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Bookkeeping is an important part of running your business as an owner-operator truck driver. It allows you to keep your financial statements organized and gives you an idea of how your business is performing. As a truck driver, you may have a hard time keeping good records while on the road. That’s why it may be best to look into using a bookkeeping service for your business that works specifically with owner-operator truck drivers. There are many benefits that come with using a bookkeeping service for your trucking business. In this article, we will discuss important things to consider when you search for one. Are you a self-employed truck driver that needs help with your bookkeeping, taxes, or accounting? Click here! Scan and Archive Receipts/Files The first thing you should look for is a bookkeeping service that will scan and archive all of your business receipts and important files. This way you don’t have to keep track of physical receipt copies. The bookkeeper should be able to archive all of your important paperwork in their secure database. Providing your documents should be as easy as sending in pictures , scanning and emailing them, or mailing them to the bookkeeper. ATBS just recently launched the new ATBS Hub , which makes working with us even easier! With the Hub, you’ll be able to scan or import receipts, settlements, and other documents with just a few taps. The bookkeeper will then be able to use the receipts to prepare accurate monthly profit and loss statements for your business. If you ever need any of these files back, a good bookkeeper will be able to easily find and send back electronic copies of the receipts or files that you need at any time. Secure Online Portal The next thing you should look for in a bookkeeping service is a secure online portal where you can view your digitized documents and review your profit and loss (P&L) statements at any time. With a secure online portal, you don’t have to go into an office or call your bookkeeper to access your information. This is especially convenient for truck drivers who are on the road and aren’t always able to go in and talk to their local accountant. With a secure portal, you can log in to your personal account at any time and know that your information is safely password-protected. When you log in to the portal to review your data, you should also look for a bookkeeper that will allow you to call and ask questions without charging extra fees. Industry Benchmarking Another thing you should look for when deciding on a trucker’s bookkeeping service is a company that has industry-specific benchmarking. Ideally, you’ll want to look for a company that works with other truck drivers so you can compare your numbers to similar sized businesses in the trucking industry. Comparing your data to other owner-operators allows you to see the areas where your business is performing better than your peers, as well as the areas where you can improve. A good bookkeeper will be able to use this information to help you figure out where to make adjustments in your business to both earn and keep more money. Tax Reconciliation Looking for a bookkeeper that does tax reconciliation will also be beneficial for your trucking business. A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data. With high quality tax reconciliations, you will be sure everything has been properly captured and accurately categorized in your profit and loss statement, and if something is missing, your bookkeeper should notify you about any discrepancies. For example, if you utilize a bookkeeper who offers tax reconciliation services as well as industry benchmarking data, they can help you spot expense documentation you may have forgotten to send. If the average owner-operator is spending 30% of their revenue on fuel, and you only show 10% of revenue spent on fuel, your bookkeeper should be able to alert you to the discrepancy. From there they can figure out if you have not sent all fuel expense documentation that needs to be submitted, or if you simply spent less on fuel. Tax Preparation and Bookkeeping - Together Lastly, you want to look for a bookkeeper that will also calculate your tax estimates. As an owner-operator, you have to pay quarterly tax estimates based on your profit. If your bookkeeper also calculates your tax estimates, they are able to use your P&L statements throughout the year to let you accurately know how much your estimated tax payments should be. Paying quarterly tax estimates ensures you don’t pay additional interest, fees, or penalties to the Internal Revenues Service (IRS), and you should always seek out a company that will help you calculate those estimates so you don’t pay more than you should to the IRS. Many preparers simply use last year’s tax return to calculate your current year's tax estimates. However, trucking is an ever changing industry and you need a service that offers current year, timely, tax estimates based on how you are performing now, not what happened last year. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return. Your bookkeeper understands your business and has been keeping track of your revenue and expenses all year - this reduces the chance of errors during tax season since your tax preparer won’t be scrambling to do your bookkeeping all at once. If your bookkeeper and tax preparer work together, they can find all the legal deductions you are entitled to, so you don’t pay more in taxes than you have to. This option is a lot more efficient and more accurate than giving your documents to a tax preparer who doesn’t know your business. What trucker bookkeeping service should I hire? Proper bookkeeping will help keep you and your business on the road. Using these guidelines while you begin your search for a bookkeeping service will help you make an informed decision that will benefit you in the long run. At ATBS, we have helped over 150,000 owner-operators over the past 20+ years run a more profitable business that allows you to spend less time stressing about the books and taxes and more time on things you enjoy. We offer a variety of services including bookkeeping, accounting, and tax preparation, and we understand the importance and impact that these services have on a successful operation. We also offer unlimited business consulting for our RumbleStrip Professional clients. A dedicated business consultant will help you keep your business “between the lines” just like rumblestrips on the highway keep your truck between the lines. If you’d like to learn more about ATBS services or want to get started today, give us a call at 866-920-2827 .

