TFS Online Newsletter

I am not sure how this newsletter will address lowering your tax bill and doing away with the INTERNAL REVENUE SERVICE, but we will try.

Too many people spend more time planning how to get the job than on how to become productive and successful in that job.

Lets look at that again and from this angle, instead of a job lets say, BUYING A TRUCK. One sure way to keep from paying income taxes is, not have very much income!

What makes the difference, when some drivers only make $10,000 a year and some make more than $50,000? Why do some Independent Operators gross $50,000 and some gross more than $200,000 a year? Why did J.B. Hunt go from one truck to 5500, and some can't make it with one?

The answer is "when you start driving a truck, it is not a JOB, it is a BUSINESS." To operate a business successfully you must PLAN TO BECOME PRODUCTIVE AND SUCCESSFUL. Too many truckers think their JOB is driving a truck. I say that their JOB is a manager, an administrator, a planner. To use a big word, an entrepreneur.

Everyone you talk to has a different definition of success. The one I like is: FAVORABLE OR DESIRED OUTCOME.

Success comes in many different forms. You pick up a load in California and deliver it on time, and without incident, to New York City. Now that is success. But it took planning. You had to plan on how much money to spend, the route to take, the distance to travel, and a dozen other things that we take fore granted. There had to be a plan, whether it was the first trip or the 100^th.

Our future is a lot like that trip. We plan our trip and we set out on the journey. Now each time we work that trip, the easier it becomes. The planning is still there, only now we have become used to the trip, and it becomes easier to follow. But, that is not all there is to it, sometimes there are snowstorms, a shipper puts on an over weight load, maintenance problems, nasty DOT inspections, or many other distractions to change our route. SUCCESS, is still the final destination.

When we leave out on a trip for the first time, we consult some experts, Rand McNally, the dispatcher, another driver. Along the way we keep in touch with these experts, we want to get to our destination the shortest quickest way possible.

If we don't leave our driving to chance, why, then do we leave our financial future to chance? In order to reach our DESIRED OUTCOME, we must plan. In order to reach our DESIRED OUTCOME, we must consult with experts.

Where do we find these experts? There are many EXPERTS out there. We are in business. When a business hires someone, they interview them first and hire the best qualified.

There are people who call themselves Financial Planners. That is their sole occupation, they know about retirement plans, investments, stocks and bonds, and maybe even insurance. Not a bad occupation.

There are people who call themselves Income Tax Preparers. They know about the IRS forms, deductions, and April 15^th.

There are people who call themselves bookkeepers. They have a calculator, and have read a couple of books, maybe even gone to some college. Not too bad.

There are people who call themselves Accountants. Now Accountants come in all different sizes and shapes. Some are Certified Public Accountants. They know a lot of law among other things. Some are Public Accountants. Most states don't have these anymore. Some are Accountants, a lot of practical know how, and a lot of college. The reason a lot of accountants don't become CPA's is after taking a test you have to work for a CPA for two years. Too bad.

You can't talk to a truck driver very long before he wants to tell a story, so here goes...Do you know the difference between a truck driver story and a fairy tale? A fairy tale starts off "once upon a time"... A truck driver story starts off "you ain't going to believe this"...

You ain't going to believe this...A few years ago I worked for a company that had 50 tractors and a ton of trailers. The owner sold it to two men that had enough money to buy a company that glossed more than $5 million. The first thing they did was fire the general manager who had built the company from three trucks to 50. Was that manager an expert? The next person to go was the dispatcher, who was the previous owner's brother. Was he an expert? The next to go were some drivers who were getting an extra 3% for being with the company through the building years. Then the over paid mechanic. Were they experts? After two years they filed bankruptcy. These two men had never even ridden in a truck. Were they experts? They didn't even have the understanding to keep or hire experts.

Whether it is one truck or fifty, you must hire the best experts you can get to help run your business. Your Accountant is your most important employee.

The NATIONAL SOCIETY of PUBLIC ACCOUNTANTS says, "your accountant must become involved in your personal financial planning, He must be a tax and financial reporting specialist. He must understand your business."

"Most of your Accountant must be your FRIEND."

What is your FAVORED OR DESIRED OUTCOME? You made up your mind to succeed when you bought that truck. Now it is time to get serious about what your DESIRED OUTCOME is going to be.

The road to success is uphill. There are experts to help you carry the load. Sometimes you are out of breath from the struggle but the view from the top is incredible.

Why do some Owner Operators make $.60 a mile and some make $3.00? Why do some Owner operators drive 120,000 miles and gross $72,100 and others drive less than 80,000 miles and gross $240,000? DESIRE AND ATTITUDE!

What is your DESIRED OUTCOME? The people making that kind of money are running around out there with some van line name on the side of their truck. DESIRE AND ATTITUDE, what is yours?

HAVE A GREAT HOLIDAY SEASON AND A PROSPEROUS NEW YEAR.

HAPPY MOTORING AND I WILL...SEE YOU AT THE TOP.

RUSSELL E. FULLINGIM, CTP