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Many small businesses are established as an S-Corporation so the owners can receive tax benefits, limited liability, and avoid double taxation. As a business owner, deciding how to set up your personal and employee health insurance coverage can be confusing when it involves taxes. There are several ways to potentially set up this type of coverage. We will go over the options and explain the way to set up health insurance coverage for a business to receive the best tax deductions. Depending on the State, an S-Corporation may or may not have to provide health insurance to its employees based on the number of individuals it employs. Corporations also have their own policies which will determine if health premiums are taxable to the individual or not. There are two policies an S-Corporation can follow: To Discriminate. When the S-Corporation discriminates, or does not provide health insurance to all of it’s eligible employees, health insurance premiums paid by the corporation are subject to both Social Security and Medicare taxes. To Not Discriminate. When the S-Corporation does not discriminate, and provides health insurance to it’s employees, the health insurance premiums are reported on the employees W-2 but are exempt from all taxes. Health Insurance premiums paid by the corporation for 2% or more shareholder owners are reported on the W-2 and are subject to income tax as a taxable fringe benefit. Shareholder owners are then able to report this premium amount on their 1040 as self employed health insurance thereby reducing their adjusted gross income. Employees of S-Corps that pay a portion of the premium themselves report the premium they pay on a schedule A and are subject to a 10% limitation before anything can be deducted (for most people, this ends up as a zero deduction). The same limitation applies to a business owner that pays their health insurance and a reimbursement is not submitted to the S-Corporation, the health insurance becomes an itemized deduction. Done this way, the health insurance deduction is subject to a 10% adjusted gross income floor and a phase-out of itemized deductions. This means after adding all health insurance expenses, if that total is less than 10% of adjusted gross income, no health insurance expenses can be deducted. If that total is greater than 10% of your adjusted gross income, you can deduct any amount in excess of that 10%. Generally, taking the W-2 option through the S-Corporation is the best choice for the health insurance deduction for most business owners. At the end of the year, the S-Corporation will report the total amount paid for health insurance premiums on the W-2 as either subject to or exempt from Social Security and Medicare; depending on whether it discriminates. Because the health insurance is reported on the W-2, the owner can claim the self-employed health insurance deduction for their premiums paid on their individual tax return. The health insurance premium costs become a wage to the S-Corporation employees which lowers the owner’s tax liability. Navigating a successful road map for your S-Corporation can be complicated. ATBS takes that burden off your plate by handling your accounting / bookkeeping, preparing your S-Corporation taxes and quarterly tax estimates. For more information on the best way to handle health insurance costs and tax deductions for your business contact your ATBS accountant.

It’s easy to become so focused on the price at the pump that you lose track of the real cost of fuel: the pump minus the taxes. Savvy owner-operators know there are ways to save money on the fuel they buy, but also on the fuel taxes they pay. Understanding your carrier’s fuel tax policy is the key, so you can buy diesel in the least expensive states for you. Source: teamrunsmart.com Every state assesses a per-gallon fuel tax, ranging from 15 cents a gallon in some states to more than 30 cents a gallon in others. If you’re not careful about where you buy fuel, you can easily overspend more than $1000 a year. Daily state-by-state fuel prices and fuel tax listings are available through websites such as eTrucker.com. The information can also be found in fuel tax software programs and in motor carrier atlases, such as those published by Rand McNally. (Is paying diesel tax at the pump plus a quarterly diesel tax a double taxation? No. The quarterly payment, or credit, is designed to resolve any underpayments or overpayments of fuel tax in states where you’ve driven.) So How Does Fuel Tax work? According to the International Fuel Tax Agreement (IFTA), each state gets its share of taxes based on the number of miles truck drivers run in a state. So, if you run 100 miles in Colorado and your truck gets 5.9 mpg, you pay tax on 16.9 gallons of fuel used in Colorado. Colorado then bills your home state, which bills you. But if you buy more fuel in Colorado than your mileage requires, Colorado refunds your state, which in turn refunds you. This isn’t a big issue if you only run in a few states, but if you run in many states, varying fuel