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Every year there are changes to tax laws that may go under the radar for some 1099 truck drivers. Not knowing what these changes are may cause people to miss out on significant savings when it comes time to file their taxes. That's why we wanted to provide a few pieces of advice to make sure you aren't making the same common mistakes other owner-operators are making. Are you a self-employed truck driver that needs help with your taxes? Click here! 1. The Standard Deduction increased again, make sure to take it if it’s greater than your Itemized Deduction An estimated 90% of taxpayers use the Standard Deduction. This percentage is not expected to change due to the Standard Deduction increasing to $13,850 for single taxpayers, up from $12,950, $27,700 for married couples filing jointly, up from $25,900, and $20,800 for head of household, up from $19,400. 2. The Student Loan Payment Moratorium has been lifted Beginning September 1, 2023, payment of student loans resumed. You may be able to deduct $2,500 of student loan interest paid. The deduction is subject to income limitations which have gone up for 2023. For joint filers, the deduction begins to phase out with a modified AGI of $155,000 and reduces to zero at $185,000. For single and head of household filers, the phaseout begins at $75,000 and reduces to zero at $90,000. For married filing separately filers, the deduction is not allowed. 3. You may receive Form 1099-K The 1099-K is not likely to affect the trucking business per se, but if your spouse has a business or you have a side business you may see one this year. Many platforms such as eBay, Venmo, Zelle, Etsy, PayPal to name a few, will potentially be issuing these forms. The threshold for issuing 1099-Ks has changed from $20,000 and 200 transactions in 2022 and prior years to $600 in 2023 and future years. While the 1099-K should only be issued for business transactions, given the recent change, it is possible you could get one for reimbursing your friend for concert tickets or similar transactions. This can be corrected by contacting the issuer of the 1099-K, or, if all else fails, it can be corrected on the tax return at the time of filing. 4. There's been a key change for Retirement Income For those in, or approaching, retirement, the age for taking required minimum distributions (RMDs) has increased to 73. RMDs are required for retirement plans like 401(k), 403(b), 457(b), traditional IRAs, SEP, and SIMPLE IRAs. For those who turn 73 in 2023, you must take your first RMD by April 1, 2024. The penalty for failing to take the RMD has decreased from 50% to 25%, and that penalty is decreased to 10% for timely corrections. 5. Don’t miss out on the QBI Deduction 77% of owner-operators received a QBI Deduction for 2022 because they had a net profit. If a business operates at a loss for the year, a QBI Deduction can't be claimed. The average amount of deduction received was $7,700. As an owner-operator, chances are you will qualify for this deduction, so if you didn't take this deduction last year make sure you look into it this year. 6. Don’t Wait The most important aspect of tax time is paying tax due by April 15th. For self-employed individuals, quarterly tax payments are critical to the process of paying tax in full by April 15th. Extensions can be provided for additional time to file, however, extensions are not available for deadlines to pay your taxes. Organize and send all your tax documents as early as possible to get a head start on filing. filing.

Tax season is here which means it’s time to start thinking about filing your 2023 taxes. Before you start, we’re here to make sure you’re up to date on some of the significant changes that have happened over the past year that could affect your tax return. In this article, we’re going to provide you with a list of a few things that have changed and a few things that are carrying over from the previous tax season. Are you an owner-operator that needs help with your 2023 taxes? Click here! Here’s a list of a few recent congressional acts and their tax implications affecting your 2023 taxes: The Taxpayer Certainty and Disaster Relief Act of 2020 - Ends for 2023 This act initially allowed for a 100% Per Diem deduction only if the food was purchased from a restaurant for 2021 and 2022. However, the IRS changed this rule and announced that for 2021 and 2022, all Per Diem is able to be deducted at 100% regardless of if the food was purchased from a restaurant or not. And this applies to both self-employed CDL drivers, and ride-alongs, if those ride-alongs have a business purpose. Beginning 1/1/2023 the Per Diem allowance returns to the normal 80% rate. The Inflation Reduction Act The Inflation Reduction Act was signed into law on August 16, 2022, and still applies in 2023. To the average self-employed truck driver, this act in many ways will have little to no effect on the way you conduct your business currently. However, it does provide new opportunities for tax savings and things to watch out for over the next 10 years. Climate-Related Tax Credits The Inflation Reduction Act provides roughly $369 billion in incentives for energy and climate-related programs. Many of the incentives will be seen in the form of tax credits. If a trucker or fleet has been on the fence about purchasing electric vehicles, these tax credits could push them to do so. However, does this mean you should go out and purchase an electric vehicle solely for the tax credit? Not necessarily. If you are considering a purchase of an electric tractor be sure to get all the facts first. Health Insurance and Care The Inflation Reduction Act will extend some of the subsidies brought on by the Affordable Care Act. Specifically, it extends the subsidies for health insurance premiums available through the federal marketplace or exchange. These subsidies had been set to expire in 2023 but the Inflation Reduction Act has extended these subsidies through the end of 2025. Owner-operators in need of health insurance can search the Federal Marketplace to see if they qualify for a subsidy. Be careful when applying for a subsidy to make sure your income levels qualify. Additionally, a goal of the Inflation Reduction Act is to lower some healthcare costs overall. Out-of-pocket drugs will be capped at $4,000 by 2024 and $2,000 by 2025. For our complete Inflation Reduction Act article: Click Here Bonus Depreciation Beginning in 2018, the IRS allowed your business to take an immediate first-year deduction on any asset purchased during the year. This is because any qualified property purchased and placed in service between September 27, 2017, and December 31, 2022, was able to be depreciated by 100% of the cost of the property. If the tax law doesn’t change, then starting in 2023, the bonus depreciation goes down by an additional 20% each year. This means that in 2023 depreciation will be 80%, 2024 will be 60%, 2025 will be 40%, 2026 will be 20%, and in 2027 there will be no bonus depreciation. The cost of the depreciated piece of property will be recognized as an expense and lower your taxable income. Student Loan Payment Moratorium Lifted Beginning September 1, 2023, repayment of student loans resumed. You may be able to deduct $2,500 of student loan interest paid. The deduction is subject to income limitations which have gone up for 2023. For joint filers, the deduction begins to phase out with a modified AGI of $155,000 and reduces to zero at $185,000. For single and head of household filers, the phaseout begins at $75,000 and reduces to zero at $90,000. For those married filing separately, the deduction is not allowed. Key Changes for Retirement Income For those in, or approaching, retirement, the age for taking required minimum distributions (RMDs) has increased to 73. RMDs are required for retirement plans like 401(k), 403(b), 457(b), traditional IRAs, SEP, and SIMPLE IRAs. For those who turn 73 in 2023, you must take your first RMD by April 1, 2024. The penalty for failing to take the RMD has decreased from 50% to 25%, and that penalty is decreased to 10% for timely corrections. 1099-K The 1099-K is likely not going to affect the trucking business per se, but if your spouse has a business or you have a side business you may see one this year. Many platforms such as eBay, Venmo, Zelle, Etsy, to name a few, will potentially be issuing these forms. The threshold for issuing 1099-Ks has changed from $20,000 and 200 transactions in 2022 and prior years to $600 in 2023 and future years. While the 1099-K should only be issued for business transactions, given the recent change, it is possible you could get one for reimbursing your friend for concert tickets or similar transactions. This can be corrected by contacting the issuer of the 1099-K, or, if all else fails, it can be corrected on the tax return at the time of filing. The bottom line is that being aware of these changes can potentially save you money on your taxes. Many of these changes could be temporary, so make sure you’re taking advantage of them now while they are available. If you have any questions, feel free to give us a call at (866) 920-2827 or email us at info@atbs.com. Taxes for truckers is what we do.

