Search Results

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/

If you maintain your current spending and savings habits, will you have enough money to retire comfortably? As your trucking business gets established, it’s important to start working a weekly or monthly retirement savings contribution into your budget. Retirement saving is critical when you’re self-employed and ineligible for any employer-funded retirement plan. Planning for Retirement A U.S. Department of Labor study found that Social Security will replace only about 40% of pre-retirement income for the average American. Yet experts say that after you retire, you’ll need about 70% of the income you earned before retirement to maintain your lifestyle. At 70%, a trucker who earns $60,000 annually will need about $42,000 a year after he retires. When that figure is multiplied by 20 years — the average post-retirement longevity — that trucker will need about $840,000 to live comfortably. That entire amount doesn’t have to be saved in advance. Some of it would be supplemented by income from Social Security, retirement plans, or investments. Although it’s never too late to save for retirement, the sooner you begin, the better. If a 25-year-old puts $400 into a retirement fund every month until he reaches age 65, and his money grows 10% a year, he will retire with almost $2.5 million. If a 35-year-old invests the same amount each month and earns 10%, he will have a little more than $900,000 at age 65. Social Security You have a choice whether to begin receiving Social Security benefits early (age 62), at full retirement age (between 66 and 67 years old depending on the year you were born), or later. If you choose to collect Social Security benefits prior to full retirement age it may be important to understand when those benefits can be reduced. For 2023, taxpayers receiving benefits that have not yet reached full retirement age are entitled to earn up to $21,240 per year before any reduction in Social Security Benefits. If you earn more than this amount, your SSB will be reduced by $1 for every $2 you earn above the limit. However, once you reach your Full Retirement Age (FRA), you can earn as much as you want without any reduction in your Social Security benefits. As an owner-operator truck driver, this means that you can continue to work and earn income while also collecting Social Security benefits. Qualified Retirement Plans When you make investments that are not part of a retirement program, you’ll pay taxes on earnings, such as interest from a savings account or profit from a stock sale. With qualified retirement accounts, you don’t pay a penny in taxes on the earnings until you retire and begin withdrawing money. Not only are taxes delayed for many years, but by then you should be in a lower tax bracket, so you’ll pay less in taxes. In addition, most retirement plans allow you to deduct contributions from your reported income. That means if you make $40,000 and contribute $2,000 to a qualified plan, you report only $38,000 on your income tax return. Below are the most popular qualified plans for owner-operators: Traditional IRA You are allowed to contribute $6,500 a year, tax-deferred, to an IRA with a catch-up contribution limit of $1,000 for individuals aged 50 and older. As long as you’re not covered by an employer-sponsored retirement plan, IRA contributions reduce your taxable income and are tax-deferred. If you or your spouse contributes to an employer-sponsored plan such as a 401(k), only a portion of your IRA contribution is deductible. Your IRA funds cannot be withdrawn before age 59.5 — except under special circumstances — without incurring a hefty penalty. Roth IRA The differences between a traditional IRA and a Roth IRA are the terms of contributions and payout. With a Roth IRA, contributions are not deducted from income, so they are taxable for the year they’re earned. But they do accumulate tax-deferred and are tax-free when withdrawn. Simple IRA The SIMPLE (Savings Incentive Match Plan for Employees) IRA was designed for companies with fewer than 100 employees. If you employ others, you and your employees qualify. Under a SIMPLE IRA arrangement, an employee of your business can contribute to and be matched by you up to $15,500 in 2023, with a $3,500 catch-up contribution limit for those 50 and older. SEP IRA A Simplified Employee Pension plan allows an employer to contribute up to 25% of net income (up to $66,000 total) to an IRA set up for himself or his or her employees. After money is put into the plan, it must stay there until the owner turns 59.5. Early withdrawals are subject to federal income taxes and a possible 10% penalty. Individual 401(k) For years, 401(k) retirement plans, another form of tax-deferred savings, were limited to employees, often with an employer match as a savings incentive. Since 2001, however, individuals have been free to set up solo 401(k)s, which have an annual contribution limit of up to $22,500, as long as you are classified as an employee of your own business (such as in an S Corp structure) and are paying yourself a salary. If you’re self-employed, the rules are more complicated. See IRS publication 560’s rate table and worksheets for determining your contribution limits. ROTH 401(k) A newer retirement plan option is a combination of the Roth IRA and the solo 401(k) called the Roth 401(k): Money you put into it is taxed in the year you earned it, but never again. Many financial advisers believe a Roth 401(k) is the best option for an owner-operator. Assuming that taxes will go up in the long term is the safest of bets, so paying now locks in the lower rate. The more taxes you can pay while you’re younger, the better. Retirement Countdown If you want to enjoy a comfortable retirement lifestyle, you don’t need to have been born rich or even to have earned scads of money during your working years. But you do need to make the right moves at the right time – which means you might want to start a “retirement countdown” well before you draw your final settlement check. What might such a countdown look like? Here are a few ideas: Ten years before retirement At this stage of your career, you might be at, or at least near, your peak earning capacity. At the same time, your kids may have grown and left the home, and you might even have paid off your mortgage. All these factors, taken together, may mean that you can afford to “max out” on your IRA or other retirement plans. And that’s exactly what you should do, if you can, because these retirement accounts offer tax benefits and the opportunity to spread your dollars around a variety of investments. Five years before retirement Review your Social Security statement to see how much you can expect to receive each month at various ages. You can typically start collecting benefits as early as 62, but your monthly checks will be significantly larger if you wait until your “full” retirement age, which will likely be 66 (and a few months) or 67. Your payments will be bigger still if you can afford to wait until 70, at which point your benefits reach their ceiling. In any case, you’ll need to weigh several factors – your health, your family history of