Jun 29, 2023

Truckers And Their July 4th Plans

We surveyed Trucker Path users on what their plans were for July 4th. Here’s what they told us.

Trucker Tax Tips, Part 4: Know the Things that Can Make You a Target for an IRS Audit Welcome to part 4 of our 4-Part Tax Primer for Truckers created by Trucker Path and the tax experts of <a href="https://www.atbs.com/trucker-path">ATBS</a>. In this post we address the elephant in the cab: IRS audits. Being audited by the IRS is every taxpayer’s nightmare. However, if you adhere to the IRS’s rules and complete your tax return properly, then you shouldn’t have anything to worry about if you’re audited. No mistake an audit by the IRS is something to be avoided, but there is only so much you can do to avoid attention. Whom the government chooses to audit often has to do with statistical probabilities, biases and dumb luck. Nevertheless, it is important to know what the authorities look for. 7 Things That Can Invite an IRS Audit 1. If you make a lot of money. That doesn’t mean you should try and make less. Just make sure you report everything you make and have good records to support deductions. How does high income increase your chances of an audit? <a href="https://www.atbs.com/post/7-red-flags-that-may-lead-to-a-tax-audit">According to IRS statistics on audits</a>, 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%. 2. If you don’t report everything you make. The IRS knows what you’ve been paid by the W-2s and 1099s they receive. If you’ve underreported, they know and you can expect them to look into it. 3. Failing to deduct fair market value. This has to do with large equipment purchases. Claiming you paid more than you did can invite the IRS’s scrutiny. 4. Entering the wrong information. Errors invite a closer look by the IRS. Proofread your return for misspellings and double-check your math. 5. Screwing up the forms. There are a lot of forms you have to file as a business owner. Take the time to get them right and if you can’t, get help from an accountant. 6. A lot of donations. If you are a super generous supporter of causes, the IRS is going to be suspicious. It’s just statistics. Don’t let that stop you from giving. Just be warned and be meticulous with your records. 7. Having a business. That’s right, you’ll invite extra scrutiny just for being an owner-operator. The IRS considers business owners a high-risk category because there are a lot of opportunities to cheat on the income and deductions they report. (Not that you would.) Avoid Mistakes with the Help of an Accountant Taxes can be a tremendous distraction to independent truck drivers. For truckers struggling with the complexities of taxes or overwhelmed by IRS requirements and deadlines, outsourcing can be the answer. An accountant that specializes in handling taxes for owner-operators understands the expenses and deductions particular to trucking. They will have the experience and grasp of changing tax laws to provide you every advantage and ensure compliance with the law. If you’re considering getting outside help for your taxes this year, Trucker Path users can get special discounts on tax and accounting services through ATBS. Check out the details <a href="https://www.atbs.com/trucker-path">here</a>.

Mar 01, 2023

The Importance of Health Insurance for Truck Drivers Medical insurance is important and something that everyone should have, especially truck drivers. Many drivers and fleet companies have truck insurance, which covers the trucks and drivers in the case of accidents, fire, theft, and damages to other trucks. However, many companies may not offer their truckers medical insurance, which covers health, dental, vision, and other coverage for the driver and their families. It is important for truck drivers to have health insurance coverage right from the get-go. Besides being a necessity for most individuals, it’s especially critical for truck drivers considering the many health impacts that they are more likely to develop due to the nature of their occupation. Different health impacts faced by truck drivers 1. Obesity Obesity is one of the major health concerns faced by truck drivers, as they are <a href="https://www.cdc.gov/niosh/topics/truck/health.html">twice as likely</a> to be obese compared to other US workers. One cause is the lack of healthy food choices while on the road (we all deal with today’s huge fast-food culture). The lack of proper exercise is also another contributing factor. Truck drivers often have a sedentary lifestyle as they’re stuck in their seat for most of their day and lack the time for regular exercise. Being obese can also lead to many other related health issues, such as heart disease, hypertension, and diabetes. 2. Respiratory issues The culture of smoking is extremely prevalent amongst truck drivers; they are <a href="https://www.cdc.gov/niosh/topics/truck/health.html">twice as likely</a> to smoke compared to other US workers. Many truck drivers pick up smoking as they feel it helps them fight fatigue and boredom on the road. Combined with their continuous exposure to diesel exhaust fumes while driving, truck drivers are very likely to develop lung cancer and other respiratory issues. 3. Sleep disorders and chronic fatigue Truck drivers often have irregular sleep schedules due to their jobs. Their driving schedules often change depending on weather conditions and traffic. They also face tight deadlines for their deliveries, often requiring late nights or early mornings. This impacts their rest and can lead to chronic fatigue in the long run. Furthermore, the inconsistency of their sleep schedules can also lead to sleep disorders including insomnia and, when coupled with obesity, sleep apnea. Importance of health insurance for truck drivers Being away from home more times than not and constantly being on road makes it difficult for truck drivers to schedule regular doctor appointments to check up on their health. Furthermore, many of those without employer health insurance believe it is too expensive and can’t fit it in their budget, thinking they will put it off for another time in the future. In many cases, drivers wait too long to get their health issues checked and get stuck with expensive medical bills. With proper medical insurance which covers health, dental, and vision, truck drivers can be more comfortable going to the doctor to get checked when they experience any medical issues. Having insurance encourages truck drivers to take care of their health and can reduce the number of accidents that may occur on the road. Furthermore, for truck drivers, their job stability is quite dependent on their health; if they get a medical condition that impacts their ability to drive, they may lose their job or income. With proper health insurance, truck drivers can be more encouraged to keep up with their wellbeing and ensure they are healthy enough to keep driving and maintaining their livelihood. Business solutions, such as <a href="https://go.tafs.com/l/166742/2022-09-02/5gdg55">factoring</a> and <a href="https://www.atbs.com/trucker-path">accounting</a>, are important for truckers to have, but medical insurance and their health should be a priority. Trucker Path recently announced a partnership with nationally licensed insurance company Smart and Simple Insurance Development (SASid). This <a href="https://truckerpath.com/blog/trucker-path-and-sasid-partner-to-offer-reduced-rate-insurance/">partnership</a> aims to make the lives of American truck drivers easier by bringing them a range of affordable insurance options. For affordable health insurance options for truckers, <a href="https://www.smartandsimple.com/partners/trucker-path/">click here</a>.

Apr 05, 2023

Least Available Truck Parking By Region

May 02, 2023