Semi Truck Costs Top 3 Hidden Business Costs

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There are a lot of “hidden” costs in the trucking industry. When it comes to starting a trucking company it is good to know some of the ones that you will have to pay regardless of what type of trucking you do. These costs will apply whether you are a hotshot trucking company, or a full fleet trucking company running 18 wheelers. My hope is that you go away with a better understanding of the trucking costs associated with starting a trucking company. • #Trucking • In this video, I am going to cover the three costs in the trucking industry that surprised me and still annoy me to this day. • #1: First, I will talk about your registration. If you run apportioned registration you will pay the maximum amount possible in your state just to get your plates. Once you have run one year you will need to track every mile that you drove in each state and fill out a form like this, then your state will send you an invoice. • The way it works is that your registration money is split among all of the states that you drive based on mileage in each state. The registration fee for each state differs so each one wants their “fair share” of the fees. If you run less mileage you may get a credit on your registration for the next year. • #2: You will learn about The HUT or heavy use tax. This tax is an additional fee that is paid on each vehicle or each truck that is used for commercial purposes. This fee is paid to the federal government and is paid the month following the first date of service for any truck. if your first date of service is April 1st then this fee is due by May 31st. • #3 I will talk about IFTA, IFTA is a cooperative agreement between 48 states in the U.S. and 10 provinces in Canada. It allows carriers to report and pay taxes for the fuel their vehicles use across states using a single fuel tax license. Prior to IFTA, truckers were required to obtain fuel permits from every single state they entered. • If your Truck has two axles and a gross vehicle weight (GVW) exceeding 26,000 pounds or has three or more axles. Transport goods or people across different states/provinces. You are required to have an IFTA permit and pay the applicable taxes. • IFTA- https://www.irs.gov/businesses/small-... • 2290 Filing: www.truckdues.com • • Contact me for 1:1 Business Coaching at [email protected] • 💰 If you are buying from Amazon, Use this link to help out the channel won't cost you anything additional https://amzn.to/37QIreU • My Gear https://kit.co/Mysteryofmoney/youtube... • TUBE BUDDY TRIAL https://www.tubebuddy.com/mysteryofmoney • 💰 ROBINHOOD (Get 1 Stock When You Sign Up): https://join.robinhood.com/nicks3026 • ✅ Follow Me On Instagram: / mysteryofmoney • ✅ My Music Source https://www.epidemicsound.com/referra... • • DISCLAIMER: Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! • *This video is for educational purposes only, always consult your attorney or accountant for specific advice when borrowing money or signing any contracts. This channel represents only my opinions and not any of my past, present, or future employers.

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