longevity, and your other sources of retirement income – before deciding on when to start taking Social Security. One to three years before retirement To help increase your income stream during retirement, you may want to convert some – but likely not all – of your growth-oriented investments, such as stocks and stock-based vehicles, into income-producing ones, such as bonds. Keep in mind, though, that even during your retirement years, you’ll still likely need your portfolio to provide you with some growth potential to help keep you ahead of inflation. One year before retirement Evaluate your retirement income and expenses. It’s particularly important that you assess your healthcare costs. Depending on your age at retirement, you may be eligible for Medicare, but you will likely need to pay for some supplemental coverage as well, so you will need to budget for this. Also, as you get closer to your actual retirement date, you will need to determine an appropriate withdrawal rate for your investments. How much should you take each year from your IRA, 401(k), and other retirement accounts? The answer depends on many factors: the size of these accounts, your retirement lifestyle, your projected longevity, whether you’ve started taking Social Security, whether your spouse is still working, and so on. A financial professional can help you determine an appropriate withdrawal rate. Funding Your Retirement As an independent contractor, the task of funding a retirement is entirely your responsibility so it’s important to make it a priority. Starting sooner rather than later is important because every day counts, and you will be more likely to achieve your goals. How to get started funding a retirement: Create a budget A budget allows you to see how much you make, and where all of your money is going. If you don’t have enough money, oftentimes it’s one of two possible problems: you either don’t make enough money, or you are spending too much of the money that you make. For most of us, it is the second problem that we need to fix. Reduce unnecessary spending Figure out the difference between things you “need” and things you “want”, and cut back your spending accordingly. Take leftover money for what you don’t “need”, and put it into a retirement account and/or emergency fund. There are many different ways to cut out unnecessary spending. Nobody said retirement planning was going to be easy, but the sacrifices you make now will lead to a more comfortable future. Establish an emergency fund Once you have freed up some money by cutting back on spending, you can begin your emergency fund. This amount should be enough to cover all of your bills and expenses for six months, should a situation prevent you from working and earning income. Having this money set aside will prevent you from dipping into your retirement account if an emergency occurs. Factors to Consider When you create your financial and investment strategies for retirement, what will you need to know? In other words, what factors should you consider, and how will these factors affect your investment-related decisions, before and during your retirement? Consider the following: Age at retirement Not surprisingly, your retirement date likely will be heavily influenced by your financial situation – so, if you have to keep working, that’s what you’ll do. But if you have a choice in the matter, your decision could have a big impact on your investment strategy. For example, if you want to retire early, you may need to save and invest more aggressively than you would if you plan to work well past typical retirement age. Retirement lifestyle Some people want to spend their retirement years traveling, while others simply want to stay close to home and family, pursuing quiet, inexpensive hobbies. Clearly, the lifestyle you choose will affect how much you need to accumulate before you retire and how much you will need to withdraw from your various investment accounts once you do. Second career Some people retire from one career only to begin another. If you think you’d like to have a “second act” in your working life, you might need some additional training, or you might just put your existing expertise to work as a consultant. If you do launch a new career, it could clearly affect your financial picture. For one thing, if you add a new source of earned income, you might be able to withdraw less from your retirement accounts each year. (Keep in mind, though, that once you reach 70 ½, you will have to take at least some withdrawals from your traditional IRA and your 401(k) or other employer-sponsored retirement plan.) On the other hand, if you keep earning income, you can continue putting money into a traditional IRA (until you’re 70 ½) or a Roth IRA (indefinitely) and possibly contribute to a retirement plan for the self-employed, such as a SEP-IRA or an “owner-only” 401(k). Philanthropy During your working years, you may have consistently donated money to charitable organizations. And once you retire, you may want to do even more. For one thing, of course, you can volunteer more of your time. But you also might want to set up some more permanent methods of financial support. Consequently, you might want to work with your legal advisor and financial professional to incorporate elements of your investment portfolio into your estate plans to provide more support for charitable groups. As you can see, your retirement goals can affect your investment strategy – and vice versa. So, think carefully about what you want to accomplish, plan ahead, and get the help you need. It takes time and effort to achieve a successful retirement, but it’s worth it. Overcoming “Roadblocks” to a Comfortable Retirement It’s important to consider the “roadblocks” you might encounter on your road to the retirement lifestyle you’ve envisioned. Here are five of the most common obstacles: Insufficient investments Very few of us have ever reported investing “too much” for their retirement. But a great many people regret that they saved and invested too little. Don’t make that mistake. Contribute as much as you can afford and increase your contributions whenever your income goes up. Always look for other ways to cut expenses and direct this “found” money toward your retirement. Underestimating your longevity You can’t predict how long you’ll live, but you can make some reasonable guesses – and you might be surprised at your prospects. According to the Social Security Administration, men reaching age 65 today can expect to live, on average, until age 84.3, while women turning age 65 today can anticipate living, on average, until age 86.6. That’s a lot of years – and you’ll need to plan for them when you create long-term saving, investing, and spending strategies. Not establishing a suitable withdrawal rate Once you are retired, you will likely need to start withdrawing money from your 401(k), IRA, and other retirement accounts. It’s essential that you don’t withdraw too much each year – obviously, you don’t want to run the risk of outliving your resources. That’s why you need to establish an annual withdrawal rate that’s appropriate for your situation, incorporating variables such as your age, the value of your retirement accounts, your estimated lifestyle expenses, and so on. Calculating such a withdrawal rate can be challenging, so you may want to consult with a professional financial advisor. Taking Social Security at the wrong time You might not be able to afford to wait to take your Social Security, but by postponing the date you begin taking withdrawals, you could help yourself considerably. Ignoring inflation You want your portfolio to include some investments with the potential to outpace inflation, even during your retirement years. By being aware of these roadblocks, and taking steps to overcome them, you can help smooth your journey toward retirement – and once you get there, you may enjoy it more. Quick Tips Start saving for retirement as young as possible, but start whenever you can – time is critical. Start small if necessary – even small investments can reap large rewards over time. Use automatic deductions from your payroll, whenever possible, in order to save regularly. Don’t borrow from your retirement account(s). 