Making the transition from company driver to owner-operator is a big step. You will now be your own boss and will need to set yourself up for happiness and success. There are many things to consider when thinking about starting a trucking business. Before you go down this new path, here are five steps you have to take to start your own trucking business with one truck. Click Here to Download our "Starting a Trucking Business Checklist" Write up a business plan Before you start a trucking business, the first thing you should do is write up a business plan . Understanding how your business is going to operate might change over time, but writing out the basics will provide you with a roadmap. Within your business plan, include things like the type of trucking business you want to run. Are you going to run a dry van operation? Maybe you want to focus on specialized loads. It’s also important to describe how you plan to differentiate your operation from others. Another important aspect of any business plan is your vision for growth. Are you interested in bringing on a team driver or even adding additional trucks in the future? While some of these items might change over time, putting your ideas on paper will help give you a plan you can follow. Decide what kind of entity you want to be As an owner-operator, an important decision you will have to make is the business structure of your company. The three most common types of entities for owner-operators are sole proprietorship, S corporation, and a limited liability company (LLC). When deciding on your business structure, the two main factors to consider are owner liability and income taxation. Each structure comes with different tax consequences so it is important you make your decision based on your business needs. Here is a free e-Book that goes into much more detail on the different business structures. Decide what carrier you want to drive for When a driver decides to become an owner-operator, most will make the decision to start by leasing with a carrier rather than getting their own authority . By doing this, you still have the freedom of being your own boss, but you will have the protection of somebody finding loads for you and paying some of the upfront costs. This means you will have to decide what carrier you want to drive for . A few of the things that should be considered is where you want to drive, what type of operation you want to run, and how the fleet treats owner-operators. Carriers will list what parts of the country you will be driving in and what types of freight you will be hauling. Once you have found a few options based off of your driving preferences, you should do a little research on the reputation of each fleet. Figure out how much they pay per mile, if they pay their drivers on time, if they consistently have loads available, and any other information that is important to you in deciding what carrier to lease on to. Get your own truck The most important thing you will have to do before starting a trucking business is getting your own truck. It will be very difficult to purchase a truck up front, which means you will have to decide whether to do a lease-purchase program with a carrier, or purchase a truck through a truck financing company. Lease-purchase programs are available from a wide variety of carriers. Through this program, you won’t own the truck, but you will be making monthly payments on the truck until the contract is up. At that point, you can purchase the truck or start a new contract with the same or different carrier. While you are in the lease-purchase program, many carriers provide benefits including discounted fuel and maintenance. You can also decide to purchase a truck through a trucking-specific financing company. This way you don’t have to lease your truck through the carrier you decide to drive for. When you finance a truck, you slowly make payments on the truck until you eventually own it. Financing your truck allows for more freedom in deciding what carrier you want to drive for. Hire a business services provider to help start your trucking business Hiring a trustworthy professional business services provider, like ATBS, will help accomplish all of the things you have to do before starting a trucking business. ATBS has been in the trucking industry for 25 years, which means we have helped thousands of owner-operator truck drivers make these decisions. We can help with your business plan, with deciding what entity to choose, and help you determine the best path towards owning a truck. Once you have made these decisions, we can continue to help with all of your tax, bookkeeping , and accounting needs while you focus on driving. We will also continue to be available to help with any business decisions during your time as an owner-operator. Are you a self-employed truck driver that wants to learn more about ATBS services? Click here! --- Over 150,000 owner-operators have made the choice to hire ATBS over the past 25 years. We offer a variety of services including accounting, bookkeeping, and tax preparation. We also offer unlimited business consulting for our RumbleStrip Professional clients. A dedicated business consultant will help you keep your business “between the lines,” just like rumblestrips on the highway.

Accounting is the process of recording, measuring, and communicating information about the financial transactions taking place in a business. Accounting often helps determine the financial position, results of operations, and cash flows of a business. As an owner-operator truck driver, accounting is an important part of running your business. With this information, you’ll be able to tell how your business is performing and if you’re profitable. Are you a self-employed truck driver that needs help with your accounting, bookkeeping, or taxes? Click here! At ATBS, we can help with your accounting by reviewing your financial records and transactions to prepare your monthly profit and loss statements. With these profit and loss statements, we can analyze how you’re performing in different areas of your business. From there, we can advise you of areas where you’re performing well and areas where you need to improve based on the financial results of other owner-operator truck drivers in the industry. With this information, we can provide you with your quarterly estimated tax payments and prepare tax returns for you at the end of the year. With our secure client portal, you’re able to view all of this information at any time. If you have questions about your financial statements or how to improve in certain areas, you can speak with your dedicated business consultant who can discuss strategies to implement and improve your business. If you aren’t keeping track of your numbers and reviewing them consistently, you’re operating your business in the dark. Most successful business owners will tell you the key to running a successful business that reaches its goals is a strong understanding and reporting of their revenue and expenses. Strong accounting practices are critical to achieving long term success and profitability. At ATBS, we have helped over 150,000 owner-operators over the past 20+ years run a better business. We offer a variety of services including bookkeeping, accounting, and tax preparation , and we understand the importance and impact that accounting has on a successful operation. We also offer unlimited business consulting for our RumbleStrip Professional clients. A dedicated business consultant will help you keep your business “between the lines” just like rumblestrips on the highway keep your truck between the lines. If you’d like to learn more about ATBS services or want to get started today, give us a call at 866-920-2827 .