Looking to jumpstart your trucking business in 2024? Check out the articles that were read the most during the past year and become a more well-rounded truck driver and business owner! Seizing the Per Diem Tax Break (For Truck Drivers) Self-Driving Trucks: Are Truck Drivers out of a Job? The Best and Worst States for Outbound Freight Everything You Need to Know About Chain Laws Do You Know the Six Levels of a DOT Inspection? The Complete Guide to Taxes for Owner-Operator Truckers The Top 25 Ways for Truck Drivers to Improve Fuel Efficiency Owner-Operator Truck Driver Tax Deductions 1099 vs. W-2 Truck Drivers: What's the Difference? Five Steps to Start a Trucking Business with One Truck

Here at ATBS, we wanted to provide an update for those who may have questions about the IRS Free File pilot program. If you haven’t heard, the Internal Revenue Service is proceeding with a pilot program that will allow taxpayers to have their taxes prepared directly through the IRS website as an option along with doing an electronic file or working through a tax professional or other third-party tax preparer. Residents in select states will have the option to participate in the direct file program, which is being set up as part of the provisions of the Inflation Reduction Act, in the upcoming 2024 tax filing season. The nine states included in the pilot are states that do not have a State Income Tax, including Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. The pilot will also include four states that have a State Income Tax – Arizona, California, Massachusetts, and New York – and in those states, the direct file pilot will incorporate filing state income taxes. There is no intention for the IRS to require taxpayers to use the direct file option and if the pilot proves successful and the agency moves forward with the program, it will simply be another option for taxpayers in addition to existing avenues to file. Owner-operators and truck drivers who receive a 1099 will not be eligible for the pilot program. This is because the pilot will not cover all types of income, deductions, or credits. At this point, it’s anticipated that only specific income types, such as wages from Form W-2 and certain tax credits, like the earned income tax credit and the child tax credit, will be covered by the pilot. Some examples given by the IRS that would disqualify a taxpayer from filing through the direct file pilot would be those receiving the health care premium tax credit or those filing a Schedule C with their tax return. In future years if the agency moves forward beyond the pilot, those could be incorporated into the free file program. However, it may be difficult for the IRS to file for 1099 truck drivers because the IRS would only have gross income and no expense data. Continuing to utilize a preparer who is familiar with trucking is going to remain the best way to capitalize on deductions that help drivers save money on taxes. Participants who will be invited to use the free file program in the pilot phase will be notified this year. Those participating in the pilot program will have their own dedicated customer service representatives to help them with the filing process. Truck drivers who are employees and receive a W-2 are encouraged to participate in the program if selected. Hopefully, this helps clear up any questions or confusion you may have. If you have additional questions, please feel free to contact us.

2023 is almost over which means it’s time to make sure you have minimized your tax bill for the year. There are many things you can begin doing now to make filing your tax return as easy as possible and reduce the amount you owe. Let’s take a look at a few of the most important tax moves to make before 2023 comes to an end. Whether you’ve been an owner-operator for all of 2023 or just part of 2023, we can help you get those complicated owner-operator taxes filed. Click here! 1. Buy Assets - ONLY if you Need Them If you are in need of a new truck or piece of equipment for your business, it may be worth purchasing it before the year ends. Purchasing equipment for your business could allow you to reduce your tax liability because of the depreciation rules. The tax law allows your business to take an immediate first-year deduction on any asset purchased during the year. This is because any qualified property that was purchased and placed in service between September 27, 2017, and December 31, 2022, could have been depreciated by 100% of the cost of the property. If the tax law doesn’t change, then starting in 2023, the bonus depreciation goes down by an additional 20% each year. This means that in 2023 bonus depreciation will be 80%, 2024 will be 60%, 2025 will be 40%, 2026 will be 20%, and in 2027 there will be no bonus depreciation. The cost of the depreciated piece of property will be recognized as an expense and lower your taxable income. But, before you go out and make a big purchase in order to take advantage of the new depreciation rules, there are a few things to consider. This deduction shouldn’t motivate you to purchase things that you might want but won’t help your business make more money. A higher deduction in the present means you will likely have a lower deduction in the future. If your business is growing, this can lead to problems when your business moves into a higher tax bracket. If an asset is sold for more than its adjusted basis*, then tax law states any excess depreciation that was deducted on the prior year's returns (up to the amount of the sale price) is considered taxable income. This means if you end up selling an asset for more than its adjusted basis, tax law requires the IRS to take back the depreciation deduction and the recaptured depreciation profits will be taxed as income. 2. Calculate your Per Diem Deduction Per diem is the tax deduction that the IRS allows to substantiate ordinary and necessary business expenses paid or incurred while traveling away from home. In simpler terms, it’s a deduction for meals and incidental expenses for the days you are on the road and away from home for a period of time that requires sleep or rest to complete your job duties. This deduction was eliminated for employees also known as company drivers under the Tax Cuts and Jobs Act (TCJA) but remains a deductible business expense for self-employed individuals or owner-operators. The current rate for 2023 (last updated October 1, 2021) is $69 per full day and $51.75 per partial day. Temporarily for 2021 and 2022, the Taxpayer Certainty and Disaster Relief Act of 2020, allowed a 100% deduction on Per Diem. Starting in 2023, the deduction will go back to 80%. Taxpayers are required to keep track of their days on the road in order to claim the per diem deduction. ATBS recommends keeping a per diem calendar where you mark an “X” for full days and a “/” on partial days to keep tracking per diem simple. To prove your per diem, you will also need to provide DOT ELD logs with times, dates, and locations. To get a better understanding of Per Diem, check out our Seizing the Per Diem Tax Break article. 3. Consider Getting Taxed as an S-Corporation Consider setting your business up as an LLC and filing form 2553 to elect to be taxed as an S-Corporation. There are some advantages to filing a 1120S, as long as you net enough earnings throughout the year. ATBS recommends not making this election unless your net earnings are consistently exceeding $70,000-$75,000 per year. At that point, tax savings will be greater than the costs to set up and run the corporation. As an S-Corp, you can minimize your self-employment tax by paying yourself a reasonable salary and withdrawing additional funds as distributions. Unlike a sole proprietorship, not all income (distributed and undistributed) from an S corporation is subject to self-employment tax. The self-employment tax rate is approximately 15% on all earnings from self-employment activity. Here is an example of how you can lower your self-employment taxable income when set up as an S-corporation. If you earned $60,000 of net income over the year, and pay yourself a reasonable salary of $40,000, you only have to pay self-employment tax on the $40,000. 15% (the self-employment tax rate) of $40,000 is $6,000. This means that you are now only paying $6,000 of self-employment tax rather than $9,000 (15% of $60,000 is $9,000). Paying yourself a salary that is not considered “reasonable” may send a red flag to the IRS that could potentially trigger an audit. 4. Get Caught Up on Quarterly Tax Estimates If you have not been paying your quarterly estimated tax payments, it would be a good idea to make a larger than normal 4th quarter tax payment to try and catch up. This will help pay any existing tax liability due when you file your 2023 tax return. It will also allow you to avoid penalties for not paying enough taxes during the year. The 4th quarter estimated tax payment is due January 17th, 2024. Generally, most taxpayers will avoid a penalty for underpayment of annual tax if they owe less than $1,000 or if they’ve paid at least 90% of the tax due for the current year. However, it’s HIGHLY recommended you pay taxes every quarter. Failing to pay your quarterly estimated taxes can result in additional penalties that vary based on how much you owe. Don’t let yourself get too far behind or it will become more and more difficult to get yourself caught up. ATBS recommends setting aside 25%-30% of your weekly net income for quarterly estimated tax payments. 