tax rates can mean hundreds of dollars added or subtracted to your bottom line. Some carriers pay fuel taxes and charge them back to their leased owner-operators. Other companies pay the tax and absorb the cost. If your company pays the tax and doesn’t charge you, simply do the obvious thing and buy fuel where the pump price is lowest. But if you have to pay the tax, make the system works to your advantage by considering state fuel taxes every time you buy fuel. Know the current fuel tax rates, both federal and state, and any state surcharges. Subtract taxes to find the raw fuel cost in each state, and then buy where the net cost of fuel is the cheapest. This strategy means you buy without regard for whether you are paying more at the pump, or in taxes at the end of the quarter. Whether you pay at the pump or quarterly, your taxes are the same since the IFTA distributes your taxes according to the miles run in each state. What About Fuel Surcharges? IFTA figures in-state surcharges, which complicates the fuel-buying strategy. Some states have per-gallon surcharges and some also have per-mile surcharges.  Click here for the list of fuel surcharge states . While some owner-operators believe in only buying enough fuel to get through the surcharge states, this practice can backfire, depending on the actual cost of fuel in each state. There may be times when buying more fuel in a surcharge state is more economical. Changing Surcharges and Taxes.  Being fuel smart can be challenging because you have to keep up with changing surcharges and taxes. Some states change their fuel taxes quarterly, and North Carolina even revises it’s semi-annually. Other Fuel Buying Costs.  Other fuel costs depend on how your fuel taxes are managed. Most leased owner-operators depend on a carrier to collect and distribute fuel taxes. Some carriers charge a fee for this and some pay by averaging the mileage of their entire fleet. If your carrier does this, you could be paying more tax than you owe. A good lease will itemize all charges, including fuel taxes and how they are assessed, but other leases make a blanket statement on fees. If your settlements do not reflect what is stated in the lease, you can ask for clarification and look for another method of paying your tax if necessary. However, not all carriers will let you opt-out of their system. You must get your own IFTA account to do your own fuel tax reporting, whether you do it yourself or through a third party. Independent owner-operators must have an IFTA account in their base plate state and be responsible for quarterly reporting. You can use knowledge of state fuel taxes to smooth your cash flow and avoid paying surcharges or large tax bills. Good fuel tax management, combined with trip planning that incorporates the smartest stops for buying fuel, can help maximize your fuel dollars. Fuel buying decisions based on the pre-tax price of fuel is definitely a good way to run smart.

New FMCSA Medical regulations require certain weight, health, and fitness standards are met to get and keep a commercial driver’s license. These regulations include no clinical diagnosis of high blood pressure or diabetes – both of which can be managed with weight loss. Here at ATBS, we understand how difficult it can be to stay on track when you’re always on the road and have limited options. So when you’re on the road most of the time, what do you do to get healthy? We found 8 apps to help you reach your goals! Lose It Cost: FREE Smartphone Compatibility: iPhone & Android This app will help you set a goal and create a daily calorie allotment to help you meet it. Want to consume more calories during the day? No problem! Just cancel it out with exercise. This handy app will help you know when you’re reaching your calorie limit for the day and when you have enough left over to have that sweet treat you were hoping for. This app rewards you with milestones and comes with a handy graph to show weight loss progress. You can even add friends for motivation! Click here for more information. NOTE: Lose It can be used in tandem with BigRoad! My Fitness Pal – Calorie Counter & Diet Tracker Cost: FREE Smartphone Compatibility: iPhone & Android This app makes it easy to count your calories with a database of over 1.5 million foods (including a free barcode scanner)! It also contains over 350 exercises to track and customize for your personal plan. The best way to lose weight and keep it off (while staying healthy) is to reduce the amount of calories you eat while increasing the amount of calories you burn. Click here for more information. Diet Assistant – Weight Loss Cost: FREE Smartphone Compatibility: iPhone & Android Diet Assistant provides healthy, personalized diet plans (that include shopping and grocery lists), and customizes them to your personal restrictions – whether you’re vegetarian, low-carb, or anything in between. It comes with nutritional facts, a weight loss tracker, BMI calculator, and weight loss tips and tricks. Click here for more information. Glooko Cost: FREE Smartphone Compatibility: iPhone & Android, but cables