401K plans and Individual Retirement Accounts (IRAs) should make up the bulk of your retirement investments. The younger you are, the more aggressive your investments should be. Adjust your portfolio regularly, moving away from risk and into security as you grow older. Retirement, like any good collection, builds in value and quantity over the years. It is impossible to create the amount of savings you need to retire if you wait to think about it for another 20 to 30 years. However, if you start now you can take advantage of the time, and use the full value of your hard-earned money. Little by little you’ll see your savings grow, and over time you’ll benefit from tax advantages, compounding interest, and you can start dreaming about what to do with all of it when you retire! If you have dreams of someday enjoying a comfortable retirement, it’s time for you to start investing. If you’re still not sure where to put your money, we recommend speaking with an investment advisor as soon as you can.

It’s no secret that insurance rates in the trucking industry are rising. These increases have impacted both our fleet partners and our owner-operator clients. So, ATBS set out to determine why the increases are happening, what potential geopolitical risks could be on the horizon, and how fleets can utilize the changing insurance landscape to help retain and recruit owner-operators. We also contacted Bill Zenk and Chris Gulker of TrueNorth Companies to help provide industry insight into the insurance increases and how to mitigate them. “When it comes time to renew insurance each year, truck drivers on their own authority have become used to seeing 5% to 15% premium increases, while motor carriers have seen as high as 35% to 40% premium increases,” says Gulker, Practice Leader at TrueNorth Companies. These types of increases are even true for experienced truck drivers and fleets who have a history of safe driving. Unfortunately, these increases in the price of insurance don’t look to be going away anytime soon. The premium hikes could be getting worse... A new measure was included in a highway funding bill recently that was approved by a House panel. The measure, which was initially supported by the Owner-Operator Independent Driver Association (OOIDA), would raise the minimum liability insurance requirement for commercial motor vehicles from $750,000 per truck to $2 million. The American Trucking Association (ATA) and OOIDA have both opposed the bill after the “poison pill” amendment, as the ATA and OOIDA have dubbed it, was added. Those who support the amendment argue that the current minimum insurance liability doesn’t adequately compensate victims involved in large truck accidents. Those against the bill say that the subsequent massive increase in insurance prices will force many small trucking companies and drivers to go out of business. Additionally, opponents of the amendment believe raising the minimum insurance coverage will do nothing to improve highway safety and feel the new minimum number is not comprised using a fair and data-driven process. Whether or not the increase in minimum liability insurance passes, the cost of insurance looks like it’s going to continue to increase. Gulker expanded on this topic by saying: “The increases are primarily driven by the recent frequency and severity of large claims. Today, it’s common to see multi-million dollar verdicts, including claims valued in the tens, if not hundreds, of millions of dollars. With the number of claims and dollars spent by insurance carriers on the rise, several insurance carriers have left the Commercial Auto market entirely; thus, leaving fewer insurance carriers willing to operate in this line of business. With fewer insurance carriers left to write the business, on top of the declining profits to the insurance carriers remaining, insurers are becoming more selective on the Motor Carriers they will insure. This is leading insurance costs to continue to rise.” In order to help protect your fleet from increases in premiums, and to gauge how these increases in insurance costs will impact the owner-operator side of your fleet, we must first look at the expenses that owner-operators cover. We will be looking at the differences between insurance required for owner-operators on their own authority and owner-operators leased onto a carrier. Then we can determine how these increases can impact your fleet. Owner-Operators on their Own Authority Owner-operators on their own authority pay anywhere between $15,000 and $30,000+ per year for insurance. As mentioned earlier, all truck drivers with their own authority are required by the FMCSA to have primary liability insurance with a minimum coverage of $750,000. This coverage can cost anywhere between $12,000 and $25,000+ per year. Additionally, it’s common for independent owner-operators to have the following types of insurance: Cargo $1,680 - $3,300 per year Cargo insurance covers the loss or damage of a load during transport. This type of insurance isn’t legally required, but is typically required by shippers and is necessary to avoid problems with individual shippers. Physical Damage $2,000 - $4,000 per year Physical damage insurance pays for damages to the truck but not any damage to the cargo. This insurance is a requirement for all owner-operators who are financing their truck and costs typically 3.5% to 6% of the value. Bobtail $420 - $720 per year Bobtail insurance covers the driver and the truck when there is no chassis or trailer attached. Non-Trucking $350 - $450 per year Non-trucking insurance protects the driver while they are using their truck for personal use. Work Injury Insurance (Occupational Accident OR Workers’ Compensation) $1,140 - $5,000+ per year Work injury insurance protects the driver if they are injured during the course of business and includes coverage for medical expenses, in addition to disability income replacement. Owner-Operators Leased onto a Carrier As an owner-operator leased onto a carrier, the primary liability coverage is provided by their fleet. However, they are responsible for everything else. The following types of insurance are typical for a leased