5. Make an Individual Retirement Account (IRA) Contribution Contributions that you make towards a traditional IRA are considered tax deductible with some restrictions. You can contribute up to $6,500 per year across all IRA’s in your name and if you are over the age of 50, you can make an additional $1,000 contribution for a total of $7,500 per year. These contributions have to be made before April 15th, 2024. Additional retirement plans you can contribute to include a simplified employee plan (SEP) or a savings incentive match plan for employees (SIMPLE). A SEP has special rules attached to it, so if you have employees, make sure you understand the contribution rules. If you are the only employee of your company, then you can contribute 25% of your net income from self-employment activity, or $66,000; whichever is less. If you are a single truck owner-operator, or your company has fewer than 10 employees, you can use a SIMPLE IRA. Your annual contributions are capped at $15,500 unless you are 50 and older when it’s increased to $19,000. Find a trusted financial advisor to help you determine which method of investing for retirement is best based on your individual income needs. Additional Tips Max Out Health Savings Account A health savings account (HSA) lets you set aside pretax income to cover health care costs that your insurance doesn't pay. You can contribute to an HSA only if you have a high-deductible health plan (HDHP) and aren't enrolled in Medicare. For 2023, the maximum contribution amounts are $3,850 for individuals and $7,750 for family coverage. If you're 55 or older, you can add up to $1,000 more as a "catch-up" contribution. HSAs have no use-it-or-lose-it provision. Any funds still in the plan at the end of the year can be rolled over indefinitely. Send Books to Accountant At the end of the year, one of the best ways to get ready for the upcoming tax season is to send your books to an accountant. This way they can begin getting everything in order early and let you know with plenty of time if they are missing any items. If you wait until later in the tax season, it could mean that your taxes may not get done before the deadline. Prepare 1099’s for Contractors The 1099-NEC form is now used to report payments made to independent contractors for services. If you paid someone who is not your employee (W-2), such as a subcontractor, $600 or more for services provided during the year, a Form 1099-NEC needs to be completed. A copy of the 1099-NEC must be provided to the independent contractor and the IRS by January 31 of the year following payment. Calculate Health Insurance Payback for Underestimating Annual Income The 2018 tax year was the last year there would be a penalty for not having health insurance. However, this doesn’t mean that federal marketplace health insurance options and plans were eliminated. When you apply for health insurance through the federal or state marketplace or exchange, you need to estimate your family income for the year. If your income is below a certain amount, you may be eligible to receive a subsidy to help you pay your monthly insurance premiums. At the end of the year, you need to calculate how much your household income actually turned out to be. If your income is above the amount you estimated, you may have to pay back some or all of the subsidized assistance you received back to the marketplace as part of your tax liability. It’s recommended that you talk to a tax professional if you need any help with any of the above items. At ATBS, we specialize in owner-operator truck driver taxes. We can walk you through each scenario above to make sure your 2023 taxes are filed correctly. Give us a call at 866-920-2827 to get started!

The ATBS Hub makes working with us even easier! The ATBS Hub features several tools for viewing and analyzing your revenue, expenses, and profitability. Sections in this Guide: How to Switch to the New Hub Download the App Log in to the ATBS Hub Contact Your ATBS Business Consultant Track Your Per Diem Days Send Documents to ATBS Track the Status of Your Documents View P&L View Profit Plan View Quarterly Tax Estimate Voucher View Your Tax Returns Logout Frequently Asked Questions Already an ATBS Client? Here’s How to Switch to the New Hub! How do I update my app? If you have not been using the ATBS mobile app, you will need to go to the Google or Apple app store and download the app. If you have been using the ATBS mobile app, it should automatically update to the newest version. Otherwise, you’ll need to manually update your app through your phone’s app manager. How do I gain access to the ATBS Hub? Your username is the email address you have on file with ATBS. All clients MUST set up a new password! You can do this by opening the UPDATED ATBS Hub mobile app or by visiting hub.atbs.com and clicking on “Forgot my Password” to reset a new password. Will the old app and portal still work? No, after launch day the old app and portal will no longer work. The ATBS Hub can be accessed by downloading the update for your app, or by visiting hub.atbs.com. Download the App The ATBS Hub App is available on the Google Play Store or the Apple App Store. Click on one of the links below to download it! Back to Top Log in to the ATBS Hub On the Hub’s login screen, enter your username and password. This will be the same on both the desktop and the mobile app. Not sure what your credentials are? Click here to reset your password. Not yet a client? Contact Us to get enrolled today! Back to Top Contact Your ATBS Business Consultant After logging in, you’ll see your Business Consultant’s name towards the bottom of the page. Tap on the phone or email button to contact your Business Consultant right away! Back to Top Track your Per Diem Days You can use the ATBS Hub to log your days away from home and keep track of your valuable Per Diem tax deduction! Tap the Menu button from the home screen in the top left corner Click on “Per Diem” from the Menu Your Per Diem Tracker can also be accessed by clicking on “Per Diem YTD Total” from the home screen Select whether you will be tracking a Full Day(s), Partial Day(s), or Clearing a Day(s) Select the Month and Year of the days you want to track Select the days you want to track. You can pick one or multiple days Click “Submit” On the “Per Diem” page, you’ll now see your estimated year-to-date deduction, how many full days and partial days you’ve tracked, and a calendar view of the specific days you’ve tracked To remove a day you previously tracked, select the “Clear” status, select the day(s) you wish to clear, and hit the “Submit” button For more information on the Per Diem Deduction, click here! Back to Top Send a Document to ATBS Select the “Upload Document” button at the bottom of the page Choose whether you will be uploading a “single-page file” like a receipt, or a “multi-page file” like a tax return Choose whether you want to use your camera to take a picture of the document(s) or upload a file you already have saved on your device Using your camera to take a picture of a document Center your document in the view and take a picture Decide whether you want to “Retake” or “Use Photo” Give your document an optional title Use the auto-crop feature to cut out any unnecessary space from your image Add a note if you’d like to provide any additional information about the document to ATBS Hit the “Submit” or “Save” button If you previously selected to upload a single page, that’s it! Your document is now on its way to ATBS! If you previously selected to upload multiple pages, you’ll have the option to Add a New Page or delete a page you previously planned to upload Uploading a file already saved on your device Locate the file you want to import on your phone Tap the document Give your document an optional title Add a note if you’d like to provide any additional information to ATBS Hit the “Submit” or “Save” button If you previously selected to upload a single page, that’s it! Your document is now on its way to ATBS! If you previously selected to upload multiple pages, you’ll have the option to Add a New Page or delete a page you previously planned to upload Back to Top Track The Status of Your Documents When you upload documents to the ATBS Hub, each document will fall into the “Received” or “Posted” category and be labeled with a status to tell you where it's at. Here is what each of those statuses means: Received Submitted Your document has been successfully uploaded to the ATBS cloud server. There is no need for you to resend your document. Working On It Your document has been received by ATBS. There is no need for you to resend your document. Still Working On It Our team is reviewing the document and will get it to the appropriate department soon. There is no need for you to resend your document. Posted All Done! All done! Your document has been posted to your P&L. Back to Top View P&L Tap the Menu button from the home screen in the top left corner Click on “Financial Performance” from the Menu and select “Profit & Loss” Your Profit & Loss can also be accessed by clicking on “YTD Revenue”, “YTD Expenses”, and “YTD Profit” from the home screen Select the year and period of time you want to view your P&L data You can toggle between viewing your P&L data in charts or tables by selecting the matching icon on the top right of your screen In the chart, the green check indicates the areas where you are performing in the top half of ATBS clients and the red exclamation point indicates the areas where you are performing in the bottom half of ATBS clients Back to Top View Profit Plan Tap the Menu button from the home screen in the top left corner Click on “Financial