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At ATBS, we talk to many truck drivers who are several years behind on their tax filing. While it can be easy to fall behind, it’s important to know how to get caught up and why filing is so important to your future financial health. If you’re a truck driver who is behind on filing multiple years of tax returns and may owe thousands of dollars to the IRS, click here to learn more about how we can help, or give us a call at (866) 920-2827. What happens if you don’t file your taxes? For starters, when you don’t file your tax returns but your income source reports your income to the IRS, the IRS will file returns on your behalf. It can take them a few years to catch on to the non-filing, but once they do they will file returns on your behalf based on the income reported to them. As an owner-operator where most of your income is reported on a 1099, this nearly always results in higher tax balances than you should actually be liable for. The reason for this, is that the IRS does not take into account any deductions you would be eligible for such as: Fuel Per Diem Ordinary & Necessary expenses related to maintaining your truck and comfort on the road When the IRS files on your behalf, we often see balances in excess of 150% more than our clients should actually owe. You can (and should) still file your returns if the IRS has filed for you, as you can reduce the tax balance by filing your actual return. The bottom line is that filing as soon as possible – even if you can’t pay in full right away – is always in your best interest, rather than allowing the IRS the opportunity to file on your behalf. How is this procedure changing? Our tax resolution experts at ATBS spend a lot of time researching updates to IRS procedures and speaking with IRS agents regarding policy, practice, or focus changes. Building these relationships with the IRS provides us the best access to understanding the current and ever-changing environment internally at the IRS, and allows us the ability to better serve our clients. In March of 2023, our Tax Resolution Manager had an in-depth conversation with an IRS agent who outlined a change in procedure in which we will be seeing the IRS allocate greater resources toward investigating taxpayers who do not currently owe back tax, but who have not filed in the last several years. They are focusing on folks who have income reported from 1099 income sources who have not filed their returns. The IRS is assigning these cases directly to local IRS field agents who have been instructed to set strict deadlines to obtain tax returns – sometimes 6 years back in total. If those returns are not received, these agents are instructed to begin the process of filing for the taxpayer. This will result in quicker processing of Substitute Filed Returns and a fast escalation of taxes owed by folks who have not filed returns for the last several years. What should be done to avoid running into these issues? Avoiding these higher substitute balances is critical to… Maintaining the integrity of your business functions Preventing the filing of tax liens Circumventing the requirement to pay higher taxes than you should be held liable for A lot of folks are deterred from filing their back tax returns because they have either misplaced, or are unsure of, what information is needed to catch up. ATBS’ Tax & Tax Resolution Teams can assist in obtaining this information from the IRS if documents have been lost. Our Tax Team can also assist in completing your historical bookkeeping so that these original returns can be created. ATBS is invested in assuring that the truck drivers with whom we work with have the best possible road ahead of them with the IRS. The IRS can cause many roadblocks to the sustainability of your business and can cause undue stress on your already limited home time. With ATBS’ assistance, there is no reason you can’t put the IRS behind you and keep them at a manageable arms-length distance moving forward.