and adapters must be purchased separately If you have diabetes, this app is for you! Glooko makes diabetes management easier, by taking data from your meter to help monitor your glucose levels. It also enables you to share readings with your healthcare provider. See if your phone is compatible, and how to get your cable and adapter here: Click here for more information. My Diet Coach Cost: FREE Smartphone Compatibility: iPhone & Android Need to lose weight, but despise counting calories? This motivation-based app may be exactly what you need. Sometimes the hardest part about sticking to it can be finding the motivation to keep going when times are tough. This app is designed to help support you in any roadblocks you may run into on your way to success. If you have a food craving, use the stopwatch to time you for 15 minutes. Wait those 15 minutes, and see if you’re still really craving that food! This app also supplies tips and thought cues to help you beat cravings or find motivation. Click here for more information. Fitness Buddy Cost: $1.99 Smartphone Compatibility: iPhone & Android This app contains over 1,700 exercises and over 1,000 high-definition workout videos with detailed instructions – it’s a personal trainer in your hand! There are eight categories to choose from: lower body, shoulders, core, chest, cardio, arms, back, and stretches. The search function will help you quickly find your favorite workout, and you can even customize your routine. You can also keep track of your weight and measurements to see how your body is changing because of your hard work. Click here for more information. Fast Food Calorie Counter Cost: $0.99 Smartphone Compatibility: iPhone & Android Sometimes the only option is fast food or nothing at all. But what do you do when you’re trying to make better choices? This calorie counter app has nutritional information for 73 popular restaurants and over 9,000 menu items. This way you can make a good decision even under the most difficult circumstances! Click here for more information (iPhone version). Click here for more information (Android version). Rolling Strong Cost: FREE Smartphone Compatibility: iPhone This app is specially designed for the health and wellness for professional drivers around the United States. It accesses your health database on the road to find those important clinic locations, health check stations, and coaching sessions. It includes wellness newsletters, special events, and even a built-in pedometer! Click here for more information.

Any wheeled vehicle that is coasting will slow down gradually due to rolling resistance. A steel-wheeled vehicle such as a locomotive will roll further than a rubber-tired vehicle of the same mass on pavement. A tire’s rolling resistance rating is relative to the amount of energy lost when the tire flexes (squishes) when it meets the road surface. This energy loss process is known as hysteresis. Hysteresis is a characteristic of a deformable material such that the energy of deformation is greater than the energy of recovery. This energy loss is dissipated as heat. As a truck tire rotates, the weight of the truck causes a deformation and recovery of the tire. This cycle is repeated over and over. The engine of the truck burns fuel to produce the power (energy) to turn the tires, so this hysteresis energy loss directly affects the amount of fuel needed to move the truck a given distance. Multiply this energy loss by 18 wheel positions and you can see how it can have a significant impact on fuel mileage. As much as 30% of the energy that ends up making it to the tire is given up by friction or hysteresis. Remember, tires have the biggest impact on mpg below 50 mph. So if we want to get maximum fuel mileage it sounds like solid steel wheels would give us the lowest rolling resistance. Not a very appealing option for a driver’s back, not to mention hammering the truck to pieces. In years past we had to find a compromise between a comfortable ride and good fuel mileage when it came to buying tires. A tire with a harder rubber compound would have less deflection meaning lower rolling resistance (better mpg) but would have a stiffer ride. A tire that provided a softer ride deflected more, increasing the rolling resistance (worse mpg). Today’s tire manufacturers have developed new rubber compounds that allow for a comfortable ride while providing low rolling resistance. Since fuel cost is an owner-operator’s biggest variable expense it only makes sense to heavily weigh a tire’s rolling resistance rating when choosing which new tires you are going to purchase. Choosing those “blue light specials” over a good low rolling resistance tire might be appealing due to the lower initial cost but the additional fuel expense over time will likely far exceed your initial savings. Today there are many more options for tires that provide a comfortable ride, good fuel economy, and long life. It will definitely be worthwhile to take the time to research which tires will meet your traction requirements, provide good fuel mileage, a comfortable ride, and long life.