Performance” from the Menu and select “Profit Plan” If you have not created a Profit Plan with your Business Consultant, reach out to schedule a time to do so Back to Top View Quarterly Tax Estimate Voucher Tap the Menu button from the home screen in the top left corner Click on “Tax” from the Menu and select “Quarterly Tax Estimates” Select a year and tax quarter and click “Apply” A PDF of your tax estimate will be downloaded to your device If you need to make a payment, click on “Make IRS EFTPS Payment” to be redirected to the IRS website Back to Top View Your Tax Returns Tap the Menu button from the home screen in the top left corner Click on “Tax” from the Menu and select “Tax Returns” Select a tax return and click “Apply” A PDF of your tax return will be downloaded to your device Back to Top Logout of the App Tap the Menu button from the home screen in the top left corner. Click “Log Out” Back to Top Frequently Asked Questions How do I know if you've received my documents? Answer: Within 72 hours the status of your document should update to "Working on it". In most cases, the status will update within the hour. Can I use multiple devices? Answer: Yes! Your data (such as Per Diem) will sync between devices. How do I log Team Driver Per Diem? Answer:  We currently do not support logging separate drivers per diem, but we are looking into it. What does "Still Working" mean? Answer:  This status means we need a little additional time to process this document. I have an idea for a new feature, what's the best way to tell you? Answer: That's great! Send us an email at info@atbs.com I never got my reset password email? Answer: Please check your spam folder. If it’s not there, please contact your Business Consultant

1. Work With a Trucking Tax Professional Running a business is difficult. It’s even harder when you’re on the road driving all day. Having someone who can help you run the business side of trucking can be a big asset. Don’t work with just any accountant - work with tax professionals in the trucking industry. Learn More 2. Keep Your Accountant Updated If you’re working with a tax professional, make sure you’re keeping them updated throughout the year and not just at tax time. If there are any big career changes or personal life changes, make sure you’re letting your tax preparer know so they can plan accordingly when it comes time to file your taxes. Learn More 3. File on Time Even if you cannot pay taxes owed, filing your tax return on time is the best course of action. From the first day after the filing deadline, the IRS will assess a penalty if you fail to file your taxes on time. Learn More If you’re an owner-operator that’s tired of handling paperwork, ready for more free time, and wants to pay less in taxes, click here to get started! 4. Pay Your Taxes Quarterly If you fail to pay your quarterly estimated taxes, you will be faced with a large one-time tax payment when you file your taxes. Additionally, you may be charged a late payment penalty. Learn More 5. Start Your Taxes Early Starting your taxes early eliminates the stress of the impending tax deadline and gives you time to plan, rather than rush around the deadline. Learn More 6. Stay Organized Throughout the Year Keep track of all of your finances and documents throughout the year. This gives you the best chance of paying as little as legally possible to the IRS. It can be stressful and inefficient to try and chase down all of your tax information when it comes time to file, and it may cause you to misplace important tax information. Learn More 7. File as the Correct Type of Business Depending on the level of consistent income, it may be a tax advantage for an LLC to elect to be taxed as an S-Corporation. However, if that income level is not high enough, an LLC electing to be taxed as an S-Corporation may cost more than the savings received in taxes. Learn More 8. Get Caught up if You’re Behind It is never a good idea to avoid filing your taxes. You may think that you can sidestep these responsibilities without too much consequence, but the truth is you will be penalized. The taxes owed will not go away, and your debt to the IRS will grow every day you fail to file. Learn More 9. Take Advantage of Your Tax Deductions A tax deduction happens when you have a tax-deductible expense or an exemption. This reduces your overall taxable income. Learn More 10. Take Advantage of Your Tax Credits Tax credits work very differently than tax deductions. Tax credits will reduce your tax liability instead of reducing taxable income. Learn More 11. Accurately Track Your Per Diem Per Diem (per day) is one of your largest tax deductions as an owner-operator, but what is it exactly? In its simplest terms, the Per Diem deduction is a tax deduction that the IRS allows to substantiate ordinary, and necessary, business meal and incidental expenses paid, or incurred while traveling away from home. Learn More 12. Choose the Correct Tax Filing Status As a married taxpayer, you have two choices: Married Filing Jointly and Married Filing Separately. Generally, Married Filing Jointly will work out better for a taxpayer, but not always. Learn More 13. Keep a Tax Calendar As a self-employed truck driver, there are many tax deadlines you have to be aware of, aside from just the tax filing deadline. Make sure you’re keeping a tax calendar so you’re filing your taxes and making your quarterly estimated tax payments on time. Learn More 14. Maintain Good Bookkeeping Habits Bookkeeping allows you to understand your business and keep track of your revenue and expenses all year. This reduces the chance of errors during tax season since you won’t be scrambling to do your bookkeeping all at once. This way, you can also find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. Learn More 15. Keep Up With Tax Law Changes Make sure you’re staying up to date on the significant changes that happened over the year that could affect your tax return. You could miss out on tax savings or make a mistake on your return if you aren’t paying attention. Learn More 16. Keep Your Documents It is recommended to keep your tax documents for at least seven years. This includes any receipts, forms, and statements related to income, deductions, and credits. If the IRS conducts an audit and you don't have documentation to back up your tax claims, it can be extremely difficult to prove that the agency made a mistake. Learn More 17. Amend Your Taxes if Needed You should file an amended tax return to correct errors or make changes to your original tax return. For example, you should amend to change your filing status or to correct your income, deductions, or credits. Learn More 18. Contribute to Your Retirement Funds Contributions that you make towards a traditional IRA are considered tax deductible. You can contribute up to $6,000 per year across all IRAs in your name and if you are over the age of 50, you can make an additional $1,000 contribution for a total of $7,000 per year. Learn More 19. Extend Your Due Date if Needed Filing an extension is a great option to avoid penalties and late fees. It’s important to remember that just because you file a six-month extension, doesn’t mean you have an extension on paying any taxes that you owe. Learn More 20. Know Whether to Itemize or Take the Standard Deduction Although it’s rare, when your itemized deductions exceed the standard deduction, it may be beneficial to itemize your tax deductions. This could include expenses such as mortgage interest, charitable contributions, and state and local taxes. Learn More 21. Understand Depreciation and Section 179 Section 179 doesn’t increase the total amount you can deduct, but it does allow you to get your entire depreciation deduction in one year, rather than taking it a little at a time over the term of an asset’s useful life. Learn More 22. Properly Calculate the Child Tax Credit One of the most important tax credits for parents is the child tax credit. Starting with tax year 2018, the child tax credit will give parents a $2,000 tax credit for each child dependent. Learn More 23. Ask Questions As an owner-operator, you have mastered the art of driving a truck. However, you may not be an expert on filing taxes, and that’s OK! Don’t be afraid to reach out and ask questions to trucking industry tax professionals on things that you are unsure about. Learn More 24. Don’t Believe Myths There are many tax myths you might hear on the radio or while at the truck stop. If it sounds too good to be true, it probably is. Make sure you are working with a trusted tax professional who will be able to clear up any confusion you might have on things you hear while out on the road. Learn More 25. Keep Taxes in Mind Throughout the Year The best way to file your taxes on time and save money is to keep taxes in mind throughout the year. The best way to do this is by working with a tax professional like ATBS. At ATBS we work with you throughout the entire year, not just at tax time. If you dread paperwork, let ATBS handle it for you with just the touch of a button via the ATBS Hub! Once you send off your receipt or settlement statement, you no longer have to worry about it. We will then take the financial documents you send via the ATBS Hub and organize them. Then when it comes time to file your taxes, we will have everything we need to do it quickly and easily. Because of this, ATBS finds missing deductions for over 90% of their clients! If you’re an owner-operator that’s tired of handling paperwork, ready for more free time, and wants to pay less in taxes, click here to get started!