driver: Work Injury (Workers’ Compensation OR Occupational Accident) Bobtail OR Non-Trucking Physical Damage All of these types of insurance were previously mentioned in the section above. The biggest factor that will go into how much their policy will cost is their truck’s value. If they drive an older truck, the cost might be between $3,000 - $4,000 per year for the three insurance types listed above. A newer truck will likely lead to insurance costing around or slightly more than $4,000 per year. In addition to the insurance coverage above, owner-operators leased onto a carrier will also typically pay for Occupational Accident insurance. This coverage typically costs between $95 - $195 per month and includes medical, disability, death, and dismemberment benefits for accidents that occur on the job. What will increased insurance costs do to fleets? It’s hard to say exactly how much insurance costs will go up for fleets if the minimum liability passes. In the current situation, it’s hard enough for Motor Carriers to affordably find $1 million of coverage, let alone trying to procure an additional $1 million. Bill Zenk, Principal and Practice Leader at TrueNorth Companies, says he “would anticipate Motor Carriers would see around 50% higher costs due to the lack of capacity and increased activity in the $1 million excess of $1 million primary layer.” Suppose Motor Carrier insurance does increase to this extent. In that case, something will clearly have to give – that will likely be in the form of customer rate increases, driver pay decreases, or both. However, with the limited capacity the industry is already facing, and the difficulty for the industry to recruit new drivers, increasing shipper rates seems to be more probable. Driver pay has been on the rise lately to attract more people to the industry. How can fleets lower the cost of insurance? Despite these increasing costs, high quality, well-run, and safe motor carriers can still get a good deal on insurance coverage. “The best way to do this is to invest in safety, compliance, and loss control. These are all things Motor Carriers need to consider in order to best position themselves for favorable renewal outcomes. This can be done by hiring seasoned veterans to support safety, compliance, claims, etc. Fleets can also consider purchasing the latest in safety technology – Advanced Driver Assistance Systems (ADAS), collision-mitigation and lane-departure warnings, as well as in-cab video-recording systems. Insurance companies will take into account how much a fleet has invested in safety, as they know it will have a direct impact on claims,” says Gulker. Zenk mentioned additional ways that fleets could reduce the cost of insurance: Improve data management and implement corrective action plans based on the data. A corrective action plan is a set of actions to correct an issue or problem. Increase the deductible/retention in order to limit fixed costs variation. Work with an insurance broker and an insurance company who knows the trucking business and is a true long term partner. How this Affects Fleet Recruiting and Retention If the cost of insurance continues to go up, many owner-operators under their own authority will be forced out of business. As a fleet, this means two things: Owner-operators who previously ran under their own authority may be looking to lease onto a carrier that will cover some of their insurance costs and give discounted group rates vs their current policy. Owner-operators currently leased onto a carrier may decide to forgo getting their own-authority if the increased insurance costs would eat into their profits. This means fleets that allow drivers to lease onto them need to look into how to best leverage this idea to help their recruiting and retention. “The fleets that are able to maintain a strong risk profile will thrive in this marketplace and will be the ‘platform of choice’ for the best ICs with higher pay opportunities. The fleets that cannot control their risk profile will find it not only difficult to be competitive from a pay standpoint but may find it difficult to even stay in business,” says Zenk. By letting drivers know your fleets’ risk profile, what insurance you cover for them, and how much money this saves them, owner-operators will be more likely to want to start and continue driving for you. Whether or not the increase in the minimum liability coverage passes, insurance costs in general look to continue to rise for both drivers and fleets. By focusing on the strategies we mentioned in the article, your fleet will be able to keep these cost increases under control and help prevent them from getting out of hand. As insurance costs among own authority drivers continue to go up, many will likely start looking to fleets as the best solution to continue to drive and stay in business as an owner-operator. Make sure you are ready to present your fleet as the best option for drivers who are looking to save money on insurance. If you have any questions, comments, or want to learn more about ATBS, feel free to reach us by clicking on the link here.

GOLDEN, COLO. – September 12, 2023 – ATBS, the nation’s largest tax, consulting, and bookkeeping firm in the transportation industry, is thrilled to announce its 25th anniversary. Since 1998, ATBS has been dedicated to helping owner-operator truck drivers save valuable time and earn more money, and is excited to commemorate this remarkable milestone. For a quarter-century, ATBS has been at the forefront of the trucking industry by providing financial services to over 240,000 owner-operators. Over the years, ATBS’ commitment to client satisfaction, accuracy, and compassion for drivers has earned ATBS a reputation for excellence and trust in the industry. ATBS President and CEO, Todd Amen, commented, “We are humbled by the many thousands of small business owner truck drivers who have allowed us to help them and their families make more money, pay less in taxes, and live better lives for the past 25 years. The ATBS family of employees shows up every day because we care about each other and our passion for helping truckers. That combination has made every day of the past 25 years rewarding and fun!” To celebrate the 25th anniversary, ATBS held a truck driver sweepstakes earlier in the year and awarded three lucky truck drivers with gift cards to the truck stops of their choice. Additionally, ATBS has produced a video, a timeline, and a series of helpful blog posts to commemorate the occasion: Video: Celebrating 25 Years of Helping Truck Drivers Succeed Timeline: The History of ATBS - 1998 - 2023 The Top 25 Habits of Successful Owner-Operators The Top 25 Ways for Truck Drivers to Improve Fuel Efficiency The Top 25 Quick and Easy Meals for Truck Drivers Celebrating the Unsung Heroes: Top 25 Things We Love About Truckers About ATBS: American Truck Business Services (ATBS) is the largest tax, consulting, and bookkeeping firm in the transportation industry, with 25 years of experience working with owner-operators and independent contractors. Since 1998, ATBS has helped over 240,000 clients earn more money, reduce stress, and drive a richer life. For more information, visit www.ATBS.com.

