In every endeavor, skill and knowledge are the building blocks for success -- they create strength and give you the power to succeed.

Skill is knowing the mechanics of maneuvering 80,000 pounds down the highway, through congested traffic, down an 8 percent mountain grade or a blindside back to a dock off a busy boulevard. Knowing if there's something wrong while maneuvering that 18-wheeler and addressing the issue before a problem arises also demands skill. The best teacher here is hands-on experience.

Knowledge in the trucking industry includes financial and business aspects of your trucking operation, like what cash flow you need to start up and run a new carrier -- and lasting business growth requires many areas of expertise. Correctly figuring your break-even point, setting aside sustainable capital (the cash that carries you through the lean periods) and growth capital (the money needed to grow your operation), and calculating a profitable hauling rate range all depend on knowledge. Finding the best markets, shippers and brokers for your carrier takes industry insight. To differentiate your company from the competition, you need extensive knowledge about developing and growing a profitable freight lane; integrating shippers, brokers and load boards to obtain maximum revenue with minimal hassle; protecting your cash flow; ensuring shippers or brokers pay you in a timely manner -- and more.

In trucking, you can't advance on skill alone. To build a truly successful and sustainable trucking company, you must know how to navigate a truck, as well as our industry's nuances and opportunities.

The route to this kind of specialized knowledge begins with reading trade magazines, blogs and newsletters. But you must also have a commitment to education that's a bit more formal: webinars, online courses, and community college and university classes on general business and accounting. This type of "book learning" education provides a trucking company owner with a solid foundation of knowledge, which becomes his trucking wisdom once he's running his operation.  

Skill comes from knowledge; knowledge comes from education. The paths to this understanding differ, but there are two primary ways a person can gain the knowledge they need:

• First-hand experience, being there and doing the job, making mistakes and working in the trenches.
• Studying and conducting research until you know your subject inside and out.

To ignore either kind of education will put any trucker at a tremendous disadvantage - whether you've been in business for three months or three decades. The industry is always changing, and if you think you've learned everything, be careful you don't find yourself watching as the rest of the trucking world passes you in the hammer lane, blowing off your doors.

To succeed in the trucking business, you have to know the trucking business. Whether you are refining your skills or building your knowledge, I wish you success in the new year.  

So, you didn't get the new shotgun or fishing gear you were hoping for? Or maybe you did, but now you know the credit card bills are coming?

With this simple tax tip, you can easily put $1,000 back in your pocket this holiday season -- possibly $2,000 or more!

Did you realize you're not required to keep receipts for any items purchased for less than $75 each? This rule applies to parts, supplies or just about any item you use for your business -- even stuff you buy at home.

If you're wondering how such small purchases can turn into thousands of dollars, the math may surprise you.

Let's say you think of only two items per week you spent just $50.00 on, where you either lost your receipt or simply didn't get one. (You can record these items and amounts in your log if you like.) You can even go in after the fact and record purchases from earlier in the year!

Two previously unrecorded $50 purchases per week add up to an extra deduction of $5,100.00 that you wouldn't otherwise have -- which translates into tax savings of $2,000.00 or more!

This simple tip is just the tip of the iceberg -- you can find many more tax cutting and money savings!

If your current tax preparer isn't on top of all your trucking deductions, eTruckerTax and Dennis Bridges, CPA would love to help you make the most of your money.

Click here for a special tax-season offer exclusively for Getloaded members.

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eTruckerTax and Dennis Bridges, CPA are very proud to be members of the Getloaded Family -- Let us start your year off right by leaving MORE money in your pocket and LESS in Uncle Sam's!