Motor Carrier Authority refers to the legal permission granted by the Federal Motor Carrier Safety Administration (FMCSA) to operate as a motor carrier or trucking company in the United States. This authority is necessary for any company or individual planning to transport goods or passengers using commercial motor vehicles across state lines. The process of obtaining motor carrier authority involves completing an application, paying the appropriate fees, and complying with various federal and state regulations. This includes but is not limited to, obtaining a USDOT number, securing insurance, appointing a process agent, and implementing an alcohol testing program. Additionally, motor carriers must undergo compliance reviews and may be subject to safety audits to ensure they are operating safely and in compliance with federal regulations. Having motor carrier authority and receiving an MC number is crucial for companies in the trucking industry as it allows them to legally operate and provide their services to customers. Have questions about getting your own authority? Click here! Who needs MC trucking authority? The entities that require MC trucking authority include motor carriers and freight brokers who transport freight across state lines. Carriers, in this context, refer to companies or individuals that transport goods or passengers for hire using commercial motor vehicles. These carriers must obtain MC trucking authority before operating as common carriers, which means they transport goods for the general public. Freight brokers, often referred to as intermediaries, connect shippers with carriers. They do not personally transport goods, but they help arrange transportation services. Freight brokers must obtain MC trucking authority to engage in this activity. Who does not need MC authority? There are certain circumstances in which carriers or freight brokers are exempt from obtaining MC authority. One such exemption applies to intrastate carriers who exclusively operate within the borders of their own state and do not engage in any interstate transportation. These carriers do not require MC authority as they are solely focused on serving the transportation needs within their state. Another exemption applies to private fleets. These fleets are owned and operated by businesses exclusively for their own goods transportation needs. Since private fleets do not transport goods for the general public, they are not required to obtain MC authority. There are also specific situations where MC authority is not required for carriers. For instance, carriers transporting non-regulated cargo, such as certain exempt commodities, may not need MC authority. Additionally, carriers operating exclusively within a designated commercial zone may be exempt from obtaining MC authority. Is the MC Number and USDOT Number the Same? The MC Number and USDOT Number are not the same, although they are both important for carriers operating in the trucking industry. The USDOT Number is a unique identifier assigned by the Federal Motor Carrier Safety Administration (FMCSA). It is required for all commercial vehicles involved in interstate or intrastate commerce, regardless of the type or size of the vehicle. This number helps track a carrier's safety record and compliance with federal regulations. On the other hand, the MC Number is specific only to carriers involved in interstate operations. Also, brokers require an MC number but do not need a USDOT number. While both the MC Number and USDOT Number serve as identifiers for trucking companies, they aren’t both required for all commercial vehicles. MC Authority Application Process The application process for obtaining operating authority in the motor carrier industry can be a complex and time-consuming task. The entire process can take anywhere from 20 to 60 business days, depending on the specific circumstances. Applying for motor carrier authority requires meeting certain requirements and submitting the necessary documents and fees. To ensure a smooth application process, it is important to follow these steps diligently. Step 1: Create a Business Entity To apply for your MC authority, the FMCSA will consider your cargo type, company type, and more. This is why the first step is to obtain your Employer Identification Number (EIN) from the IRS and establish yourself as an official business entity. Carriers and brokers must also be approved for liability and cargo insurance coverage. This is crucial because, without coverage, you cannot proceed with the FMCSA registration process. Step 2: Apply for Your USDOT and MC Number The Unified Registration System is used to apply for your USDOT and MC Number, replacing several older forms and creating a single online registration system. To obtain your DOT number, proceed to the Unified Registration System portal and follow the instructions. You cannot proceed with your MC authority application until you’ve obtained your DOT number. Once you've obtained your DOT number, you can start your MC authority application. Gather your truck information, including VIN, year, weight, etc., incorporation details, and license plates (if applicable). Keep in mind there is a $300 non-refundable filing fee. Step 3: File BOC-3 Paperwork BOC-3 stands for Blanket of Coverage and is a legal document that designates a process agent in each state where a trucking company operates. This process agent acts as the company's representative for important legal matters and is responsible for accepting legal and court documents on behalf of the company. To file BOC-3 paperwork, you will need to provide the necessary information about your designated process agent, including their name, contact information, and the states where they will be operating on your behalf. It is important to ensure that the process agent is willing and able to fulfill these responsibilities. Step 4: File Your Universal Carrier Registration (UCR) Permit The UCR permit serves as a verification of active insurance coverage. It ensures that your operating authority is up-to-date and valid in the states you operate in. Your MC number and DOT number are required for this step. Luckily you should have already secured liability and cargo insurance by this point in the process. However, this is still an important part of the process. Step 5: Paying the Heavy Vehicle Use Tax (HVUT) HVUT is an annual tax assessed on all heavy vehicles operating on public highways. This tax is essential for maintaining compliance with federal regulations and ensuring the smooth functioning of the trucking industry. To pay HVUT, you will need to file Form 2290, also known as the Heavy Highway Vehicle Use Tax Return, with the IRS. This form requires you to provide information about your vehicles, such as the VIN (Vehicle Identification Number) and gross weight. The HVUT payment is based on the weight of your vehicle, what cargo you hauled, and how far you hauled it. The funds collected through HVUT are used for various transportation-related purposes, including the maintenance and construction of highways. Remember, paying HVUT is a vital step in maintaining your motor carrier authority and ensuring compliance with federal tax regulations. Also, you cannot register for IRP (International Registration Plan) until you have submitted your form 2290. Step 6: Register for an International Registration Plan (IRP) Carriers must register for an International Registration Plan (IRP), which is an agreement among 48 states and Canada. This allows carriers to register their vehicles in one location and pay apportioned license fees to operate in other jurisdictions. The fees vary based on the amount of time operated in each jurisdiction and can range from $1,500 to $2,000 per vehicle. By registering for IRP and obtaining apportioned plates, your trucking company will have the necessary authorization to operate across multiple jurisdictions. This streamlines the process and ensures compliance with regulations in each state. Step 7: Set Up an International Fuel Tax Agreement (IFTA) Account IFTA is a similar agreement between 48 states and Canada for collecting taxes on fuel use. Quarterly returns must be filed in your home state to remain compliant with IFTA. Other states may require additional permits in addition to an IFTA license. To be certain all regulations are being met, familiarize yourself with the rules of any state you will do business in. Step 8: Enroll in a FMCSA Drug and Alcohol Testing Program Once you have your MC authority, DOT number, and permits, you need to complete one more step. The FMCSA mandates all CDL drivers in your organization to join a drug and alcohol testing program. The FMCSA and USDOT have set rules for testing, substances, and frequency. The FMCSA provides instructions on staying compliant with their drug and alcohol testing requirements. Ready to Set Up Your MC Authority? In conclusion, obtaining MC trucking authority is vital for motor carriers and brokers in the transportation industry. This authority signifies compliance with federal regulations and ensures the safety and integrity of operations. It is important to note that maintaining active operating authority and adhering to federal regulations is essential for remaining in business. If you have additional questions about getting your own operating authority or need help with the process, click here!