Truck Drivers play a crucial role in our economy, transporting goods that keep our society functioning smoothly. They are the unsung heroes of the road, and this article is dedicated to celebrating this generally underappreciated community. Let’s explore the top 25 things ATBS loves about truckers and why they deserve our utmost respect and gratitude. Supply Chain Backbone: Truck drivers form the backbone of the supply chain, ensuring that goods reach stores, hospitals, and homes on time. Without them, our supply chain would crumble. Long Hours, Hard Work: Truckers work tirelessly, often enduring long hours and challenging conditions to deliver goods on time. Their dedication and work ethic are commendable. Driving Skills: Truckers display exceptional driving skills, maneuvering large vehicles safely through crowded highways and narrow city streets. Reliability: Truckers consistently demonstrate reliability, ensuring goods reach their destination promptly, rain or shine. Travel Ambassadors: Truckers often cover vast distances, becoming ambassadors of culture and sharing experiences from different regions. Teamwork: Truckers work closely with dispatchers, warehouse staff, and other drivers, fostering a sense of teamwork within the transportation industry. Problem-Solvers: They are adept problem-solvers, overcoming challenges like traffic, adverse weather, and road closures to meet delivery deadlines. Masters of Patience: Truckers exhibit incredible patience, especially during congested traffic or waiting at loading docks. Embracing Technology: Modern truckers embrace technology, utilizing GPS systems, route planning apps, and telematics to optimize efficiency. Safety First: Truckers prioritize safety, conducting thorough vehicle inspections and adhering to traffic regulations to ensure accident-free journeys. Critical in Emergencies: During natural disasters and crises, truck drivers deliver essential supplies to affected areas, proving their vital role in emergencies. Human Connection: Truckers interact with people from diverse backgrounds, fostering a sense of unity and understanding across regions. Heart of the Industry: Ultimately, truck drivers are the heart of the transportation industry, and our world would not function without their unwavering dedication. Resilience: Facing unpredictable road conditions and weather, truckers exhibit resilience and adaptability. Pride in Work: Many truck drivers take immense pride in their profession, understanding the impact they have on the lives of people around the world. Customer Service: Courteous and professional interactions with clients and vendors contribute to positive business relationships. Supportive Trucking Community: Truckers often form a tight-knit community, offering support and camaraderie to one another. Continuous Learning: Truckers stay updated on industry regulations and technology, demonstrating a commitment to ongoing learning. Behind-the-Scenes Heroes: Their contributions go unnoticed, but truckers are responsible for making sure our lives run smoothly. Family Sacrifices: Truckers often sacrifice time with their families to keep the economy moving and goods flowing. Flexibility: Truckers adapt to changing schedules and routes, ensuring goods are delivered despite unexpected challenges. Building a Strong Nation: Truckers strengthen the national economy by transporting goods from coast to coast. Global Trade: They also facilitate international trade by transporting goods to and from ports, aiding in the growth of economies worldwide. Iconic Truck Stops: The culture of trucking has led to the development of unique truck stops, fostering a sense of community among drivers. Cultural Appreciation: Many truckers develop a deep appreciation for history, culture, and geography through their journeys and the people they meet. Truckers are the lifeline of the American economy. Their dedication, hard work, and sacrifices impact every aspect of our lives. As we celebrate these unsung heroes, let's remember that the smooth flow of goods, the availability of essentials, and the vibrancy of our economies owe a great deal to the enduring spirit of truck drivers.

Your taxes have been filed and some of you might have even received a refund from Uncle Sam. Unfortunately, some of you might not have been quite so lucky. You might have received a scarier letter from the IRS. Each year the IRS mails millions of notices and letters to taxpayers. There are a variety of reasons why they might send you a notice. Here are the top 10 tips to know in case you get one. Don’t panic. Most notices are informational and those that require responses can often be handled in a simple manner; Each IRS notice will address a specific matter relating to your tax account on the Federal level. Remember, States address their own tax collection independently of the IRS. It will be about a specific issue, such as changes to your account. It may ask you for more information. It could also explain that you owe tax and that you need to pay the amount that is due. In most cases, these notices will each address a specific tax period/year - so, you will receive multiple notices if there is more than one year involved. Each notice has specific instructions, so read it carefully. It will tell you what you need to do. You may get a notice that states the IRS has made a change or correction to your tax return. If you do, review the information and compare it with your original return. If you agree with the notice, you usually don’t need to reply unless it gives you other instructions or you need to make a payment. If you do not agree with the notice, it’s important for you to respond. You should write a letter to explain why you disagree. Include any information and documents you want the IRS to consider. Mail your reply with the bottom tear-off portion of the notice. Send it to the address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response. You won’t need to call the IRS or visit an IRS office for most notices. If you do have questions, call the phone number in the upper right-hand corner of the notice. Have a copy of your tax return and the notice with you when you call. This will help the IRS answer your questions. Always keep copies of any notices you receive with your other tax records. Be alert for tax scams. The IRS sends letters and notices by mail. The IRS does not contact people by email or social media to ask for personal or financial information. Some scams will send correspondence via the mail, so it is also important to be diligent in recognizing who is mailing you documentation. For more on this topic visit IRS.gov and read Publication 594, The IRS Collection Process. You can get it on IRS.gov/forms at any time. In any instance where you have questions about a notice or wish for some assistance in navigating the issues the IRS is corresponding with you about, our team of tax professionals is here to help. Our Tax Debt Pit Crew has extensive knowledge and experience surrounding everything to do with the IRS and are here and ready to help any drivers who may need assistance in working with them.

