January 29, 2018
How To Use Your Tax Refund To Start Your Trucking Company [Updated 2020]
Once you’ve gone through the hassle of filing your taxes, you may be eligible for a tax refund.
If you have a little bit of cash from your tax refund, why not put it to use and start your own trucking company? Using your tax refund is one way to finance your trucking company, and it’s the perfect time because it’s often money outside of your usual budget and provides the necessary cash flow for the upfront costs.
Here are the expenses you can expect to pay to start your trucking company:
Motor Carrier Authority – $499
Our new motor carrier authority package includes:
- FMCSA Filing Fee – $300
- MC Number and USDOT Number
- BOC-3 Processing Agent – FREE with Motor Carrier HQ
Intrastate DOT Number – $99 (Optional)
You only need your intrastate DOT Number if you’re planning on running one state. Check out the difference between an interstate and intrastate DOT Number to see if your trucking company may need one.
Truck – $1,000 – $2,500 per Month
The final cost of the truck can vary from anywhere between $15,000 to $175,000. You can compare costs of your truck of choice by downloading our free spreadsheet.
Trucking Insurance – $2,000-$5,000 Down Payment
The cost of insurance changes depending on insurance provider, trucker experience, miles driven, and model and year of truck. Learn more about how to get commercial truck insurance.
Unified Carrier Registration (UCR) – $130+
Motor Carrier HQ can take care of filing your UCR based on the number of trucks in your fleet.
- 0-2 trucks: $130
- 3-5 trucks: $290
Business Registration – $50 – $800
Each state has a different registration rate. If you’re looking to start an LLC in Utah, it will cost around $70.
Ready to Get Started?
As part of our podcast Haulin Assets, Chris Vernon started his own trucking company and documented all the costs. Compare his costs to how much it could actually take.
Plus, you can plug in your own numbers in our free start-up cost calculator.
If your tax refund is just that extra push you need to fund your company, what are you waiting for? Take the leap and get started! You don’t have to start your trucking company alone. Motor Carrier HQ can sort through all the paperwork to save you time and money so you can become your own boss and get on the road! Just contact our coaches to get started!
Learn More About What You Need To Start Your Trucking Company
When starting a trucking company, it can be confusing to decide what you need (or even what you don’t) to start your company. Here’s more information about each expense and why you need them to start your new business.