

617
00:40:02.920 --> 00:40:09.960
maybe adopting some new innovative technologies, some new AI powered

618
00:40:10.039 --> 00:40:16.000
optimization tools, things that we are doing in our business

619
00:40:16.119 --> 00:40:19.559
to help you, you can use and do in your business,

620
00:40:20.159 --> 00:40:24.400
maybe something like alternative fuels or ways of you know,

621
00:40:24.880 --> 00:40:28.400
when resistance and things like that that can help you

622
00:40:28.519 --> 00:40:32.320
in the business and get better deal knowledge out there

623
00:40:32.559 --> 00:40:39.800
as well. So looking at operational efficiencies and prioritizing safety

624
00:40:40.440 --> 00:40:45.280
and managing your finances and having a strong culture of

625
00:40:46.400 --> 00:40:52.239
safety and strong customer relationships are all things that you

626
00:40:52.320 --> 00:40:56.960
should be embracing when you're in business, regardless of whether

627
00:40:56.960 --> 00:41:00.679
it's a trucking business or any other business. It really

628
00:41:00.880 --> 00:41:06.599
helps you promote your business and keep in business, not

629
00:41:06.840 --> 00:41:12.920
just today but down down the road. You know, AI

630
00:41:13.159 --> 00:41:15.320
is wonderful. So I'm sitting here looking at this and

631
00:41:15.440 --> 00:41:18.719
I thought, you know, hey, you know was some things

632
00:41:18.800 --> 00:41:23.000
we can do with AI? Or how can trucking firms

633
00:41:23.119 --> 00:41:26.920
use technology to cut fuel costs? And AI came up.

634
00:41:27.360 --> 00:41:29.280
You know, I hate to say things are always listening

635
00:41:29.320 --> 00:41:32.119
to you, but they always seem to be. Have you

636
00:41:32.159 --> 00:41:35.360
ever noticed when you talk about vacuums and next thing,

637
00:41:35.440 --> 00:41:39.920
you know, everything through Amazon or you're seeing online is

638
00:41:40.000 --> 00:41:41.760
going to come up vacuum. Sorry, I didn't mean to

639
00:41:42.159 --> 00:41:47.400
pollute your phones with vacuums this week, but hey, when

640
00:41:47.440 --> 00:41:50.360
that comes true, message me next week that you talked

641
00:41:50.360 --> 00:41:52.920
about vacuums and all I'm seeing is vacuums on my phone,

642
00:41:52.960 --> 00:41:55.519
So you're welcome, but we're talking about you know, how

643
00:41:55.599 --> 00:42:00.800
do firms use TAG to cut fuel costs? And optimization

644
00:42:01.039 --> 00:42:06.440
is one minimizing mileage and time. You know, AI sometimes

645
00:42:06.480 --> 00:42:11.079
in the GPS can analyze factors like delivery locations, traffic,

646
00:42:11.239 --> 00:42:16.639
road conditions, vehicle constraints to create the most efficient routes,

647
00:42:16.760 --> 00:42:23.440
cutting down on necessary mileage. Having real time traffic integration

648
00:42:24.199 --> 00:42:27.360
so it's integrated with real time traffic data, the software

649
00:42:27.480 --> 00:42:32.639
can dynamically reroute vehicles to avoid congestion. My wife does

650
00:42:32.719 --> 00:42:34.360
that for by the way, when I'm on the road,

651
00:42:34.679 --> 00:42:37.000
they don't use AI. I use her smarts to find

652
00:42:37.079 --> 00:42:40.639
us routes along the road we're out driving. And then

653
00:42:40.760 --> 00:42:44.000
using something like predictive analytics, you know, they can use

654
00:42:44.199 --> 00:42:48.480
historical data external factors to forecast demand and traffic patterns.

655
00:42:48.840 --> 00:42:54.199
Kind of cool telematics, you know, real time monitoring and

656
00:42:55.079 --> 00:43:00.239
driver behavior analysis help you get better safety improvements. And

657
00:43:00.320 --> 00:43:02.400
this is kind of fun, you know, looking at what

658
00:43:02.639 --> 00:43:09.360
AI comes up. Aerodynamic designs, lighter weight materials, engine and

659
00:43:09.480 --> 00:43:15.039
transmission efficiency, fuel saving technologies, alternative fuels, and electric trucks.