Roadside inspections are a critical part of the trucking industry. They help ensure that truck drivers are compliant with the laws and are operating safely on the road. It is important you are ready for the possibility of a roadcheck each time you depart for the day. Failing a roadcheck will result in time off the road and money lost for you and/or your trucking business. In order to avoid violations the next time you are stopped, follow these tips to make sure you are prepared for Roadcheck 2025. Know what to expect from Roadcheck 2025 The best way to prepare for your next roadcheck is to know what to expect. If you have gone through a roadcheck before, this will be simple. Just keep in mind what was checked and remember to make sure all of those elements stay in proper condition. If you have not gone through a roadcheck, just know that a majority of inspections are level 1 inspections . The parts of your truck that will be inspected during a level 1 inspection include: All sides of the tractor and trailer Tires, wheels, rims, and hubs Brakes Lights Major safety components Proper load securement Along with the parts of the truck that will be inspected, you will need to make sure you have the proper paperwork and identification, which we will go over in more detail later in the article. If you are driving during the annual CVSA Roadcheck Inspection Blitz, there is always one element of the truck that will get special attention. This year’s inspection blitz will be held May 13-15 with a focus on tires and truck driver hours of service. Make sure your truck is well-maintained If you know what to expect during a roadcheck, you will know exactly what you need to maintain on your truck in order to avoid any violations. Prior to getting on the road, you should go through your pre-trip inspection to make sure there aren’t any problems. This will not just make sure you are able to pass a roadcheck but it will also make sure you are safe on the road. A few things you should make sure you check during each pre-trip inspection are: Under the Hood (engine, hoses, wiring) Tires, Wheels, Rims, Hubs Tread Depth Brakes Tire Pressure Lights Load Securement If you have been a successful trucker for a while, you know to go through with these pre-trip inspections each time you are about to go out on the road for the day. Bonus Make sure your truck is neat and clean! A filthy truck with trash on the dash or obviously loose parts bungee corded together is an easy way to get a DOT officer’s attention. A clean and neat-looking truck just might get a driver a pass while the inspectors are busy seeing what maintenance or safety items the driver of the dirty truck does not seem to care about.​ Have the appropriate paperwork In order to be prepared for Roadcheck 2025 you will need to make sure you have the appropriate paperwork. Make sure it’s organized and that you know exactly where it’s located. This way, when it comes time for your roadcheck, you won’t have to waste time looking for it. A few of the documents you should have ready are: Drivers License/CDL Proof of Insurance Medical Examiners Certificate Record of Duty Status Daily Vehicle Inspection Report Periodic Inspection Reports Shipping Papers Vehicle Inspection Certificate Skill Performance Evaluation Certificate Having these documents is just as important as having your truck and trailer in order. Failure to prove you are in possession of these documents will result in violations and time off the road. Comply with all of the rules and regulations With hours of service (HOS) and ELD rules in place, it’s important for the trucking industry to make sure these rules and regulations are being followed. This means that HOS rules and staying ELD compliant have become essential elements of any roadside inspection. Although your ELD will record your HOS information automatically, it’s important to still understand how these rules work. It will also be worth your time to learn about how specific HOS rules apply to you and if you qualify for any HOS exemptions. In order to avoid any ELD violations, make sure your device is functioning properly. If not, make sure you follow the procedures for reporting a malfunctioning device. If the device is malfunctioning, make sure you have a copy of the user manual, instruction sheet, and a supply of blank ‘records of duty’ sheets. What happens after a roadcheck? After Roadcheck 2025, you will learn whether or not you pass or fail. Passing would mean that no critical violations were found. You will receive a CVSA decal to display on your vehicle to indicate your vehicle has successfully passed. Failing would mean critical violations were found. If you fail, your vehicle will be placed out of service and won’t be able to operate until the vehicle or driver violations are corrected. If you have any questions about how to prepare for Roadcheck 2025 or how to get your truck back in service after failing a roadcheck, give us a call at 888-640-4829.