The 2019 Great American Trucking Show (GATS) is quickly approaching! This convention (held August 22nd - 24th in Dallas, TX) will have many exciting events this year. Not sure what events to attend? ATBS has you covered. 1. "Partners in Business" with ATBS The Partners in Business seminars, produced by Overdrive and ATBS, will be held on Friday, August 23rd and Saturday, August 24th at 11:30 a.m. President and CEO of ATBS, Todd Amen, will be presenting about ATBS owner-operator benchmarks and how to succeed in 2019. The information in these seminars will be valuable for any trucker. 2. "Partners in Business" Workshops In addition to the two Partners in Business presentations, Matt Amen of ATBS will help moderate two separate Partners in Business workshops. The first session will be taking place on August 23rd at 2:00 p.m. and they will be discussing best practices for finding freight and managing cash flow. The second session will be taking place on August 24th at 1:30 p.m. and this session will be all about best practices of successful owner-operators. 3. The Landstar Health & Wellness Pavilion Don't forget to stop by the Landstar Health & Wellness Pavilion stage throughout the show. Here, you will be able to participate in free health screenings, cooking demos, and health and fitness seminars. Events include a Landstar Scavenger Hunt, Yoga For Truckers, and Strategies Towards Better Physical and Emotional Health. Make sure to take advantage of these educational opportunities. 4. Pride and Polish Awards Ceremony The Pride & Polish is the top truck beauty contest in North America. Trucks that participate are polished and customized from front to back. The awards ceremony will take place on Saturday, August 24th starting 10:00 a.m. You won't want to miss who gets crowned as the most beautiful show truck in America. 5. FMCSA Hot Topics There will be two opportunities to hear about hot trucking industry topics from the FMCSA. The first will be taking place on Thursday, August 22nd beginning at 3:00 p.m. and the second will be on Saturday, August 24th beginning at 1:00 p.m. A few of the topics that will be discussed are ELD implementation, The Drug and Alcohol Clearinghouse, and more. 6. Trucking's Top Rookie and Trucker Talent Search On Friday, August 24th, in Hall A, there will be two fun back-to-back events. The first event, beginning at 2:00 p.m., will be Trucking's Top Rookie. This event is brought to you by Trucker's News, who puts on the event to recognize the best new drivers joining the trucking industry. Immediately after this event will be the Trucking Talent Search Finals, brought to you by Overdrive. At this event, you will see the three finalists compete live and display their talents. 7. Stop by the Freightliner Trucks Booth 239G Make sure to stop by the Freightliner Trucks booth and say hi to our friends over at Team Run Smart. A few of the Team Run Smart "Pros" will be at the booth to answer questions, hand out prizes, and talk about all things trucking. For a full agenda and stage schedule click here .

As we have now talked about a few times, as an owner-operator truck driver, fuel is your most expensive controllable cost. So are you spending more or less than others on fuel? To answer this question we need to understand the various ways we can look at fuel costs, described in the methods outlined below. How much are you spending on fuel per gallon? The easiest way to look at fuel costs is simply by looking at the cost per gallon every time we fill up our tank. As of April 4th, 2022, the average national diesel fuel cost was $5.144/gallon. So if you were paying less than this you might think you were getting a good deal. However, based on those same averages, depending on the region you were operating in you would have paid an average of $4.929/gallon in the Gulf Coast States or $6.289/gallon in California. You can use the Department of Energy website to check these averages each week. In future articles, we will discuss ways to save on fuel purchasing, but a good target is to buy your fuel somewhere between 5 cents to 30 cents below the DOE averages. How much are you spending on fuel as a percentage of your revenue? The next way to look at your fuel costs is on a percentage of revenue basis. To do this you simply take the dollar amount spent on fuel over a period of time divided by your revenue generated over the same period of time. For all of 2021, the average owner-operator spent 23.4% of their revenue on fuel. This number can vary depending on the type of freight and weight you are hauling. Dry van owner-operators spent 23.2% of revenue on fuel, Reefer owner-operators spent 28.3% of revenue on fuel and Flatbedders spent 30.4% of revenue on fuel. Fuel costs have increased in 2022 and for the first quarter of 2022, the average owner-operator has spent % of their revenue on fuel. How much are you spending on fuel per mile driven? Another way to look at fuel costs is to determine how much money per mile you spend on fuel. To do this you simply divide your total fuel costs over a period of time by the total number of miles driven during that same time period. For all of 2021, the average owner-operator spent 48 cents per mile on fuel. This number can vary depending on the type of freight and weight you are hauling. Dry van owner-operators spent 45 cents per mile on fuel, Reefer owner-operators spent 51 cents per mile on fuel and Flatbedders spent 52 cents per mile on fuel. For the first quarter of 2022, the average owner-operator has spent cents per mile on fuel. How much are you spending on fuel over time? The final way to look at fuel costs is simply the total dollars paid for fuel over a period of time. For all of 2021, the average owner-operator spent $45,605 on fuel. This number can vary depending on the type of freight and weight you are hauling. Dry van owner-operators spent $45,416 on fuel, Reefer owner-operators spent $56,165 on fuel and Flatbedders spent $43,127 on fuel. For the first quarter of 2022, the average owner-operator has spent $ on fuel. If this number were annualized it would mean the average owner-operator will spend $41,632 on fuel in 2022. What can you do with all of this information? Hopefully this information gives you some benchmarks to know how you stack up with others in terms of your fuel costs. If, based on this information, you think there is an opportunity for you to save more money on fuel, stay tuned, we will be providing more fuel savings tips in future articles! To read the previous article in the series, click here!