Choosing the right CDL training school is one of the biggest decisions you’ll make in your truck driving career. While you might think all CDL schools are the same and it’s just a requirement to getting your CDL, the right school can actually help you develop the necessary skills, land the perfect job, and network with fellow drivers. Just like choosing a college or company to work for, it’s important to determine what factors are the most important to you. Do you need a school with a flexible schedule because of your current job or family commitments? Maybe you prefer a hands-on education? Or perhaps you want a school with a small class so you can spend more time with the instructor? Whatever the reason, make sure you consider the five factors below to help you choose the right school for you. Eligibility Requirements Before you start looking at schools, make sure you can pass the following requirements to obtain a CDL: U.S. Citizenship - you must be able to provide proof of U.S citizenship or lawful permanent residency in order to qualify for a CDL program 18 or Over - all U.S. citizens over the age of 18 are allowed to test for the CDL. Unfortunately, you won’t be able to drive across state lines until you’re 21, but at least you can gain driving experience in your state until then. Valid Driver’s License - you must hold a valid regular driver's license before applying for a CDL No DUI’s in the Past 5 Years - you must not have DUI charges within the last five years DOT Drug Screen & Background Check - you must be able to pass a DOT drug screen test. Certain CDL endorsements may require additional state and background checks, depending on the nature of the job. The Type of School There are three different types of CDL training schools: licensed, certified, and accredited. A licensed school has met the minimum state curriculum, facility, and training requirements. A certified school is fully licensed by the state and inspected by a third-party company to ensure that the school meets a certain standard. In a certified school, students only graduate when they pass the US DOT standards for the trucking industry. An accredited school is a school that meets certain regulations and policies set by the US Department of Education. A great starting point would be to make sure the school you are considering has PTDI (Professional Truck Driver Institute)-certified courses. PTDI works with both carriers and truck driving schools to make safety on the road a priority. For the past 30 years, PTDI has been developing curriculum and certification standards for truck driving schools. Job Placement Assistance CDL training schools will often help you in your job search after you graduate. When looking at various schools, consider if they offer personal coaching or if they partner with local transport companies. Don’t be afraid to ask the school what their job placement success rate is and what companies recent graduates have found work with. Financial Aid and Tuition Costs Avoid schools that use “free training” language because it is most likely a scam. Truck driving education is expensive. Your tuition needs to cover the costs of equipment, fuel, materials, and your instructors’ time among other things. Driving schools vary widely in pricing depending on a number of factors, but expect to pay anywhere from $3,000 to $10,000 for your training. There are some carriers that will cover a portion of the costs for their new recruits. The cost of training will include your classroom time plus actual in-the-driver-seat training. Make sure you read the contract carefully before signing to make sure all the costs are included so you aren’t surprised at graduation, and inquire about the school's tuition costs, payment plans, and any available financial aid and grant options. Reviews and Testimonials In the digital age, reviews and testimonials play a vital role in assessing the reputation and quality of CDL training schools. Look for online platforms, forums, or social media groups where students and graduates share their experiences. Consider both positive and negative feedback to get a well-rounded understanding of the school's strengths and weaknesses. Comprehensive Programs Your driving school should be comprehensive and include a generous mix of classroom time, range, and on-the-road training in a truck. You’ll learn all the basics like road signs and rules, map reading, managing logbooks, and all the driving skills like turning, backing up, and maneuvering. Some schools might even go above and beyond and require you to learn all the important state and federal regulations. Choosing the right CDL training program is one of the most important decisions you’ll make in your truck driving career. Your education is just the start of your career, so make sure you put your best foot forward and choose the school that will provide you with the best training and gets you the job that you want. This article was originally featured on Teamrunsmart.com. Image Source - https://www.flickr.com/photos/codnewsroom/