2024 proved to be one of the most difficult years for trucking in recent memory. The question is… when will things turn around? In this article, we'll give a recap of the year and answer questions including: The difficult market has certainly washed out some capacity, why haven’t we seen rates improve? What are the latest trends with miles, rates, fuel costs, and maintenance? Has IC pay hit the bottom? What are other carriers seeing with turnover, rates, and what technology are they utilizing to cut litigation risk? What's in store for 2025? Interested in learning more? Check out our full Independent Contractor Benchmarks and Trends Webinar , where we give a more in-depth recap of how owner-operators performed in 2024! Freight Rates From May 2020 through April 2022, we saw one of the biggest increases in spot market load volumes and rates in the history of trucking. However, in April 2022, while contract rates remained somewhat stable, spot market rates and load volumes began falling dramatically. Here are some numbers to illustrate this shift in the market: Peak- November of 2021 Loads: 240 loads per 1 truck looking for a load. Rates: $2.74 per mile (without fuel surcharge). February 2023 Loads: 55 loads per 1 truck looking for a load Rates: $1.80 per mile (without fuel surcharge) September 2024 Loads: 60 loads per 1 truck looking for a load. Rates: $1.84 per mile (without fuel surcharge) April 2025 Loads: 91 loads per 1 truck looking for a load. Rates: $2.13 per mile (without fuel surcharge) Both the amount of loads per truck and the rate per mile (net of the fuel surcharge) have remained stable throughout 2024. We’ve seen a dramatic increase in loads and rates in the spot market from February through April of 2025. These are very positive signs that we’ve come to an equilibrium in capacity versus the amount of freight available. We are yet to see if this large increase in freight and rates was due to companies moving freight before tariffs hit. It seems that the amount of capacity in the spot market stabilized in 2024. Those who entered the market during the COVID boom seemed to have all washed out by the end of 2023. Those that remain have costs under control, good business acumen, and likely stable freight and lanes. Miles Miles are up slightly year over year, but remain unchanged from the mid-year mark. Overall, miles have dropped significantly over the past 20 years. In 2003, owner-operators averaged about 140,000 miles per year. At the minimum, in a booming freight market, it dropped to 85,000 miles per year. Today it is up to 93,000 per year. We are now at two straight cycles of miles not moving upward, again meaning we might be at equilibrium of capacity versus freight. Revenue Owner-operator revenue per mile is down another 5.3%, or 10 cents per mile on a year-over-year basis. A significant portion of that has come from the reduced cost of fuel resulting in a lower fuel surcharge. True rates have also fallen simultaneously. Independent Contractors are working harder to reach the revenue needed to remain in business. Due to the increase in miles, total revenue is only down 1.8% and we are starting to see signs of recovery. Fuel Fuel cost per mile is down 11.3% and has remained very flat for the year so far in 2025. This type of trend can be expected to continue throughout the year. The lowering of fuel costs in the 2nd half of 2024 created a very positive cash flow for drivers. When the fuel surcharge adjusts on a Monday and fuel lowers throughout the week, we see drivers receiving more in fuel surcharge pay than they are paying at the pump. Of the 10 cents per mile lost in revenue, 7 cents per mile lost was actually in fuel. This means there was only a true loss of revenue of 3 cents per mile in 2024 versus 2023. As freight rates have continued to decrease, we’ve seen owner-operators focus more on fuel mileage. Our average client is up to 7.12 MPG and we’ve seen increases in MPG across all segments. New technology on trucks and better driving habits can be attributed to why we’ve seen this increase. Maintenance Maintenance is up 6.6% year over year. This is expected due to the increased miles being driven. The average independent contractor is seeing roughly 13 cents per mile in maintenance costs, or around $1,000 per month for maintenance. This cost depends on the age of your truck, the routes you run, and the mileage you drive. You need a custom maintenance plan to make sure you are covered for the repair, the fixed costs when you are down, and your home bills while not generating revenue. Last year, we were worried about deferred maintenance due to the dramatic dip in costs despite mileage going up. This proved not to be the case and it was just an anomaly. Due to truck technology and sensors, it’s much more difficult to defer maintenance like the last time we saw it happen during the great recession in 2009 and 2010. Fixed Costs Fixed costs are up 1.5% or $850 year over year. Over the past few years, fixed cost averages have been a roller coaster. However, we seem to be back to normal levels for the first time since the pandemic as fixed costs increased accordingly with inflation. Variable costs have also dropped year over year due to lowered fuel expenditures. With fixed costs under control and variable costs going down, Independent Contractors saw a much-needed reduction in cost pressure as rates continued to lower. Net Income Overall, owner-operator net income is up 1.8% to $64,000. Flatbed drivers had an amazing year-over-year increase of nearly $5,000. Flatbed freight continues to be hot in 2025, which is usually a leading economic indicator that things are turning positive. The hungry drivers who have taken extra miles and focused on their fuel economy have continued to see gains over the past few months despite continued downward pressure on rates. ATBS clients who are using our services effectively are averaging a net income of $86,215. +1/-10 Incremental and small changes are the best thing you can continue to do today. The two charts above illustrate the top two things the average independent contractor can do to dramatically increase their income, increase their revenue, and decrease their costs. Increasing your revenue could just mean one more load a month, which is illustrated above. There are many ways to decrease your costs, but fuel is your biggest cost and the one you can control the most. Just one mpg better means taking home $8,000 or more in profit! If you do one of the two things above, you’ll increase your net income by $150 a week or $8,000 per year. If you do both, you’ll take home nearly $300 more per week, or $15,000 a year. It might not be possible to run 500 more miles a month or get one mpg better, but if you do a little bit of each, you’ll see drastic improvements to your net income. 2025 Outlook Freight rates are expected to remain flat or up slightly as carriers reject lower rates Uncertainty remains the biggest issue of 2025 as tariffs loom large in decision-making Falling used truck prices and lowered interest rates could create an opportunity for an equipment upgrade. This could lead to higher revenue generated and lower costs in maintenance and fuel. The best businesses and owner-operators are still doing well. The decreased cost of fuel gives drivers the chance to improve fuel efficiency, run a little harder, and continue to succeed in trucking! The bottom line is that owner-operators control their own destiny, and they can make changes today to ensure profitability and success!