It can be hard enough dealing with winter weather when out on the road. But with the addition of shorter days and longer nights, wintertime can cause trouble with your health as well. Seasonal Affective Disorder (SAD) is a condition that affects around  10-20% of Americans during the winter months .  Symptoms of Seasonal Affective Disorder Usually symptoms are similar to those of depression, and can include: ​Fatigue and low-energy Increased sleep Weight gain Irritability Anxiety Trouble concentrating Withdrawal from social activities, or normal routines Causes of SAD Due to the lack of sunlight, there is a dip in serotonin – the neurotransmitter that helps regulate mood, appetite, memory, libido, and sleep.  Genetics can play a factor as well if there is a family history of mood disorders, and women tend to be affected more than men. Luckily there are plenty of easy ways to beat seasonal affective disorder. If you know that you have a tendency to get down in the dumps during this time of year, take a preventative approach. You prep your truck, garden, or house for seasonal changes, so why not your body too? Coping with the Winter Blues Get some natural light. One of the simplest ways to cheer up is to get as much sunlight as possible. Whether it’s being sure to open your blinds in the morning, or just getting out and going for a walk, getting those natural rays of sunlight will help boost your mood. Exercise for positive vibes. Not only can doing a quick workout help with depression, but it also boosts endorphins. These endorphins give you a natural high that will keep your spirits lifted, and also maintain good health. Eat healthier. There are some great healthy snack ideas  out there that will keep you going through the colder months. Cutting back on sugar can help too, since it has been linked to higher rates of depression and anxiety. Having a well-rounded and healthy diet will keep you going with a more sustained energy burn, rather than the quick boost (then crash) you get from sugars and carbohydrates. Be sure you’re getting good amounts of protein and fiber, and lots of vegetables. Keep your routine. Don’t get rid of your regular habits just because the cold weather makes you want to hibernate. If you usually stop to go for a walk, bundle up, and do it! If you have meetings or gatherings to attend, go to them. You’ll feel better maintaining those hobbies and be happier in the long run. Get outside. Along those same lines, bundle up, and get some fresh air. Don’t just roll down the window, but really get out and enjoy the crisp winter air. A walk will boost your spirits, and it will feel good to stretch your legs and enjoy the scenery. You could even find a nearby ice skating rink, or find your inner child at the nearest sledding hill. Getting outside will also get you more sunlight and boost serotonin! Breathe and relax. Reducing your stress  and learning how to meditate will really help with depression and anxiety. Try just sitting quietly with your eyes closed, and taking some deep breaths. Count to five with each inhale, and five with each exhale. Do this for 5 minutes each day. Try some  basic yoga stretches  to go even further! Take a break. Taking a vacation means taking time for yourself, which is excellent for mental health. Try taking time off when freight has lulled (in January and February), then make the most of the busier months when you get back. Remember not to depend on a vacation to be the ultimate pick-me-up since it’s the more expensive option. If you haven’t given yourself a break in a while though, it’s important to turn off work from time to time and recharge. Although this time of year can be difficult, it can also be a great opportunity to get back on track with your health and wellness. The cold winter months may make us feel like hibernating, but focusing on staying positive will improve mood and sustain health well into spring! Sources: http://my.clevelandclinic.org/services/neurological_institute/center-for-behavorial-health/disease-conditions/hic-seasonal-depression http://www.huffingtonpost.com/2014/12/06/seasonal-affective-disorder_n_6255780.html?ncid=fcbklnkushpmg00000063 Image Source 1:  https://www.flickr.com/photos/paszczak000/ Image Source 2:  https://www.flickr.com/photos/hrobertsson/