ATBS President and CEO Todd Amen and Truckstop's Chief Relationship Officer Brent Hutto have a detailed discussion about how to be a successful owner-operator and business owner in 2023. In this webinar you’ll learn: What changes to the tax code in 2023 affect your business What trucking-specific deductions go frequently missed by owner-operators What things are successful owner-operators are doing differently in today's market Tips to help owner-operators succeed in an uncertain freight market What do you think 2023 Holds for owner-operators Find ATBS via the Truckstop Partner Marketplace: https://marketplace.truckstop.com/details/atbs-american-truck-business-services

With a booming trucking industry, many drivers consider becoming an owner-operator. Some do it for the right reasons and others do it for the wrong reasons. Here is what we think are the top 20 right reasons to become an owner-operator! 20 - YOU ARE BORED WITH YOUR CURRENT JOB You should enjoy going to work every day. If you are not happy at work or feel stagnant in your career path, it may be time to try something new. Learn More. 19 - YOU WANT TO START A BUSINESS WITH SOMEONE If you know someone who wants to join you, having a business partner may make it easier to get your business off the ground. Learn More. 18 - YOU CAN BE FLEXIBLE IN YOUR BUSINESS MODEL You can decide what type of freight to haul, where you drive, who you drive for, and much more. Learn More. 17 - YOU CAN STILL HAVE THE SAFETY OF BEING LEASED TO A CARRIER Owner-operators typically start out leasing on to a carrier. This means you still have the freedom of being your own boss with some of the safety similar to a company driver. Learn More. 16 - YOU WANT THE CHALLENGE Becoming a successful owner-operator is not easy. However, some people find the challenge and success of being an owner-operator more satisfying than being a company driver. Learn More. 15 - YOU CAN RUN YOUR OWN BUSINESS On top of being a good driver, you will have to be a good business owner. Make sure your operation is running smoothly. Learn More. 14 - YOU CAN CHOOSE YOUR OWN ROUTES Company drivers are told what routes they have to drive by their carrier. As an owner-operator, you can drive the route of your choice. Learn More. 13 - YOU HAVE THE EXPERIENCE If you have proven success as a company driver, you will have the ability to apply the knowledge you have gained to your new trucking business. Learn More. 12 - YOU CAN DRIVE AT YOUR OWN SPEED You can drive whatever speed you want without being controlled by a speed limiter. Just remember to keep fuel efficiency in mind when deciding how fast to drive. Learn More. 11 - YOU HAVE THE MONEY TO KEEP THE BUSINESS RUNNING Although starting a trucking business can be an expensive investment, it will pay off if you are successful. Learn More. 10 - YOU GET TO CHOOSE WHO YOU WANT TO PROVIDE SERVICES TO You get to choose what shippers and receivers you deliver for. If somebody is treating you poorly, don’t drive for them anymore. Learn More. 9 - YOU GET TO OWN YOUR OWN TRUCK Driving a truck that you can call your own is something to be quite proud of! Learn More. 8 - YOU BELIEVE IN YOURSELF Confidence is one of the most important traits of being a successful business owner. If you believe in yourself as a truck driver, then it may lead to you being a good owner-operator. Learn More. 7 - YOU DON’T HAVE TO WORK FOR ANYBODY As an owner-operator, you are your own boss. If you don’t like something about your business, you have the control to change it. Learn More. 6 - YOU’RE READY TO MOVE UP IN THE DRIVER CAREER PATH Moving from a company driver to an owner-operator is the next step in the driver life cycle. Learn More. 5 - YOU CAN BENEFIT FROM TAX SAVINGS There are many tax deductions that owner-operators can benefit from that company drivers can’t, such as the Per Diem deduction. Learn More. 4 - YOU CAN CHOOSE YOUR OWN LOADS A company will no longer be deciding what loads you have to handle. You have the option to pick the loads that work best for your business. Learn More. 3 - YOU CAN SET YOUR OWN SCHEDULE Nobody is going to tell you when you have to drive. You have total control over what days of the week you want to be on the road. Learn More. 2 - YOU CAN EARN MORE MONEY Owner-operators have the ability to make more than company drivers if they are running their business efficiently. The sky is the limit when you are an independent contractor! Learn More. 1 - YOU HAVE MORE FREEDOM This is the most common reason people have for becoming an owner-operator. People love the idea of having the ability to make their own business decisions! Learn More.