As we move past tax season, it's the perfect time to organize your financials. But where do you start? If you have boxes full of bank statements or investment summaries, you might be a little unsure of how long to keep everything. Below you will find our guide for how long you should store all of your important documentation. This will help you to reduce your financial clutter. What to keep until the warranty expires or the return period is passed Sales receipts - unless you need them for tax purposes, and then you should keep them for three years. What you should keep for one month ATM printouts - These can be discarded after you balance your checking account each month. What to keep for one year Paycheck stubs - These can be thrown away once they have been compared to your W-2 and your social security statement. Utility bills - These can be thrown away after one year, unless you are claiming a home office. If you are, then they need to be saved for three years. Cancelled checks - If these are needed for tax purposes then they should be saved for three years. Credit card receipts - If these are needed for tax purposes then they should be saved for three years. Bank statements - If these are needed for tax purposes then they should be saved for three years. Quarterly investment statements - Keep until you receive your annual statement. What to keep for three years Income tax returns - Keep in mind that you can be audited by the IRS for up to three years after filing your taxes. If you don’t file a tax return at all, there is no statute of limitations. Medical bills and canceled insurance policies Records of selling a house - You will need this for capital gains tax Records of selling a stock - You will need this for capital gains tax Receipts, canceled checks, or other documents supporting income, or deductions on your taxes - Keep for three years from the date the return was filed, or two years from the date the tax was paid, whichever is later. Annual investment statement - Keep for three years after you sell your investment. What to keep for seven years Records of satisfied loans What to keep while active Contracts Insurance documents Stock certificates Property records Stock records Records of pension and retirement plans Property tax records and disputed bills - Keep the bills until the dispute is resolved. Home improvement records - Hold for at least three years after the due date for the tax return that includes the income or loss on the asset after it’s sold. What you should keep forever Marriage licenses Birth certificates Wills Adoption papers Death certificates Records of paid mortgages

I have been in business for myself for some time now. It’s easy for us as humans to become complacent and operate things on routine. But with new technology and business advances happening every day around us, it’s important for me to take time to evaluate how my business is doing in terms of changes happening in our industry. As a business owner, if I find that I have a cutting edge in the industry, just like a good knife needs to be sharpened, I too need to stay active and up to date. I must take the time necessary to plan and adapt to changes in the marketplace. Knowing business costs and expenses is a vital part of an evolving business. Reflect on how I obtained my customers. Was it because I was cheaper, faster, offered better service, or was it just luck that I called at the right time when they needed a carrier?  When I meet with my financial planner at the end of each year, we discuss next year’s plan and look ahead to ways to reinvent my business. The key is to stay fresh and ahead of the competition. Effective business planning should be done regularly each year. For me, it’s a good game plan to use the SWOT Analysis each year. By gaining an understanding of my Strengths, Weaknesses, Opportunities, and Threats, I can get a good picture of how my business is performing and what areas may require attention.  You can also keep up to date and current with your industry by doing the following: Attend industry meetings and conferences Plan time to meet with your Accountant/ Financial Advisor to discuss business affairs Attend leadership, management, or business training events within your industry Take training courses when necessary Write a strategic business plan of action for each year How you plan and how you adapt to evolving changes in the industry will determine if your business can survive and thrive in an ever-changing marketplace.

You may have found yourself in a situation where you've completed your tax filing and realized that you missed something. If this sounds like you, then don’t worry. All you need to do is follow these tips on how to file an amended tax return. 1. Start with the right form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. Taxpayers are able to amend Form 1040 and 1040-SR returns electronically. Taxpayers have the option to submit a paper version of the Form 1040X and should follow the instructions for preparing and submitting the paper form. You can get the form on IRS.gov/forms at any time. See the Form 1040X instructions for the address where you should mail your form. 2. Amend to correct errors . You should file an amended tax return to correct errors or make changes to your original tax return. For example, you should amend to change your filing status or to correct your income, deductions , or credits. 3. Don’t amend for math errors or missing forms . You normally don’t need to file an amended return to correct math errors. The IRS will automatically correct those for you. Also, do not file an amended return if you forgot to attach tax forms, such as a Form W-2 or a schedule. The IRS will mail you a request for them in most cases. 4. Most taxpayers don’t need to amend to correct Form 1095-A, Health Insurance Marketplace Statement, errors. Eligible taxpayers who filed a tax return and claimed a premium tax credit using incorrect information from either the federally-facilitated or a state-based Health Insurance Marketplace, generally do not have to file an amended return regardless of the nature of the error, even if additional taxes would be owed. The IRS may contact you to ask for a copy of your corrected Form 1095-A to verify the information. 5. Be aware of the time limit to claim a refund . You generally have three years from the date you filed your original tax return to file Form 1040X to claim a refund. You can file it within two years from the date you paid the tax if that date is later. See the Form 1040X instructions for special rules that apply to some claims. 6. Separate forms for each year. If you are amending more than one tax return, prepare a 1040X for each year. If you are submitting paper versions, you should mail each year in separate envelopes. Note the tax year of the return you are amending at the top of Form 1040X. Check the form’s instructions for where to mail your return. 7. Attach other forms with changes . If you use other IRS forms or schedules to make changes, make sure to attach them to your Form 1040X. 8. Know when to file for an additional refund . If you are due a refund from your original return, wait to get that refund before filing Form 1040X to claim an additional refund. Amended returns take up to 16 weeks to process. You may spend your original refund while you wait for any additional refund. 9. Pay additional tax as soon as you can . If you owe more tax, file your Form 1040X and pay the tax as soon as you can. This will stop added interest and penalties. Use IRS Direct Pay to pay your tax directly from your checking or savings account. 10. Track your amended return . You can track the status of your amended tax return three weeks after you file with ‘Where’s My Amended Return?’ This tool is on IRS.gov or by phone at 866-464-2050. It is available in English and in Spanish. The tool can track the status of an amended return for the current year and up to three years back. To use ‘Where’s My Amended Return?’ enter your taxpayer identification number, which is usually your Social Security number. You will also enter your date of birth and zip code. If you have filed amended returns for multiple years, you can check each year one at a time. 11. Don't forget about state tax return amendments. Most states utilize the information provided on your federal tax return to determine your state tax filing. If information is being corrected on your federal return, it's likely that you also need to file an amendment for your state tax return. If any of this feels complicated or overwhelming, make sure you use a qualified tax preparer from ATBS to prepare and file the amended return for you. To get started, call 866-920-2827 or click here to request a call from us .