We’re proud to announce that our very own ATBS Navigator, Jeremy, received the “Outstanding Driver Trainer” award from Roehl Transport. Congratulations, Jeremy! Here are a few words he’d like to share in response. “I am humbled and grateful to have received recognition for my work as a CDL driver trainer. It’s an honor to be recognized for my contributions to my business partner and the industry, and I’m proud to have played a role in helping to develop safe and skilled drivers. I couldn’t have achieved this without the support of my colleagues, the leadership team, and most importantly, the drivers I’ve had the privilege to train. It’s been a rewarding experience to see them grow and succeed under my guidance. I’m grateful to work with a company that values its partners and celebrates their accomplishments. This award has inspired me to continue striving for excellence and making a positive impact in everything I do. I also want to acknowledge that my success wouldn’t have been possible without the support and encouragement of my loved ones. Many thanks and appreciation to my wife, who has undoubtedly been a pillar of strength and support throughout this journey. Her unwavering belief in my abilities and dedication to our success is a testament to the strength of our relationship and the love that we share.” Want information on Roehl’s CDL Driver Trainer Program? Click here: https://www.roehl.jobs/truck-driver-jobs/detail/4182/cdl-truck-driver-trainer

The most successful owner-operator truck drivers in the industry didn't get where they are because of sheer luck. These drivers are successful because of what they do each and every day. To improve your trucking business, start practicing these habits today! 1 - Understand Your Costs. Know how to use your knowledge of costs, especially fixed expenses, to make decisions. It’s not hard to figure out and will put lots of money in your pocket. Learn More. 2 - Build Your Brand. Whether you know it or not you have a Brand – not just your name but what you are known for. Remember, people like to do business with people they like. Learn More. 3 - Be Curious. Keep learning - from experience, from other owner-operators, from your carrier, from mechanics, and from other business people. Learn More. 4 - Have a Maintenance Reserve. Set up a separate bank account and fund it with more money than your anticipated maintenance needs. Learn More. 5 - Take Care of Yourself. That means physical, mental, and emotional health. You are the Profit Engine for your business and your business needs a strong, healthy engine. Learn More. 6 - Be Safe. Safety equals efficiency, and business owners must always be efficient. Learn More. 7 - Protect Your Credit. Credit is a way to help you manage your business – it is not a way to help your cash flow. Pay credit cards off each and every month. Learn More. 8 - Show Up for Work. You don’t get more time off for running your own business, especially in the beginning. Manage your time off wisely. Learn More. 9 - Know Your Customer. Know who your customer is – no business in America will prosper without a customer. When it comes to customer service, you build trust in drops and lose it in buckets. Learn More. 10 - Focus More on Gross Revenue. Too much focus on Rate Per Mile leads to extreme cherry-picking of loads, which hurts profits. Business profits come from gross revenue. Learn More. 11 - Choose the Right Loads. Do not refuse loads to lay overnight for another load. You can almost never make up for the loss of a layover. Knowing your costs will guide you in this. Learn More. 12 - Manage Cash. Understand all of the ways to manage cash. This begins with the revenue produced and ends with the paycheck you write to yourself each week. Learn More. 13 - Finance Wisely. Never finance something you can buy with cash. Finance charges can be excessive and completely avoidable. Remember that this is your money, not theirs. Learn More. 14 - Make Sacrifices. A successful business owner sacrifices things like extra time off and expensive purchases to protect their business. Learn More. 15 - Accept Responsibility. Don’t try to shift responsibility to someone else. In this world you make your choices and you live with them. Learn More. 16 - Understand Freight Cycles. Understanding and studying freight cycles will help you increase revenue without increasing costs. Learn More. 17 - Manage Your Week. Manage your time to make each week profitable. For instance, always deliver a load on Monday (whenever possible) to set up your week for profitable operation. Learn More. 18 - Change. Don’t fight change - instead, embrace it. Sometimes change is the only thing you can count on in trucking. Learn More. 19 - Embrace Technology. If it makes your life better – your work life or personal life – embrace it. Learn More. 20 - Be Inspired. You have a tough job. Find something to inspire you. Conan O’Brien said, “Nobody in life gets exactly what they thought they were going to get. But if you work really hard and you’re kind, amazing things will happen.” Learn More. 21 - Pay Your Taxes! It’s wishful thinking that this can somehow be avoided. Don’t kid yourself. If you make a profit, you will pay taxes! Learn More. 22 - Work With Professional Business Partners. You don't have to go through this alone. Team up with professionals who can take some of the work off your plate and help you improve the performance of your business. Learn More. 23 - Focus on Fuel Efficiency. Unlike many of your other biggest expenses, fuel is one that you have a lot of control over. One of the easiest things you can do right away to improve fuel efficiency is to drive slower. Learn More. 24 - Update Your Numbers. Do you know your break-even point? Do you know your cost or profit per mile? Don't operate your business in the dark. Make sure you keep your numbers up to date so you know how to stay profitable. Learn More. 25 - Stay Positive. Being an owner-operator can have its ups and downs, especially when the market isn't doing well. Keep your head up, keep working hard, and know that tough times won't last forever. Learn More.