First and foremost, consider your health and your family’s health before deciding to run during the pandemic. If you feel unsafe or are in a high-risk health group, then it likely makes sense for you to stay home. However, in terms of trucking, the current environment is similar to an extended Christmas Holiday season. If you are able and willing to run, there is money to be made while others sit it out. Many owner-operators are choosing to shut down and sit out the market for economic reasons as opposed to health reasons. To determine if this makes sense, let’s look at three different examples of spot market rates so far this year. The first example is spot market dry rates and fuel costs from January 2020. The second example is closer to today’s spot market rates and fuel costs. The third example is the owner-operator choosing to sit the market out because they believe rates are too low. The average rate in January was about $2.00/mile. Fast forward to today and we‘ve seen rates drop dramatically, by about 30 cents per mile (a drop to about $1.70 per mile) as seen in the 2nd column below. And while $.30 per mile is indeed a significant decrease, it’s important to remember that a major contributor to this drop in rates is low fuel prices which resulted in lower fuel surcharges. In fact, falling fuel prices account for about $.09 of the $.30 per mile drop in rates. The last example in the 3rd column shows the cost for owner-operators who choose not to run because they think rates are too low. Even though they aren’t running, they still have to cover fixed costs like truck payments, insurance, etc. There is no doubt that it is frustrating to only make a $583 profit when that exact same load made $791 back in January. However, the choice we have today is to either sit and lose $250, or run and make a $583 profit...that decision is worth $833! The bottom line is that today’s lower rate environment will certainly cut into your net income. However, a good business owner can still make money with lower rates. Economically it absolutely makes sense to continue running to cover fixed costs and take home some profit. Otherwise, you just dig a deeper and deeper hole with fixed costs continuing to add up day after day. We don’t know when things will get better, but when they do, would you rather be stuck trying to make up lost ground, or would you rather be bringing home additional profits for you and your family? Lastly, don't forget that there are Government stimulus programs to help offset your lower net income during this time. If you haven’t already applied for a Paycheck Protection Loan, contact ATBS today to help you get started. Most importantly be safe and healthy and thank you for delivering the freight all Americans count on every day!

By: Henry Albert, Freightliner Team Run Smart Pro There has been a flurry of activity revolving around the fact a large portion of our countries industry has been shuttered as we figure out how to navigate our way through this crisis. There have been stimulus checks sent to many of our nation’s citizens along with various programs to help businesses shelter this crisis which is unprecedented in our lifetime. One of these programs designed to help small businesses is the Paycheck Protection Program (PPP) which is being administered through the Small Business Administration (SBA). The PPP is a loan designed to provide a direct incentive for small businesses to keep their employees on the payroll. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the funds are used for payroll, rent, mortgage interest, or utilities. The process of applying for the SBA's PPP loan seemed simple enough so I started the process with the bank my business currently does trade with. I deal with a rather large banking institution so it seemed reasonable to expect the process of applying for this SBA loan to be simple and trouble-free. My first step to getting this SBA loan process started was to contact my personal banker who has always been extremely helpful in regard to all of my banking needs whether it was personal or business-related. To say my expectations were not met would be an understatement. All the bank did is direct me to their website to apply for the SBA loan. Upon reaching my bank’s website to fill out the application I became very frustrated as the site kept crashing and freezing up. The next step was to call customer service at which point I was informed they would not be of any help to me. After many hours of aggravation, I determined a different route was going to need to be embarked upon if my sanity was to be retained. This is when a call was placed to American Truck Business Services (ATBS) in order to seek out their expertise on the SBA PPP loan. There is not much to say other than this should have been my first call in order to complete this task of completing the loan process. After helping with my application, ATBS directed me to Continental Bank which is a bank that specializes in equipment financing ( before contacting Continental Bank, make sure you reach out to ATBS in order to complete your PPP Loan application ). The process from Continental Bank was the polar opposite of what I had found with my current LARGE banking institution. All the right paperwork was filled out and in a reasonable amount of time, the SBA PPP loan was approved. In closing, I cannot stress enough how important it is to have the right business partners in your corner. Thank you ATBS and Continental Bank for treating my business with the courtesy and respect a person should expect.