As an independent contractor, it's important to file your taxes on time to avoid penalties and interest charges. However, sometimes unexpected circumstances can cause you to miss the tax deadline. If this happens, and you didn’t file an extension, there are a few steps you can take to minimize the damage. If you haven't filed or paid your 2024 taxes yet, don't worry, ATBS can help you get caught up! Click here to request more information or get started. File as Soon as Possible Even if you miss the tax deadline, it's important to file your taxes as soon as possible. The longer you wait, the more penalties and interest charges you'll accrue. If you owe taxes, the IRS charges different penalties for filing and paying taxes after the deadline. The failure to file penalty is 5% of the unpaid tax for each month, with a cap of 25% at five months. The failure to pay penalty is 0.5% of the unpaid tax for each month. This penalty also caps at 25% which can take up to 50 months (4.2 years). Another thing to keep in mind is the IRS also charges interest. The interest rate the IRS applies to a balance due is determined by the IRS each quarter and may vary. Pay What You Can If you can't pay your full tax bill by the deadline, it's important to pay as much as you can as soon as you can. As mentioned earlier, the IRS charges interest on the unpaid taxes, so the quicker you pay, the less interest you'll owe in the long run. You can make a payment online, by phone, or by mail using the payment voucher that came with your tax bill. If you can't pay your full tax bill, you can consider setting up a payment plan with the IRS. This allows you to make smaller payments over time to pay off your tax bill. To set up a payment plan, you'll need to file Form 9465 with the IRS. You can choose from several different payment plans, depending on your financial situation and the amount of your tax bill. Don’t Let This Become a Habit If you have failed to file your taxes, you will eventually be sent a series of notices once a tax return is determined to be delinquent. Do not ignore these notices! The best chance of getting off this path is by working towards a solution as soon as possible and filing your taxes. Letters from the IRS will not go away, and they will increase in severity. Ignoring these letters may eventually lead to garnishment of wages or settlements. Do not let it get this far! Getting out of trouble with the IRS is a difficult thing to do. If you’re behind on your taxes, the sooner you work to file your taxes and get compliant, the better the options available will be. Then, make sure you continue to file your taxes on time in order to avoid getting in trouble again down the road. Seek Help From a Tax Professional If you're unsure about how to proceed or you need help navigating the tax system, consider seeking professional help. A tax professional or accountant can advise you on the best course of action and help you file your taxes correctly and on time. At ATBS, we have an experienced team of experts in all things related to truck driver taxes and the IRS. We can work with you to get caught up on your past-due taxes and help you stay in compliance throughout the rest of your trucking career. We will help you avoid worsening any potential tax problems that you might have and get you back on the road to success. These issues are common and can happen to anyone, but that’s why we’re here. So What Should You Do if You Miss the Tax Deadline? Missing the tax deadline can be a stressful experience, but it's important to take action as soon as possible to minimize the damage. The key is to file your taxes and pay as much as you can as soon as you can. And if you're feeling overwhelmed or uncertain about what to do, seeking professional help can be a wise decision. By taking these steps, you can avoid further penalties and interest charges, and get back on track with your taxes.