Lately, we have seen an increasing number of tax fraud cases and identify theft. ATBS is committed to providing you with a tax and accounting experience that protects your personal information. We have built a world-class company with our client’s security in mind and our employees are trained on ATBS- specific security policies and procedures. As a team, we work diligently to protect the integrity of your personal information by employing the following standards: Web Encryption ATBS uses “https” [Hypertext Transfer Protocol over Secure Socket Layer] which was designed by Netscape and gives authentication and encryption for security-sensitive communication. Once you login to the ATBS Secure Client Portal, you will see a key or lock appear in your browser URL. This lock means the information cannot be accessed by anyone other than you and ATBS. Extensive Background Checks ATBS conducts a criminal background check and a financial background check on every team member. We require every employee to log-off at night and remove sensitive paperwork from his or her desks and personal workstations. Partnerships ATBS has world-class partnerships that use the highest level of security available to help protect our networks and data. Document Management We employ regular shredding processes and use a bonded shredding company to ensure all sensitive paperwork is carefully disposed of. Passwords and Automatic Logoff Employee passwords are changed regularly to ensure access to client information is secure. If an employee takes no action on their computer for several minutes, they will be locked out of their computer and a user name and unique password will unlock their system. Audits The IRS and a financial services firm that adheres to the highest security measures have audited ATBS. In both cases, ATBS was found to have secure systems and secure processes. We live in a digital world and personal information can be compromised. It’s important to ask your financial institution how your personal information is secured. With everything we are doing to protect your information, please remember that it is important to take precautions to protect your personal information on your end. Please do not hesitate to ask your ATBS business consultant about data security. ATBS appreciates this opportunity to work with you. Image source - https://www.flickr.com/photos/neccorp/

With temperatures in the triple digits in some parts of the country, heat-related illnesses such as dehydration are more of a risk. What you may not know, however, is that being dehydrated while driving can be as dangerous as being drunk, according to a study published in the scientific journal Physiology and Behavior, featured in the Wall Street Journal. Researchers at Loughborough University in England conducted simulated driving tests with participants that were both hydrated and dehydrated. The tests included two hours of driving on a simulator with various obstacles including bends, rumble strips, and slow-moving vehicles that needed to be passed. On the first day participants were given a full cup of water to drink per hour. Researchers counted 47 driving incidents on this day. On the next day of the study, participants were only given a few sips of water each hour and the number of driving incidents, including lane drifting and late braking, increased to 101. Why did this happen? When we are dehydrated, our brain function becomes reserved. This can lead to a range of issues that impact mental clarity, reaction time, muscle function, and even our mood. Dehydration also affects your blood volume causing headaches and dizziness. Some drivers try not to consume much water on the road for fear that they will have to stop to use the restroom too frequently. But the symptoms caused by dehydration are too dangerous to ignore. Another mistake drivers make is blasting the A/C when they start to feel tired or sluggish. If you are feeling fatigued because you are dehydrated, the A/C will dehydrate you even more (removed “out). Your body is considered dehydrated when it loses two percent of its weight in water. However, negative effects can start to occur after just a one percent loss. A sure way to tell if you are dehydrated is by the color of your urine. It should be mostly clear and if too yellow, it can indicate that you need more fluids. Traveling at higher elevations or extremely hot temperatures increases your chance of dehydration. There is no magic number for how many ounces of water you need to drink in a day, but you should be drinking plenty of water before and during your long trips. Sports drinks that include electrolytes are also good if you become severely dehydrated. Most importantly, don’t worry about taking breaks to use the restroom and fill up on water. It’s better to take a little extra time than to possibly put yourself and others in danger.