Part of the benefit, and let’s face it, “fun” of owning your own rig, is having the option to really make it your own. I’ve always loved chrome, but my 2016 Freightliner Cascadia Evolution didn’t come equipped with a lot of extras. I bought it through a lease purchase program, and it is a base model truck without any bells or whistles. I’m a “glass is half full” type of person, so I simply see my rig as a blank canvas waiting to be transformed, and I’m excited and ready to get to work on customizing her to my liking! I decided to try out an 18” drop visor from Raney’s Truck Parts. The visor was priced at $587.95 (not including tax and shipping). There are options for an LED light kit and bezels. I selected the amber lens LEDs and the chrome-visored bezels as a matter of preference. The visor showed up via FedEx rather quickly, so it was just a matter of getting by the house to do the installation. Normally, when my husband (co-driver) and I work on anything that requires assembly, I prepare for hours of frustration and it seems almost inevitable that there will be missing parts. We were pleasantly surprised, however, that every part was present and accounted for with the visor kit. The tools that were required for assembly were minimal, as well. We used a pair of pliers, a 3/8 wrench, a 7/16 wrench, and a .5” drill bit to create the necessary pilot holes. In order to install the visor, the five original amber marking lights had to be removed from the front of the truck. The kit included four brackets that were installed where those marking lights were. We simply removed the lights and their fasteners by using a pliers and bit of brute force, then installed the new fasteners in the original holes. The fifth (middle) hole that was left from removing the original light, was where the wiring for the replacement LEDs would be run, and a cover plate was included with the kit, which we installed and used a clear silicone to seal (not included in the kit). After installing the brackets, we affixed the visor (which came in two pieces) and drilled pilot holes to attach the sides that wrap around to the fiberglass located above the driver and passenger doors. We found that some force had to be applied to ensure that there was no play in the visor, especially to keep it still when subjected to the force of the winds while driving. The optional LED lights were easy to install: first, a rubber grommet was inserted into each of the pre-fabricated holes in the visor (10 in all), then the lights were easily placed into each and the wiring was added by snapping it into each light from behind, then plugged into the original wiring harness. We used duct tape to hold the original wiring harness in place during the assembly process, to ensure it wouldn’t accidentally slip down into the hole and create a time-consuming problem. The installation process, with one of us doing most of the work and the other (ahem, yours truly) handing tools and parts to the more mechanically and technically inclined of this driving team, went fairly quickly. It took about three hours in total. We are really pleased with the result. The visor itself looks great, and it is also wonderful for blocking that early morning or late afternoon sun. We did have to move our dash camera and re-mount it elsewhere, but I have to say it was all well worth the time and effort! It functions well and looks great. On a scale of zero to ten, with zero being that I would not at all recommend this product, I would have to give it a solid 7. I deducted some points for the lack of documentation that came with the kit (we pretty much had to intuit the assembly) and the fact that it did not come with a sealant, which I believe is very necessary to seal up the gaps in the places that the original lights were removed, lest rain or truck wash end up inside your cab. All in all, it’s a really nice addition to my truck, and I was pleased with how well the LEDs illuminate, also!

A lot has happened in the world of self-driving trucks. More companies have emerged, technologies are being tested, laws are being considered, and the date for when it will be normal to see automated trucks on the road is getting closer and closer. Many in the industry are excited about this technology because it will help improve productivity, fuel efficiency, costs, and traffic on the highways. With the trucking industry continuing to move forward, the main thing on truck drivers’ minds is the security of their jobs. Let’s take a closer look at self-driving trucks quickly becoming a reality. Who are the Major Players? As the tech world grows, many companies continue to invest a lot of time and money in this field. Here are a few of the most notable companies making the biggest strides towards perfecting this technology. Daimler Daimler is one of the first companies to enter the field. Daimler, the parent company of Mercedes-Benz and Freightliner Trucks, has been testing their automated truck since 2014. Daimler focuses on a combination of things including truck platooning and having a driver for safety while exiting the highway. Recently, Daimler partnered with Torc Robotics and Waymo, and they plan on bringing highly automated trucks to series production within the decade. In the latest news, they plan to implement a fleet of SAE Level 4 autonomous test trucks for long-haul applications in England, and should have on-road testing very soon. TuSimple TuSimple is a company based in Beijing, China, and San Diego, California that operates self-driving trucks out of Tuscon, Arizona, and has over 200,000 autonomous miles of paid freight haulage. The trucks are based on camera technology rather than laser-based radar, which is what most automated trucks and cars use. The company claims that this is more efficient in detecting things on the freeway, and it is cheaper than radar technology. On December 22, 2021, TuSimple made history by becoming the world’s first to operate a fully autonomous semi-truck on open, public roads without a human on board, while naturally interacting with other motorists. However, in this current phase of development, TuSimple still requires a Class A licensed driver in the vehicle at all times known as a “driver supervisor," along with a safety engineer in the passenger seat while operating autonomously. Waymo Waymo is a subsidiary of Google’s parent company, Alphabet. Waymo has been testing its trucks for more than a year in California and Arizona. In March 2018, they launched trucks in Atlanta to deliver freight to different Google data centers. Each truck is equipped with a radar system to navigate the roads and a human driver in case of an emergency. In June 2022, Waymo announced a partnership with Uber Freight. Carriers that purchase trucks equipped with the Waymo Driver in the future will be able to opt into Uber Freight’s marketplace through user-friendly applications letting them seamlessly deploy their autonomous assets on the Uber Freight network. As of July 2023, Waymo has decided to “push back the timeline on their commercial and operational efforts on trucking and focus on ride-hailing,” however, they will continue to collaborate with Daimler to advance the technical development of an autonomous truck platform. Tesla Tesla first released its truck in November of 2017. They planned to have trucks begin to deliver in 2019. Tesla’s trucks will focus on autopilot self-driving software similar to their cars. Tesla’s autopilot is a semi-autonomous system where the acceleration, braking, and steering are controlled by a computer, with a human still at the wheel at all times. Tesla’s goal is to launch a platooning feature where automated trucks follow a single lead truck that is controlled by a driver. As of August 2023, Tesla has only delivered a limited number of its electric semi-trucks, and most of them are believed to be in operation in Pepsico’s fleet, however, no comments have been made on whether the autonomous functionalities are enabled, or being used, at this time. Volvo As of June 2023, Volvo opened up an office in Forth Worth, Texas to oversee its autonomous commercial truck hub-to-hub project. Their corridors will run from Dallas/Fort Worth to El Paso, Texas, and from Dallas to Houston. With their hub-to-hub model, autonomous trucks take on the highway portion of the driving, operating all hours of the day and night between transfer hubs, but human drivers take over to complete local operations. Understanding the Levels of Driving Automation Not all autonomous trucks are made the same. With so much news surrounding autonomous trucks, understanding what each level of autonomy means can be confusing, so we’ve listed what each level means, according to SAE International (Society of Automotive Engineers). They’ve described the different levels as follows: Level 0: No Driving Automation Level 1: Driver Assistance Level 2: Partial Driving Automation Level 3: Conditional Driving Automation Level 4: High Driving Automation Level 5: Full Driving Automation They’ve also provided the chart below that goes into further detail: What are the Problems with Self-Driving Trucks? Despite all of the money and research going into this technology, there are still questions and concerns that need to be answered regarding the safety of this technology. Google has been testing its self-driving cars since 2011 and has racked up millions of miles. During this time, there have been a minimal number of crashes, with very few of those being the fault of the car. This news is encouraging, but a self-driving truck is not the same as a self-driving car. Trucks are much larger and cannot maneuver around a potential accident the way a car can. It takes a truck a lot longer to come to a complete stop when braking, and there isn’t a lot of room to avoid cars or people on the side of the road. There are also potential problems with the sensor being on top of a truck’s cab. The sensors will consist of a combination of both radars and cameras that will be used to help navigate and control the truck. If the sensor is on top of the cab of the truck, it has the potential to be blinded by the sun, have problems distinguishing between cars and large signs, and become impaired by inclement weather. Ultimately, all of this could lead to problems for trucks in city settings where there are constant stops, turns, and tight spaces. How Close is This to Happening? According to The Fast Mode: “...autonomous trucks will become available in four separate phases, differentiated by how much autonomy the truck has. Phase One: will involve a technique called platooning, in which a fleet of trucks will follow a lead truck on the highway Phase Two: technology will have developed enough to have a human driver in only the lead truck while a convoy of autonomous trucks follows closely behind. Expected by 2025. Phase Three: the lead trucks are completely autonomous on the highway. However, a human driver will still likely be needed in the lead truck for navigating small roads and loading docks. Expected around 2030. Phase Four: completely driverless autonomous trucks are on the roads at scale. Optimistic estimates say it will come sometime in the early 2030s, while the more conservative ones say it will take until the end of that decade.” With all of the successful tests being completed by multiple companies, the world appears to be more confident about driving on roads