660
00:43:15.480 --> 00:43:18.239
Good luck with electric trucks, by the way, But hey,

661
00:43:18.559 --> 00:43:23.239
that's what you want, Hey, go for it. I avoid them,

662
00:43:23.679 --> 00:43:25.840
you know. I prefer my F one fifty being on

663
00:43:26.159 --> 00:43:28.280
gas and look at the F two to fifty probably

664
00:43:28.320 --> 00:43:30.840
be on diesel. Hey, we're coming to an end of

665
00:43:31.239 --> 00:43:35.039
a great show. I mean this time went fast again.

666
00:43:35.119 --> 00:43:37.400
Connect with us at tax Talk for You dot com.

667
00:43:38.360 --> 00:43:41.840
Go to our Facebook page, like and share, get it

668
00:43:41.880 --> 00:43:44.719
out to other truckers and other people. Definitely go to

669
00:43:44.800 --> 00:43:47.679
truck of tax Tools were running great promotions today for

670
00:43:47.880 --> 00:43:51.480
bookkeeping and tax work. Get with us there, call us,

671
00:43:52.039 --> 00:43:54.920
let us get started. Go to Trucker tax Tools dot com.

672
00:43:55.320 --> 00:43:57.880
But atbobb all you need to be right back here.

673
00:43:58.599 --> 00:44:02.039
At tax Talk for You Every Monday at ten am

674
00:44:02.199 --> 00:44:05.639
Eastern time, W four CY Radio, you can hear a

675
00:44:05.760 --> 00:44:12.039
podcasts iHeart, Spotify, you name it toasted. There. We have

676
00:44:12.159 --> 00:44:16.320
it all available to you to learn more, to help

677
00:44:16.440 --> 00:44:21.440
you run your business more smoothly. Find those operational efficiencies.

678
00:44:22.039 --> 00:44:26.199
Decrease the amount you're going to pay in tax by

679
00:44:26.280 --> 00:44:31.079
finding every deduction allowed by law. That's what the name

680
00:44:31.119 --> 00:44:34.599
of the game is. Saving money, keeping more money in

681
00:44:34.679 --> 00:44:37.840
your pocket keeping it away from Uncle Sam. Hey, we'll

682
00:44:37.840 --> 00:44:41.360
see you next week. Yeah, but God blessed, glorious, an

683
00:44:41.440 --> 00:44:44.880
awesome week. Stay safe and all truckers, thank you for

684
00:44:44.960 --> 00:44:47.880
what you do. Thank you to our military and police

685
00:44:48.119 --> 00:44:51.360
again and fire those that are in the service industry.

686
00:44:52.159 --> 00:44:55.760
Have a guide, blessed everyone, have a guide. Blessed, glorious week.

687
00:44:55.920 --> 00:44:58.960
See you next week right here W four CY Radio

688
00:44:59.039 --> 00:44:59.840
and Tax Talk for You.

689
00:45:01.079 --> 00:45:04.199
Are you an individual or business that wants to understand

690
00:45:04.320 --> 00:45:07.599
taxes and how they affect you. Are you looking for

691
00:45:07.760 --> 00:45:13.119
specific tax advice for self employed business owners and truckers.

692
00:45:13.719 --> 00:45:17.760
Are you behind on taxes and your bookkeeping? Are you

693
00:45:17.920 --> 00:45:21.880
dealing with dirs and ready to have some relief? Then

694
00:45:22.000 --> 00:45:25.639
you need Tax Talk for You, hosted by tax and

695
00:45:25.760 --> 00:45:27.760
trucker expert Barry g.

696
00:45:28.039 --> 00:45:28.880
Fouer EA.

697
00:45:29.320 --> 00:45:33.079
Tune in ten am Eastern Time every Monday right here

698
00:45:33.159 --> 00:45:37.000
on W FOURCY Radio and Talk for TV. Don't forget

699
00:45:37.039 --> 00:45:41.440
to check this and past episodes at tax TALKFORU dot com.

700
00:45:42.159 --> 00:45:45.480
See you next week at W fourcy dot com.