Being on the road for days and weeks at a time can become quite lonely. That’s why many owner-operators choose to have a co-pilot – and not of the human variety. There are many benefits to having a “truck pet” both for you and your pet. Here are a few things to keep in mind when trucking with animal companions. 1. Stock up on food and water This may seem like a no-brainer, but it’s important to have enough food and bottled water for your pet when you’re traveling. If you’ll be gone for long periods of time, it may be hard to find stores that carry quality pet food while on the road. Not to mention some of the better pet stores may not have the best truck access. If you can afford it, try to purchase several bags of a higher-end pet food without fillers. The best option is all-organic food. For dogs with allergies or a sensitive stomach, try a grain-free formula. This will ensure that your pets stay healthy, happy, and comfortable both at home and in the truck. 2. Schedule regular vet visits and consider pet insurance Trucking is a hazardous profession and trucking with pets could put them at risk of an injury from an accident. Consider purchasing pet insurance so that your bank account isn’t completely drained from an emergency veterinary visit. A couple of the top-rated pet insurance companies are Healthy Paws and Fetch. Your veterinarian will also be able to recommend an insurance plan that is best for your pet. Aside from pet insurance, don’t forget to have your pet examined by the vet once a year. Since truck pets travel all over the country, check with your vet to make sure your pets have all of the medications and vaccinations they need for different climates and regions. Keep your pet’s medical records and vaccination history with you at all times in case an unexpected trip to the vet is needed. 3. Keep your pets safe and comfortable You would never let your child ride in a truck without a car seat or seatbelt so why let a pet ride unrestrained? Even if you never get into an accident, simply slamming on the brakes could seriously injure a pet. There are a number of different options for keeping pets safely restrained in their seat while traveling. Whether it’s a kennel or a harness that attaches to a seat belt, research the options available for your pet before taking him on the road. When your truck is not moving, make sure your pet has a soft, warm place to sleep. A kennel or pet bed with soft towels and blankets is a perfect spot for a dog or cat to sleep. If you have a small animal, you may want to consider purchasing a sweater or coat to keep them warm on cold winter nights. Always take your pets with you when you are away from your truck for extended periods of time. A truck that’s not running is susceptible to getting much too hot in the summer and way too cold in the winter for your four-legged furry friends. Are you a smoker? Now is the time to quit. If you have a pet in your truck with you, the second-hand smoke can put their health in jeopardy. Think of the life of your beloved pet and use it as motivation to quit smoking. 4. Let your pets out of the truck frequently Being cooped up in a truck for many hours at a time can make your pets restless. Make sure you give them enough breaks during the day for potty time, playing, and exercise. If you have a cat, get a scratching board, and for all pets, make sure they have a few toys they can play with while you’re driving. Purchase a sturdy, comfortable harness and leash, and take your pets for walks and play time outside of the truck a few times a day. Not only will this help get your pet’s energy out, it’s also good for you! Oh and one more thing… don’t forget to clean up after your pet on your breaks. No one likes to step on an unexpected surprise at the truck stop! 5. Keep track of your dog’s expenses Do you have a truck dog that is on the road with you 100% of the time? Does your dog bark and alert you if someone is coming near the truck? If you answered yes to these questions, your dog’s expenses may be tax deductible. Check with your ATBS Business Consultant for more information, and hold on to all of your dog-related receipts so the deductions can be applied at the end of the year. Having a pet as your trucking companion comes with many rewards, but also great responsibility. Ensuring that your pet is well cared for will result in many years of happy travels together.

This article was originally featured on TeamRunSmart.com . There has been a huge push in recent years for trucks, buses, and other vehicles to switch from diesel and gasoline to compressed natural gas (CNG). There are many benefits to CNG. CNG is produced both domestically and worldwide at a relatively low cost and it burns cleaner than diesel fuels. Over the recent decade, as climate change has moved to the forefront of political debates, CNG vehicles have been introduced in the mass market. Today many city buses, taxis, and trucks run on CNG. Commercial truckers have been slower to adapt to CNG. Trucks with CNG engines are more expensive, fueling stations are scarce around the country, and  mileage is less than diesel-fueled trucks . As the push towards greener fuels and a more sustainable environment continues over the next decade, it is important to know a few facts about making the switch to CNG. Natural gas may not be for you.  While you may strive to be more environmentally friendly, switching to CNG might not be the answer you’ve been waiting for your entire career. You need to consider your truck range, specific lanes you operate in, maintenance service requirements, and adequate refueling support throughout your routes. Not to mention the initial investment costs. Safety should be top priority.  