where vehicles are being driven by technology. There are still kinks in the technology that need to be worked out and laws put in place, but with the way things are trending, we will likely see self-driving trucks fully functioning by the next decade. What Do People in the Trucking Industry Think? According to Transport Topics: American Trucking Associations President Chris Spear said he doesn’t view the ongoing advancement of autonomous trucking as a threat to drivers, since economic factors will ensure demand for drivers for years to come. “Right now, one in 16 jobs in the United States is trucking related. The top job in 29 states is being a truck driver…I don’t look at this as a threat,” Spear said. “I look at this as how innovation could actually help alleviate some of the pressure that we’re feeling on the supply chain, and on the industry to meet our customers’ demands.” According to NACFE,“…the deployment of autonomous trucks is going to occur at a slow, incremental pace in highly selective applications in carefully designated geographic regions. In all likelihood, the first large-scale deployments of long-haul autonomous deliveries will be in the American Southwest running routes from, say, Phoenix to Dallas.” Are Truck Drivers out of a Job? No, not all truck drivers are going to lose their jobs. As automated trucks are utilized more often, more people will be needed in those trucks. All of the companies mentioned above are testing their trucks with the full intention of having a driver in the cab at all times. There are too many things that can potentially go wrong for there to not be a human in the truck when it’s operating on the road. However, this doesn’t mean that trucking jobs aren’t going to change. The major change is that drivers will not be expected to do as much manual driving, which could be seen as a benefit. Think of the job of a truck driver slowly looking more and more similar to the job of an airplane pilot. The truck will be able to drive on its own, but the population will feel a lot safer knowing somebody is behind the wheel just in case. If you’re a truck driver worried about your job being lost to an autonomous truck, we hope this update puts your mind at ease and makes you at least a little bit excited about the future of the trucking industry. Truck drivers will continue to be extremely important in the industry, even if there are self-driving trucks on the freeways. Sources: https://statescoop.com/4-autonomous-freight-companies-are-competing-on-the-road-right-now https://www.ai4beginners.com/top-self-driving-truck-companies/

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! If you are currently working with ATBS, you know that we can help you with all of these things! But on top of all of this, it’s important that you don’t forget about your personal spending! We wanted to give you a few tips on what you can do today, right now, to try and save money. With any kind of change, little steps are what lead to big results. We hope some of these ideas will help you shore up your finances. Here are some of the quickest ways for truckers to cut personal spending: Have a Budget or Spending Plan in Place Building a Budget (or, “Spending Plan”) is the single most important action you can take to weather any financial storm. It’s extremely difficult to take control of your money tomorrow if you don’t know where it’s going today. Consider this plan your roadmap, and it’s going to help you reach your destination of being financially secure during hard times! During times of financial crisis, narrowing your spending focus to the absolute essentials can help you prioritize. Dave Ramsey talks about focusing on your “Four Walls” when this happens: Food Utilities Shelter Transportation Once you nail down those key areas, focus on budgeting for the near-term right now. The economy goes through cycles of being up and down. So when times are bad, focus on keeping your head above water until it turns around! Stay Healthy Serious illness has the potential to be a double-edged sword: If you can’t work then you can’t earn money, and if you couple less money coming in with large medical bills going out, your financial situation can degrade very quickly. Do everything you can to keep your health your top priority on the road! There’s nothing easy about doing this while driving in your truck, but there are ways to do so, and there are many great resources available to help you manage. Dust Off Your Negotiation Skills Debt and obligations take up a large chunk of the average American family’s monthly income. You should be doing everything you can to find out what you can do to save money on those obligations. Make a list of all your debts including mortgage, car loans, student loans, personal loans, medical bills, credit card debt, etc, Then, dust off those negotiation skills and call everyone you owe money to each month and ask about the options you have regarding your monthly payments. Review Your Personal Car Insurance Do you have any cars or vehicles that you aren’t using back home? Talk to an insurance agent about your coverage options! It doesn’t make sense to pay insurance on a car you aren’t driving. If you aren’t going to use a vehicle at all, consider dropping or suspending coverage entirely. For vehicles you still need to use: Drive whichever vehicles have the best fuel mileage Consider moving to liability-only coverage for vehicles that are completely paid off Consider increasing your deductible on other vehicles that require full/comprehensive coverage This is obviously specific to your financial situation, so be sure to speak with an insurance agent prior to making any changes so you are still properly insured as needed! Review Your Other Recurring Service Subscriptions Let’s review some common services folks pay for each month that you should review to see if you can find more affordable options: Cell Phone/Internet Did you know most major carriers offer discounted services that use the same towers as the major provider? Look into a few of these: Verizon: Visible, Total Wireless, Xfinity Mobile AT&T: Cricket Wireless, h2o Wireless, Consumer Cellular T-Mobile: Metro by T-Mobile, Mint Mobile, Republic Wireless Sprint: Boost Mobile, Tello Mobile, Twigby Cable/Live TV First, decide if you really need Live TV! If you do, there are a ton of affordable options out there that could potentially save you some money each month - here are just a few: Sling TV YouTube TV Hulu + Live TV AT&T TV Now Philo All of these options range from $20 - $65/month (as of the original article published date), which is considerably cheaper than most, if not all, major cable subscriptions today. Streaming Subscriptions Want to replace Live TV with a subscription service? Netflix, Hulu, Amazon, Disney+ (the list goes on & on) are all different companies offering streaming services these days. Take an honest and critical look at these services to figure out which ones you really want - if any - and cut the rest! Keep in mind that Netflix alone has (by some estimates) over 34,000 hours worth of content available to stream. Consider that before purchasing multiple services to get access to “more content!” Those monthly fees for each service can add up quickly, even if they’re each a small dollar amount. Music Subscriptions Do you really need to pay money to buy each song or album you want to listen to in the future? How about paying money each month to listen to your music without ads? If not, Pandora, Spotify, iHeartRadio, and many others offer you all the music/podcasts you need to get through the day at $0.00 to you! You just need to sit through a few advertisements every now & then, and everything you could ever want to listen to is at your fingertips! Home Energy Bills Energy bills don’t typically come to mind as something we can cut expenses on, since they’re not really “discretionary” because we have no choice but to pay them. However, there are plenty of ways to make sure you are running a tight ship at home to make sure you aren’t paying more than you have to! Update your light bulbs to CFL or LED to save on energy consumption. They may cost more up front, but they last longer & use far less electricity, so they pay for themselves in the long run! Keep an eye on the thermostat! Chilly? Put on a sweater! Too hot? Open the windows! Do what you can to regulate your body temperature without breaking the bank to do it. Consider lowering the temperature on your hot water heater. The Department of Energy recommends keeping your temperature at 120 degrees, but most default settings are 140+ degrees. Take a look and make sure you aren’t wasting money on keeping that water hotter than it needs to be! Unplug unused electronics. “Phantom” or “Vampire” charges are small electrical currents that stay connected to the item when it’s plugged in but not in use, which is a totally unnecessary waste of money, and is easily saved by unplugging devices that aren’t being used! Turn the lights off & any electronics when you leave a room/space that you aren’t using - simple, but a big one to remember! Seal off air leaks. Check the doors and windows to see if you can find any areas you can seal off to keep that thermostat steady! Reduce expenses on the rest of your personal spending Cut out the Vices (Smoking, Drinking, etc.) There are plenty of ways to manage stress, have fun, and keep a positive outlook on life without spending money on those items - just do it! Groceries Make a list before you go! Studies say up to 70% of impulse purchases happen when shopping for groceries takes place when you don’t have a defined list to work off of. Also, use coupon/rebate apps to cut down on costs and/or earn cashback! Ibotta, Checkout 51, Paribus, etc. are all free and all are easy to use! Online Purchases If you DON’T NEED it, DON’T BUY it! However, if you really want to purchase an item, wait 24-48 hours after you put that item in your online shopping cart. Many times online retailers will email you rebates/discounts as items sit in your cart. Not only will this potentially save you money, but you may decide you don’t really NEED that item in the first place after the initial excitement of purchasing it wears off! Preventative Maintenance (for your personal life!) You’re already a pro at preventative maintenance on your truck, why not take the same disciplined approach for the rest of the belongings in your life? Take care of your home, your vehicles, and your appliances! Build time into your schedule to take care of your things, so that you don’t have to spend money to fix them or you don’t have to take additional time off to fix them. Finally, consider decluttering your home by selling or donating There are many online marketplaces where you can sell your items. And, there are many people/families who are in need of a lot of items. If you’d like to give back, folks would be extremely grateful for your kindness! This list is full of ideas, but it doesn’t include all the ideas out there! Do your research, ask around for advice, and we’re sure there are plenty of other ways to reel in your finances! We hope this list will help you make some purposeful decisions regarding your expenses. Our goal at ATBS is to always provide you with as much help and guidance as we can, and hopefully, this will help you prioritize your spending. Thank you to all truckers for keeping the world moving forward!