LAKEWOOD, COLO. – May 27, 2020  – Since the CARES Act was passed in March, owner-operators and other small business owners have clamored to find a way to obtain a Paycheck Protection Program (PPP) loan through the SBA. While news headlines purport that securing a loan has been a difficult and arduous process for some, many clients with American Truck Business Services (ATBS) have fared well. In total, ATBS has assisted over 900 owner-operators with loan requests totaling nearly $10 million. In March, ATBS released an eBook outlining the ways the CARES Act could assist owner-operators. The ebook has been downloaded by over 10,000 truckers.  Additionally, Todd Amen, President and CEO of ATBS, has been a guest on the Kevin Rutherford Business and Beyond show multiple times since the CARES Act passed, offering advice to owner-operators in search of a PPP loan. As a result, thousands of drivers have since flocked to ATBS for assistance with the loan. “I first heard about the PPP loan while listening to Kevin Rutherford’s show on Road Dog Radio,” said Kevin Kocmich, 2019 Owner-Operator of the Year. Kocmich was among the many ATBS clients who successfully obtained a loan. While ultimately successful, a number of clients faced initial hurdles. “I didn’t understand where to begin or what route to take,” said ATBS client John Beaurain. His sentiment was shared by many clients, including owner-operator Danny Revis who said he was “not going to even try applying  until hearing that ATBS was assisting drivers.” However, both Beaurain and Revis were also successful in getting loans with the help of ATBS. Some were unable to find a lender that would accept applications, while others didn’t have completed Schedule Cs or other documents. However, many owner-operators were successful in choosing small, local credit unions as opposed to large corporate banks. ATBS clients primarily agreed on two important factors in obtaining a PPP loan: Utilize the help of a business services provider such as ATBS, and find a local lender that’s familiar with you and your business. Recent estimates indicate there may still be $100 billion available for PPP loans. About ATBS American Truck Business Services (ATBS) is the largest tax, consulting, and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors. Since 1998, ATBS has helped over 150,000 clients earn more money, reduce stress, and drive a richer life. In 2016, ATBS developed the RumbleStrip line of service packages, which includes back-office solutions for truck drivers in every stage of their careers. For more information, visit www.ATBS.com.

LAKEWOOD, COLO. – July 7, 2020  – Since the CARES Act was passed in March, owner-operator truck drivers and other small business owners have worked to find a way to obtain a Paycheck Protection Program (PPP) loan through the SBA. Hours before the original application deadline of June 30th, Congress voted to extend the PPP loan application deadline. With President Trump’s signature on July 5th, the new application deadline is now August 8, 2020. It is estimated that there is still $140 Billion available for small businesses in the PPP program. Over the last few months, ATBS has assisted over 1,300 owner-operators with PPP loan requests totaling over $10 million. The next big question that remains is how to get the loans forgiven. In addition to the ATBS eBook outlining the ways the CARES Act could assist owner-operators, ATBS has just released a new eBook to guide clients through the process of PPP loan forgiveness. In this eBook, ATBS walks owner-operators through loan forgiveness topics including: PPP Forgiveness Forms Forgiveness of Payroll and Other Expenses Documentation Requirements Forgiveness Application Deadlines Repayment of the Loan, if Necessary Taxability of Loans The Appeal Process Real-World Examples ATBS encourages owner-operators to take advantage of the extended PPP loan application deadline. Loan recipients should then read through the eBook to help them better understand what is required of them in order to maximize their loan forgiveness potential. If owner-operators are interested in learning more about the services that ATBS offers, please visit www.ATBS.com, or call 866-920-2827. About ATBS American Truck Business Services (ATBS) is the largest tax, consulting, and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors. Since 1998, ATBS has helped over 150,000 clients earn more money, reduce stress, and drive a richer life. In 2016, ATBS developed the RumbleStrip line of service packages, which includes back-office solutions for truck drivers in every stage of their careers. For more information, visit www.ATBS.com.