Making the switch, especially in larger fleets, takes time. The safety of both drivers and shop personnel should be the top priority. You can’t cut corners when switching to a new fuel and new technology. It takes time to learn the best practices and share them amongst your staff. Map CNG refueling stations.  CNG-fueled truck growth is slower than expected thus refueling stations are few and far behind in certain areas of the country.  As you can see in the CNG Now location map , most CNG refueling stations are heavily located in more urban areas on the East and West coasts. The Northeast and Rocky Mountain states have very few stations making routes in those areas of the country hard to accomplish without the possibility of refueling. Technicians need to be trained.  Natural gas-powered engines are built differently than diesel engines. It is important that your technician knows how to troubleshoot or fix an engine when a truck goes down at 3 am in the middle of nowhere. It takes time to train staff or find a trusted technician to work on your truck when it’s in trouble, so make sure you have a plan just in case. CNG could save you money in the long run.  On average, CNG is cheaper than Diesel. The current national average for  CNG is $2.11 per gallon  whereas a gallon of diesel averages at $2.49. The cost of fuel varies a great deal. Sometimes it’s super cheap, but other times it is expensive. The cost of CNG has been relatively stable over the recent years. To calculate your possible annual savings based on your unique factors you can try the  Compressed Natural Gas Savings Calculator . “Certain things about one's savings must be taken into account when considering CNG, such as truck lifecycle within the fleet, overall lifetime maintenance costs, and fueling network options nearby,” said  Jimmy Nevarez, Team Run Smart Pro . While the benefits for switching to CNG include being more environmentally friendly and less expensive, the costs and scarce fueling stations across the country might be enough to dissuade you from making the switch. If you’re considering making the switch to CNG it is important to do your research and ask other drivers or fleet owners about their experiences with CNG-powered trucks. Once you’ve gathered enough evidence, you should be able to make the best decision for you and your business.

Spring is officially here and the tax deadline will soon be in our rearview mirror. No matter if your taxes have been done for weeks or you are still working to beat the deadline, now is the perfect time to start spring cleaning your finances. By following these five tips you can be well on your way to adding money back into your bank account in 2016. Look for recurring debts Each year it seems like most of us are always signing up for at least one subscription based service. As the first step in your spring cleaning process, login to your bank account and browse through your statement. Do you see any recurring expenses that you no longer have a need for? If you do, then make sure you cancel them because that is money right back in your pocket. Review your insurance policies It’s pretty common that once we take out an insurance policy we forget all about it. The money is drafted from our account each month and nothing else happens. The problem with this is that there is a lot of competition within the insurance industry. Companies are fighting for customers and you never know when you might be able to receive the same level of coverage for a lower monthly premium. Use this time to price shop the competition and see if you can get a lower rate somewhere else. Contribute to an IRA Will you be receiving a tax refund this year? If you are, then this is a great opportunity to fund an IRA. The contribution limits for this year are $5,500 ($6,500 for anyone 50 years or older). Don’t forget that any contribution you make is tax deductible on your 2016 taxes. Also Read: How Aggressive Should I Be With My Retirement Planning? Knock out your debt If you have found yourself struggling with debt, then now is the perfect time to start working towards eliminating it. If you need a little help getting started with the process, take a look at The Avalanche Method. With this you will prioritize your debts by their interest rate. Start by paying off the debt that has the highest rate and then move on to the next highest debt until you are debt free. Another popular method is The Snowball Method, where you will start with the debt with the lowest balance and move on to the next highest balance until everything is paid off. Start your tax planning for 2016 Don’t wait until the end of the year to start planning for next year’s taxes. If you are a company driver that receives a W-2 make sure that your W-4 form is up to date. If you get married or have kids then your allowances will have changed. This is also a good time to start making charitable donations, which will help lower your taxable income. The bottom line Spring is not just a good time to clean out your truck and house, it’s also a great time to start going over your finances. By following these five tips you will be well on your way to a more fiscally responsible you in 2016. Image Source - https://www.flickr.com/photos/meddygarnet/

