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You don’t have to be an economics major to understand the basic principles of supply and demand. However, understanding and identifying specific freight market trends can be confusing.
During the Coronavirus pandemic, driver turnover rates have been at an all-time low as the freight market struggled. However, as we begin to see freight rates climb again, drivers will likely start to look for what they may see as ”greener pastures.” Now is the time to increase your efforts on driver retention, before the cost of owner-operator turnover becomes a significant expense for your fleet. In this article, we will take a look at the impact high turnover can have on fleets and quantify the costs a carrier faces every time an owner-operator leaves.
If your business has elected S Corporation status, the IRS requires you to take reasonable compensation in the form of a wage that will show up on a Form W-2 at year-end.
The ATBS Mobile App makes working with us even easier! With this app, you’ll be able to easily call or email your business consultant, and scan or import receipts, settlements, and other documents with just a few taps.
It's important to have the right business partners in your corner. This is especially true when trying to navigate through the PPP, a program designed to help small businesses during this unprecedented time.
In this article, we want to share some ways for you to manage your trucking business during a down freight market. Now would be the best time to start looking at your operation and identify areas where you can generate and save money. By following these tips, you can help make sure you get yourself and your trucking operation through the down times.
First and foremost, consider your health and your family’s health before deciding to run during the pandemic. If you feel unsafe or are in a high-risk health group, then it likely makes sense for you to stay home. However, in terms of trucking, this can be thought of as an extended Christmas Holiday season. If you are able and willing to run, there will be money to be made while others sit it out.
As an owner-operator, there are many ways to save money on fuel, truck maintenance, taxes, and business expenses. You can also be sure you never pay more than you have to in taxes, always have an up-to-date profit plan in place for your business, and keep an eye on your business performance each month to find ways to improve. But on top of all of this, it’s as important now than ever before that you don’t forget about your personal spending!
The deadline to pay and file your taxes has been delayed until July 15th, 2020. But if you aren't sick or directly impacted by COVID-19, you should consider filing your taxes as soon as possible. Before you do, we think it’s important to clear up some common tax myths that float around each year. These myths could end up costing you thousands of dollars if you’re not careful.