LAKEWOOD, COLO. – July 23, 2020  – Earlier this month, ATBS conducted a survey of over 300 owner-operators about the effects of COVID-19 on their businesses. This survey sheds some light on how the pandemic has affected owner-operators overall and the use of relief programs and relaxed regulations intended to help drivers through the crisis. When it comes to financial aid, 81% of owner-operators received the $1200 Economic Impact Payment, 53% applied for a PPP Loan, and 30% received funding. ATBS assisted 25% of the owner-operators in the survey with their PPP loan applications. When asked about emergency relief efforts, the majority of owner-operators surveyed have not had to operate outside of normal regulations during the crises. For example, 87% of those surveyed said they have not had to drive beyond HOS rules, 95% have not had to operate with an expired CDL, and 96% have not had to haul a load above weight limits. According to the survey, freight volume and freight rates are the areas where owner-operators were hardest hit. Freight volume has dropped by 50% or more for 35% of the owner-operators surveyed, while 11% claim freight is nonexistent. As for rates, 47% of owner-operators said that freight rates have dropped by 30% or more. However, 65% of the owner-operators are still running during the pandemic, and only 6% have had to furlough an employee or independent contractor. When asked how the virus has affected them in other ways, 83% say they have not had any trouble finding masks or other PPE for themselves or their employees. In terms of freight type, 36% of drivers have moved relief freight related to COVID-19. Owner-operators that are interested in utilizing the services provided by ATBS are encouraged to call 866-920-2827 or visit www.ATBS.com for more information. About ATBS American Truck Business Services (ATBS) is the largest tax, consulting, and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors. Since 1998, ATBS has helped over 150,000 clients earn more money, reduce stress, and drive a richer life. In 2016, ATBS developed the RumbleStrip line of service packages, which includes back-office solutions for truck drivers in every stage of their careers. For more information, visit www.ATBS.com.

Find out how to get caught up on your taxes and put the IRS in your rearview mirror with our new Rearview Mirror Video Series! In this episode, we will be giving an introduction about what you can expect out of the rest of the videos in the series. To check out the complete series, click here. You can also learn about ATBS’ Proven Path for owner-operator truck drivers to get caught up on taxes and out of debt with the IRS by downloading our Tax Resolution Guide for Owner-Operators! Remember, if you're in trouble with the IRS, or if you’re just trying to get ahead of any future problems with the IRS, our Tax Relief Pit Crew will be able to help you out! To learn more about our Tax Relief Pit Crew Service Packages, click here.

As always, if you haven't watched the previous episodes, we'd recommend starting there and working your way forward. Remember, Episode #2 is the single most valuable & important video in this series. If you do nothing other than watch that video, you'll be on the right path. In this episode of the Rearview Mirror Series, Tom and Barney talk through some of the core IRS negotiation subjects including Offer In Compromise (OIC), First Time Abatements (FTA's), Installment Agreements, and much more! Biggest Takeaways: Having the best possible tax return results going into a negotiation is critical. A lot of the hard negotiation work can be reduced by ensuring your total tax bill is as low as possible. When it comes to the programs/strategies/tactics you can use, more often than not they can be layered! Always be sure to ask about all available options & programs to maximize your value during the negotiation. To check out the complete series, click here. You can also learn about ATBS’ Proven Path for owner-operator truck drivers to get caught up on taxes and out of debt with the IRS by downloading our Tax Resolution Guide for Owner-Operators! Remember, if you're in trouble with the IRS, or if you’re just trying to get ahead of any future problems with the IRS, our Tax Relief Pit Crew will be able to help you out! To learn more about our Tax Relief Pit Crew Service Packages, click here.