If you ever hope to retire and live off your savings, you need to be sure that you will have enough money to do so, and that your funds are safe and earning enough as you age. Experts recommend being prepared to have sufficient resources to generate between 70-90 percent of your earning power to carry you through retirement. Now, if you are one of the very lucky few who can manage to stash away at least $1,000,000 prior to your retirement, you can probably live quite comfortably just off of the 4-5 percent interest it generates each year, while drawing down the principal a bit at a time, if necessary. Since that possibility is relatively out of reach for most of us, planning and budgeting for retirement is a necessity that generally takes a great deal of thought and attention over the course of our working lives. Unfortunately, many Americans are negotiating their debts and have low confidence that they will be financially secure once they do retire – about 22 percent do not save at all for retirement and almost 40 percent have saved less than $50,000. These people face difficult challenges in their later years as they confront the possibility of being unable to afford the basic necessities of life, much less the small luxuries that the dream of retirement offers. But the question of how aggressive to be in planning one’s retirement is entirely individualistic and will be based upon: Your age at the time you begin saving for retirement – 40 years of saving beats 20 years. How much you already have put away for retirement as well as the sum total of all your assets. How much you earn and can afford to save each year for retirement versus how much you need to meet your financial obligations. What the return is on each of your savings investments and how they might fluctuate over time. What your projected needs will be after retirement – where and how you intend to live and even how long. However, there are some accepted rules of thumb worth considering, regardless of how you have addressed the above. For instance, the U.S. Department of Labor suggests that you: 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). Financial planners also offer some suggestions about how to manage your retirement investments: 401K plans and Individual Retirement Accounts (IRAs) should make up the bulk of your retirement investments. Pensions and Annuities, if available, should also make up a sizable percentage of your post-working income. The younger you are, the more aggressive your investments should be. If you are 30, put 30% of your money in low-risk, low-interest investments like money market accounts and government securities, and 70% in stocks, or stock funds, that offer a higher rate of return. Adjust your portfolio regularly, moving away from risk and into security as you grow older. By age 65, invest only 35 percent of your money in higher risk instruments and 65 percent in lower risk investments like Certificates of Deposit (CDs) and Bonds. Remember that your Social Security is also an investment that you have made for retirement over your working life, and will likely average around 40 percent of your retirement income. The later you begin receiving your Old Age, Survivors and Disability Insurance (OASDI), i.e. Social Security checks, the larger each one will be. Talk to a qualified financial planner and get some professional advice concerning your credit deficit and retirement strategy. And no matter how old you are, begin saving whatever you can, today. Your Golden Years will be here sooner than you think.

Credit cards can be extremely appealing to a lot of people. Card issuers are offering consumers larger sign-up bonuses than they ever have before. In addition, the ability to earn travel rewards or cash back on each purchase is hard to pass up. The problem is that unless you are careful and responsible, you can get in over your head. You can start making purchases with money that you do not have. This is what can lead to extreme credit card debt. The average US household is carrying $2,700 worth of credit card debt and that number is only rising. While this statistic is a little frightening, it’s not all that surprising. Over the past 13 years the total cost of living in the US has risen 29% while the growth of incomes has only risen 26%. That leaves the average American struggling to keep pace with how much things cost today. Your credit card debt is costing you more than you think If you are one of the millions that currently carry a credit card balance, you should know that your total balance might not be telling you the whole story. Each month that you are rolling over a balance on your credit card, you are accruing finance charges. Depending on the size of your balance, this could mean thousands of dollars more that you are paying for what you might have thought were insignificant purchases. One of the biggest mistakes that many people make is only making the minimum payment on their outstanding credit card balance. This is a very costly mistake and here is why: Let’s assume that you have an outstanding balance of $4,800. Depending on the credit card issuer, the minimum payment would be around $100. If you were to just pay the minimum payment each month, it would take you nearly 18 years to pay your balance. It would also mean that your $4,800 balance would actually cost over $10,000 once you factor in interest each month. Avoiding the Credit Card Debt Trap No one wants to end up paying an additional $5,200 if they don’t need to. In order to avoid this, it’s important to pay off your credit card debt as quickly as possible. One of the easiest ways to do this is by moving your balance to a credit card that offers 0% interest for an introductory period of time. There are quite a few cards that offer anywhere from 12 to 21 months of 0% interest. What this will do is give you time to pay off your debt without accruing any finance charges. If you choose to go the route of using a balance transfer card, then it’s important to have a plan in place so that you can pay off your balance before the promotional period expires. If you don’t, then you will be back to paying finance charges once again. The Bottom Line The next time you use your credit card, think about whether or not you are going to be able to pay off the charge before your payment due date. If you can’t, then finance charges will start accruing and what might have initially been a $20 purchase could quickly become much more expensive. Image Source - https://www.flickr.com/photos/59937401@N07/