Writing up your trucking business plan is one of the first things you need to do when you start a trucking company. Your plan will allow you to clearly define your trucking business and give you some direction before you get out on the road. Your plan should include your goals, define how your company will be different, explain how you will grow, how you are going to acquire clients, and a financial plan that shows how you are going to make money. This business plan will be a fluid document and should be updated every year or so. Steps to consider prior to creating a business plan for a trucking company Before you start writing a business plan for your trucking company, there are several important steps you need to take. These steps will help ensure that you’re officially registered, and in compliance, with trucking industry regulations. First, you'll need to register your trucking company as a business with the appropriate state and local authorities. This typically involves filing the necessary paperwork and paying any required fees. Not sure what business structure you should be? Click here to learn about the different options. Next, you'll need to obtain an Employer Identification Number (EIN) from the IRS. This number is used for tax purposes and is also required when applying for certain licenses and permits. In addition to the EIN, you'll need to obtain a USDOT number. This number is issued by the Department of Transportation and is required for any commercial motor vehicle that transports cargo or passengers across state lines. You'll also need to apply for a Motor Carrier number from the Federal Motor Carrier Safety Administration. This number is necessary if your company operates as a for-hire carrier and requires you to comply with FMCSA regulations. Another important step is filing a BOC-3, or a Designation of Process Agent form. This form designates a person or company to receive legal documents on behalf of your trucking company. Additionally, it's crucial to obtain truck insurance that meets the minimum requirements set by your state and the FMCSA. This will protect you, your drivers, and your client's cargo in the event of an accident or damage. Other steps to consider include setting up an International Registration Plan and International Fuel Tax Agreement, which allow your company to operate across state borders and file fuel taxes accordingly. Lastly, you'll need to obtain a Unified Carrier Registration, which is an annual fee paid to the UCR program. By completing these steps, you'll ensure that your company is legally registered and operating in compliance with industry regulations. This will not only give you peace of mind but will also help attract potential customers. Essential information for creating your trucking business plan When creating a trucking business plan, it is crucial to gather all the necessary information to ensure its success. Here is a list of key details that need to be considered: Determine assets and liabilities: Assess your financial situation, including the availability of trucks, finances, and other resources. Understand spot market vs. contract market rates: Differentiate between the two types of pricing models to develop a clear revenue strategy for your trucking business. Research going rates in freight lanes: Analyze the current rates in the specific freight lanes you plan to operate in to accurately determine your pricing strategies. Calculate operating costs and cash flow: Conduct a comprehensive analysis of all expenses, such as fuel, maintenance, insurance, and permits, to determine the company's financial viability. Know where to find loads: Research and identify reliable load boards or freight brokers to ensure a consistent stream of work for your trucking business. By obtaining this information, you can lay a solid foundation for your trucking business plan. Success in the trucking industry requires a thorough understanding of assets, liabilities, market rates, operating costs, and load availability. A well-informed and comprehensive plan will increase your chances of attracting potential clients, securing loans, and ultimately thriving against your competitors in the trucking industry. What to include in a trucking company business plan When starting a trucking company, having a solid plan is essential for success. A trucking company business plan outlines the strategy and goals of the business, as well as the targeted market and potential customers. It serves as a roadmap for the company's operations and provides crucial information for potential customers or lenders. In order to create an effective business plan, there are several key components that should be covered. This includes a company description, market analysis, operational plan, financial plan, and marketing strategies. Additionally, details about the management team, target market, types of freight, and potential competitors should also be considered. By including all of these essential elements, a trucking business can set itself up for success against its competitors. Executive summary This is a summary of your company and your personal reasons for starting a trucking company. It is important to highlight your unique qualities and make a positive impression. It is recommended to seek assistance from an editor to refine your executive summary. It is advised to write this section last for optimal results. Company Description Your plan should start with a general description of your company. Begin with the background of the business and how it got started. It should also include the overall mission statement of the company and some of the key facts. The overall mission of the company should go into what you plan on delivering and how you are going to differentiate yourself from the competition. Key facts could include when the company was founded, the number of employees on the team, what states you plan on operating in, and any other facts you feel are important about the company. Services Within the services section of your trucking business plan, explain what materials you plan on hauling and what industries you plan on operating in. You should also go into detail about how the service you provide will be beneficial to the clients in the locations you are operating in. This will help justify why you will be successful and why your services will be in demand. Market Analysis In the market analysis, you should portray how well you know the industry. It should give insight into where the industry is going and how you will capitalize on the changes. In addition to the industry outlook, your market analysis should include your target market, the characteristics of the market, the market's size, and how much of the market you want to capture. Thinking about these things will take time but will help you set goals you'd like to accomplish. Management and personnel If you plan to have staff or additional office help, your business plan should include details on your approach to hiring people. This should encompass your hiring process and how you will onboard new employees. Owner-operators will need to adhere to the compliance standards set by the shippers and brokers they collaborate with. It is important to familiarize yourself with basic industry standards, regulatory compliance, and safety records. Hiring skilled drivers with strong performance records will greatly contribute to the growth of your business, allowing for expansion into additional freight lanes. It is essential to have a retention plan in place due to the highly competitive market and high demand for qualified drivers. If you find that managing people and paperwork is not your strength, it may be worth considering hiring additional personnel or a trucking business service partner to assist with running your business. Sales and Marketing Knowing what part of the market you want to capture is only half the story. You need to figure out how you're going to get the word out about your company. Specifically, what channels you will utilize to market your business and where you want to promote your business will be important for not just acquiring customers but keeping them long-term. Through your marketing tactics, you will be able to build up a pipeline of potential clients. However, it is not likely that all your contacts will reach out to you first. You will need to come up with a plan for how you're going to engage those people who know about your company but aren't yet convinced they need your services. This part of the trucking business plan will be crucial for the success of your company. It is easy to describe your business and what type of customers you want to serve but actually coming up with a strategy to acquire those potential customers will take time and effort. Financial Projections Within your financial projections, you will prove how your company will be able to stay in business and meet its goals. You should provide basic statements like profit & loss, cash flow, and a balance sheet. You will also need a sales forecast for the next three to five years. Making financial projections might be difficult for those who are not experts in finance and who have never prepared information like this before. If you need assistance with your financial projections, give ATBS a call at 866-920-2827. We have been in the industry for over 25 years helping owner-operators keep track of their finances. Finishing your trucking business plan A trucking business plan may be time-consuming and seen as an obstacle getting in the way of getting out on the road. However, your plan will allow you to think about the big picture of your company and it will help you realize what it will take to be successful. You might also discover things that could stand in your way. Not all business plans need to look exactly like this and there are plenty of sources online to help you get started. Don't skip out on this important step in starting your trucking business!