So, you want to take advantage of home office tax deductions on your tax filing? With more and more Americans conducting work from home, this is a method for lowering your tax liability. If you are a self-employed individual, and you use a portion of your home for work-related activities, you could deduct home office expenses. While this is an available deduction, it is one that brings some risk and could flag the Internal Revenue Service to audit your tax return. You will want to understand the IRS requirements before you claim a home office deduction. Standard Home Office Requirements Before you claim any home office deduction, you must have an area inside your home used regularly and exclusively for work-related activities. In other words, a fax and computer in the corner of a bedroom used occasionally for sending out marketing pieces will not qualify as a home office in the eyes of the IRS. Another key word in this requirement is “exclusive”. The area designated as a home office must have exclusive use as a home office. It is a principal place of business or a location designated to “meet or deal with patients, clients or customers in the normal course of your business”, according to the IRS. On the other hand, a “separate structure not attached to your home” may also qualify as your home office. Not long ago, the IRS expanded its definition of business activities that can be considered in determining whether a taxpayer’s home office is their principal place of business. Today, if a home office is used “exclusively and regularly for the administrative or management activities of your business”, it does qualify. In addition, administrative activities such as billing operations, managing your books and business records, ordering office supplies, or setting up business meetings and appointments also qualify. Just be sure these activities are ones taking place in this location. Employees or Schedule C Taxpayers In the past, Independent Contractors, and employees who work from home could claim the deduction. With 2017’s Tax Cuts and Jobs Act, the deduction is no longer available for employees. This change affected all employee business expenses but was offset by a significant increase in the standard deduction. Limits on Write-offs The law places caps on the amount you can deduct from the business use of your home. Generally, your home office deductions can’t exceed your home-based business income. Also, if you have to pay Alternative Minimum Tax (AMT) when you itemize deductions, the home office deduction may be a contributing factor. Finally, if you depreciate a portion of your home as part of your home office deduction and later sell your home at a profit, you will pay a capital gains tax on the total amount of the depreciable deductions. Home Office Deductions Once you meet the IRS requirements, there is a long list of items you can deduct including: Office equipment A portion of real estate taxes paid Mortgage interest Rent Home utilities Insurance Depreciation Painting and general upkeep expenses Repairs Landscaping, only if you receive clients or customers at your home for business Note: These apply proportionally to the size of the office in relation to the size of the home. If you are self-employed, a good reference to use is IRS Form 8829, which is called, “Expenses for Business Use of Your Home” to compile and calculate all home office deductions. Furthermore, you will need to report these deductions on Form 1040 Schedule C, Profit or Loss From Business. In 2013, an alternate, Simplified Method, was put in place making it easier to claim the deduction. You must still meet the “regular’ and 'exclusive” requirement for Expenses for Business Use of Your Home, but you don’t need to depreciate the home or keep track of the various expenses. Instead, you merely list the square footage of your space and you will receive a $5 per square foot deduction up to 300 sq ft or $1,500. This amount often exceeds the actual expense method, and you don’t have to pay capital gains due to depreciation when you sell your home. Tread Carefully As a taxpayer, you want to be sure to get every tax deduction you deserve. But there is some risk to this endeavor which is an increase in the likelihood of an IRS audit. In fact, the IRS has increased its vigilance in identifying home office deduction fraud, so you will want to be sure and remain compliant. ATBS has been filing on behalf of self-employed contractors and employees of companies since 1998. Every year our trained staff is judicious in ensuring you get every legal tax deduction you deserve. Our excellent relationship with the federal government, our team of tax resolution specialists, and our staff of CPAs and Registered Tax Return Preparers translate to knowing more than any other firm how to file for the most tax deductions you legally deserve. Let ATBS help you with your taxes – call us today at (866) 920-2827.

It is important to get your tax return to the IRS by the April 15th deadline. But what happens when meeting that deadline is just not possible? Filing an extension is a great option to avoid penalties and late fees. Each year nearly eight million Americans file for an extension on their taxes. This represents nearly eight percent of all taxpayers in the United States. It’s important to remember that just because you file a six-month extension it doesn’t mean you have an extension on paying any taxes that you owe. You’ll need to pay the estimated amount of taxes you owe no later than April 15th to avoid penalties. Here are some things you should know about working with ATBS to file an extension Extensions for individual returns MUST be filed by April 15th. If you are currently utilizing our monthly business services and are in need of an extension, we will automatically file your extension on April 15th, whether you request one or not, at no additional charge to you. Not using our monthly services? Just call and talk to us about filing an extension. It only takes about five minutes and costs $50. While the $50 is not refundable, we will apply it to your tax preparation fees. When will your tax return be done? While the IRS extension period lasts until October 15th, ATBS is dedicated to completing your return as quickly as possible. We complete each return in the order it was received. If you need your tax return done very quickly for any reason such as a mortgage, a business loan, an IRS matter, or applying for college financial aid we have payment options available to discuss accommodating that request. We can expedite your taxes for just $199.99 and have your return filed within just five to seven business days as long as your tax organizer is completed and on file. No matter when you file your taxes you should know that... Owner-operators have an obligation to pay quarterly taxes If you did not pay your estimated quarterly taxes this past year, it is doubtful that you will receive a refund. However, if you paid the recommended estimates in each quarter, you will have most likely paid close to what your required annual payment will be. This means you likely will avoid penalties for underpayment of estimates. Company drivers’ employers withhold taxes for them throughout the year For many drivers, this will result in a refund each year if you are having the proper amount of taxes withheld. If you are due a refund, the IRS will not penalize you for filing your return after the April 15th deadline. If you expect to owe taxes, an extension of time to file your return is NOT an extension of time to pay You are still required to pay your tax liability by April 15th. How do I send payment to the IRS with my application for an extension? You can download a blank application for a tax extension here. If you'd prefer to have a completed extension voucher emailed to you, ATBS can provide you with a copy of the extension we are filing on your behalf by request. Remember, ATBS is here to help you with the tax extension filing process! If you need any additional assistance, please contact your ATBS business consultant or tax professional or give us a call at (866) 920-2827. What happens after the extension is filed? Once you have filed your extension you will have until October 15, 2025 to file your actual return. At ATBS, we begin working on tax returns in the order that we receive completed tax organizers from clients. We are dedicated to completing your taxes as quickly and accurately as possible. For those who want to file their own tax extension, download Form 4868 from the IRS website . Simply fill it out, send it in, and make sure you have paid the estimated amount that you owe for the first quarter of 2025. Are my chances of a tax audit higher? There are a lot of rumors out there about what can trigger a tax audit . Some people you talk to claim that filing an extension is one of those triggers. That is not the case. The reality is that the IRS is pretty tight-lipped about what they are looking for when they decide to audit an individual. On the other end of the spectrum, some people believe that if you file an extension you have a lower chance of being audited by the IRS. By the time the October 15th deadline approaches, they have already reached their yearly quota for audits. Is that a true statement? No one is really sure since it’s purely speculation. Just remember that as we get closer to the tax deadline, ATBS is here to help you through the process. If you have any questions make sure to give us a call at (866) 920-2827.