As an owner-operator truck driver, you may be approaching retirement age and wondering if you can collect Social Security benefits (SSB) while continuing to work. The good news is that it is possible, but there are certain rules and limitations you need to be aware of. What are the rules and limitations? If you collect Social Security benefits before reaching full retirement age (FRA), your benefits may be reduced if you earn more than a certain amount. FRA can fall anywhere between 66 and 67 years old depending on the year you were born. You can look at the chart here to determine your FRA. However, you can start receiving your Social Security retirement benefits as early as age 62. If you choose to collect Social Security benefits prior to FRA it may be important to understand when those benefits can be reduced. For 2023, taxpayers receiving benefits that have not yet reached FRA are entitled to earn up to $21,240 per year before any reduction in Social Security Benefits. If you earn more than this amount, your SSB will be reduced by $1 for every $2 you earn above the limit. For example, if you earn $40,000 in 2023, your SS Benefits will be reduced by $9,380 ($40,000 - $21,240 is $18,760 over the earnings limit. SSB will be reduced by $1 for every $2 over the limit meaning your benefits would be reduced by $9,380 ($18,760 / 2)). Keep in mind that each person’s SSB may vary based on their lifetime work history. Using the 2023 average SSB benefits of about $1,700/month the annual SSB would be $20,400. Remember SSB reduction would only begin if your other earnings during the year exceed $21,240. In other words, you can receive full SSB and work to obtain additional earnings of up to $21,240 without any reduction in your SSB. Below is an example of two taxpayers: Taxpayer A in the table above continued to work and earned a total amount of $62,040 from non-Social Security activities. Taxpayer A’s SSB was reduced to zero. Taxpayer B earned up to $40,000 and received a reduction of total SSB but still received $9,380. However, once you reach your FRA, you can earn as much as you want without any reduction in your Social Security benefits. As an owner-operator truck driver, this means that you can continue to work and earn income while also collecting Social Security benefits. It's important to note that SSB reductions are temporary meaning that your benefits may be reduced when you are earning more than the earnings limit. However, your SSB will be recalculated by the Social Security Administration, and your excess earnings in one year may result in larger benefits for future years when you reach your FRA. What are the tax implications? It's also worth considering the tax implications of collecting Social Security benefits while working as an owner-operator truck driver. Your overall income may affect your tax liability, and Social Security benefits may be subject to federal income taxes if your combined income (including Social Security benefits) exceeds a certain threshold. For 2023, the threshold is $25,000 for individuals and $32,000 for married couples filing jointly. If you file a federal tax return as an individual and your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. If your combined income is more than $34,000, up to 85 percent of your benefits may be taxable. If you file a joint return, and you and your spouse have a combined income that is between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits. If your combined income is more than $44,000, up to 85 percent of your benefits may be taxable. Keep in mind the percentage of benefits considered taxable is not a tax rate. This is an important distinction. Each January, you will receive a Social Security Benefit Statement (Form SSA-1099) showing the amount of benefits you received in the previous year. You can use this Benefit Statement when you complete your federal income tax return to find out if your benefits are subject to tax. So can you collect Social Security benefits while continuing to work? The bottom line - If you are an owner-operator truck driver approaching retirement age, it is possible to collect Social Security benefits while continuing to work. There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit may be reduced. Each person's situation is different, so consider speaking with ATBS or contacting the Social Security Administration for more information to ensure that you are making informed decisions about your retirement income.

It can be scary, intimidating, overwhelming, and exhausting to address a tax debt that has gone untended for some time, or one that continues to grow year over year, seemingly without a way to stop it. Offer in Compromise “Mills” It can be enticing to latch on to promises made by marketers who claim that you can save pennies on the dollar, or pay far reduced tax amounts than what you owe. This type of hope often comes at a time when you’re desperate for a solution, and it’s important to pause, reflect, and research so that you’re not engaging in a process that may not be appropriate, or possible, for you specifically. When these marketers talk about this type of savings, they are referring to the Fresh Start Initiative and the Offer in Compromise program which allow you to settle your debt for way less than you owe. While these two things are real programs, they do not work - in reality - in the way that some advertisers say they do. It’s important to be wary of promises that sound too good to be true and to be sure that if you decide to work with a tax practitioner to help resolve your debts with IRS collections, you are provided transparency in regard to what is being submitted to the IRS on your behalf, and why. How can I protect myself against these mills? There are some things that, if you have some basic understanding of, can help you avoid falling prey to firms or practitioners who may be advertising improper, false, or malicious claims. Here are a couple of things to note in the event that you hear from these types of firms: The Fresh Start Initiative was launched by the IRS in the early 2000s to provide more leniency within the collections process to taxpayers who owe less than $50,000, or to taxpayers who will never be able to pay back the tax they owe and financial hardship can be proven. Offers in Compromise apply to a very specific group of folks – those who have no earning potential, no equity in assets, or those who have combined future net earnings and equity in assets of less than the total that they owe – at the end of this article we will include a link to a calculator which will allow you to see if you meet this set of qualifications. If settling your debt with the IRS were easy, we’d all do it! Take some time to ask questions about how and why the person you’re speaking with believes you meet the criteria of these programs – what sets you apart from the taxpayers who do not have this program as a viable option? Remember that unless someone has actually reviewed your account with the IRS and looked at your real financial condition, they don’t have a true way of providing guidance on what resolution options are a good fit for you – including whether an Offer in Compromise would be appropriate. How is ATBS different? There are many ways to manage your tax debt and every case is unique. This is why ATBS always starts every tax resolution case with an investigation. This investigation allows us to run a diagnostic of sorts for you regarding your account with the IRS. We obtain a big picture view of what you owe, what returns are missing, and what resolution options may be applicable to you. Trust us that if an Offer in Compromise seems to be a good fit for you, we will suggest it. However, we will only suggest it based on the facts of the case, rather than on hypotheticals. This sets ATBS apart from our competition who would suggest and sell you an Offer in Compromise before ever even having the authority to speak with the IRS on your behalf. We believe that you should have all of the information necessary to make an educated decision about how you can, and wish, to manage your IRS tax debt. It is your financial health that we are working to protect, and your voice in that process is equally as important as any potential strategy we can outline for you. So, while other firms will make large promises about what they can “save” you from, ATBS is only interested in providing you a transparent picture of all possible options, so that you can truly take the reigns back when it comes to your business and personal finances. Regardless of whether you have ATBS investigate your IRS account, you have a different firm represent you, or you decide to engage with the IRS directly, it’s important to remember that you are your own best advocate and you should always feel comfortable asking the questions you need answered – especially when something sounds too good to be true. To get an idea of whether an Offer in Compromise may be appropriate for you, check out this Pre-Qualifier Tool from the IRS: https://irs.treasury.gov/oic_pre_qualifier/ Need help figuring out what solution might be best for you? Click here to get ahold of us.