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Introduction

If you follow this simple step by step guide, in just 4 easy steps. you will be more organized than you have ever been. In fact you will be more organized than 90% of the owner operators on the road. You'll save yourself thousands of dollars and many hours of headaches and frustration at tax time.

Tools

Parts

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  1. Get a 21 or 26 pocket expanding folder
    • Get a 21 or 26 pocket expanding folder

    • You can pick these up at most office supply stores

    • Be sure to get 21 or 26 pockets, many of these folders are 12 pocket so look carefully

  2. Label it with these expense categories.
    • Label it with these expense categories.

    • This matches the expense categories in ProfitGauges, and also match the way you should be categorizing your expenses on your Federal Tax Return.

  3. Now your receipts have a home, whenever you get a receipt, simply put it in the slot for that expense category. Here are some tips on handling the receipts.
    • Now your receipts have a home, whenever you get a receipt, simply put it in the slot for that expense category. Here are some tips on handling the receipts.

    • Don't keep more than one copy

    • Keep the best copy, white is better than colored, then throw away the rest

    • If you are not going to be scanning your receipts, make copies of of any receipts on thermal paper.

    • You can easily store an entire year of receipts and settlements in just one of these expanding folders, as long as you are only keeping what is necessary

    • If you run out of room you are keeping too much.

  4. Create a form like this one and stick it in the front slot of your folder.
    • Create a form like this one and stick it in the front slot of your folder.

    • Then set a reminder on your phone, computer, calendar, or whatever you use to stay organized, to write down the truck odometer reading on the first day of every month.

    • This is the number you will use to calculate Cost Per Mile.

    • If you did nothing but these first 4 steps all year, you would still be more organized than 90% of the owner operators on the road.

    • If you're ready to go to the next level of bookkeeping, follow the next set of steps to learn how to scan your receipts and organize them in a digital filing cabinet.

  5. Be Safe, Be Profitable, and Master the Journey
Finish Line

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Kevin

Member since: 11/02/2011

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