Tax season makes a lot of people nervous.  They are worried that they might owe money or that they haven’t done their taxes properly .  They worry about whether or not they will get a notice that says they are being audited.  The truth is that most people can relax.  Even if you did make a mistake, most aren’t severe enough to trigger an audit.  However, as you do your taxes this year, pay attention to these seven red flags that may lead to a  tax audit , or if not an audit then the letter from the IRS that states you made a mistake or forgot something and they changed the return and you owe them money. High Income The biggest red flag that may trigger an audit is having a high income.  The reason is simple: the IRS is not going to waste their resources pursuing someone who is cheating them out of a few hundred dollars.  It would cost far more to investigate than they would get back.  However, those who pay hundreds of thousands in taxes every year, they are the ones that make the IRS more money.  Here is a rough breakdown of your chances of being audited: If you make up to $200,000, your chances of an audit are about .9%.  $200,000 to $1 million those chances jump to 3.25%.  If you make over $ 1 million they surge to 11.1%.  Keep in mind that sudden increases in income can also trigger those audits.  It might look a little odd to the IRS if you make $100,000 one year and the next year you are only reporting $25,000 in taxable income. Failure to Report Income This should be a no-brainer.  If you receive a W-2 or a 1099 form , and you don’t report that as income, then you are going to be caught.  It might take a few years for the IRS to catch up with you, but when they do you won’t have a leg to stand on.  Report all of your income and don’t take the chance. Not Using Fair Market Value This one is a bit trickier, and harder to catch (unless those who are doing their reporting are blatantly careless).  Let’s suppose you need to buy a new piece of equipment for your truck.  When brand new the equipment might be $10,000 and used it could be $5,000.  You might be tempted to buy the used piece, and write off on your taxes the amount for a new piece.  Can you get away with it?  Yes, you can.  But it could trigger a red flag and cause the IRS to come knocking.  Now you could always up your odds of being caught by claiming you paid $20,000; but most wouldn’t even dream of taking that chance. Be sure to keep all receipts for major items to back up your deductions . Typos and Entry Errors Let’s face it, mistakes happen.  No matter how careful you are, your tax return may end up with a typo, or worse you could put the decimal point in the wrong place and cause your numbers to be off by thousands.  Make sure you double-check your tax return carefully so that you aren’t audited because you misspelled a word or two. Missing Forms As an owner-operator, you know there are a lot of forms that go into filing your taxes.  You don’t get the luxury of a simple W-2 (but you also don’t have the restrictions that come with being an employee).  If you do your taxes on your own, then you run the risk of missing necessary forms.  Usually it is worthwhile to  hire an accounting firm  to do your taxes to make sure that everything is done correctly. High Charitable Giving Charitable giving is a great way to help others and reduce your tax burden.  But if you are making $75,000 per year, and claiming that you give away $50,000, you are going to raise some flags at the IRS offices. There is nothing wrong with giving away vast amounts of money.  Just be aware that doing so could trigger an audit, and you want to make sure to have a perfect tax return if that happens. It is necessary to have documentation of all charitable gifts. Ask for a receipt when you give something. Business Owner The simple fact that you are a business owner puts you at a higher risk of being audited.  Why?  It is because it’s easier for business owners to cut corners than a W-2 employee. Employees can’t write off miles driven for work (generally speaking).  Employees don’t get to deduct business expenses.  Employees don’t have marketing consultants, business lunches, insurances to pay for, and a whole host of other expenses that a business owner does.  So when it comes tax season, the employee’s tax return is pretty straightforward.  But as a business owner, you have more opportunities to cut corners (not that you would), and thus are thrust into a higher risk category. Audit is just a big scary word to say that the IRS will double check your return to make sure that you didn’t lie or cut corners.  If you take the time to do your taxes properly, and make sure you’re following the rules, then you really have nothing to worry about.  Even if you are audited you will be able to prove everything is legit. By working with a  reputable tax company like ATBS  you will be able to rest easy knowing that your taxes will be done properly and the risk of an audit will be decreased significantly.