May 02, 2023

Least Available Truck Parking By Region

What are the best and the worst regions for available truck parking? Our community of nearly 1 million drivers respond to parking availability questions sent to them every time they enter a parking location. Their responses tell the story.

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

May 24, 2023

How to Grow a Trucking Business as an Owner-Operator Did you know that more than 70% of all goods in the United States are transported by truck? That's a lot of products that need to get from Point A to Point B, and it makes commercial trucking one of the most important industries in the country. That <a href="https://cdlworker.com/blog/CDL-training" target="_blank">CDL (commercial driver’s license)</a> has a lot of value these days. If you're a driver looking to start your own trucking business or an owner-operator with a truck already on the road, there are a few things you should know as a business owner. In this post, we'll walk you through some tips for growing your trucking business. Let's get started! <h3>Changing Industry Regulations </h3> As the trucking industry continues to evolve, it's important for trucking businesses to anticipate changes in regulations and have a business plan that is friendly to adapt to those changes. One way to do this is to monitor developments at the state and federal level. State legislatures and Congress are constantly debating issues that could impact the trucking industry, such as hours of service, weight limits, and environmental restrictions. By tracking these debates, trucking businesses can be among the first to adapt to new regulations. Another way to anticipate regulatory change is to stay up-to-date on the latest industry news. Industry publications and websites are a great source of information on upcoming changes in the trucking industry. By monitoring these sources, small businesses can stay ahead of the curve and make the necessary changes to stay compliant with evolving regulations. <h3>New Transportation Technology </h3> New transportation technology is constantly emerging, and it can be hard to keep up with the latest trends. However, those who don't stay up-to-date with the latest technology will quickly fall behind their competitors. There are many new transportation technologies that can help trucking businesses grow. One example is GPS tracking. GPS tracking can help businesses to keep track of your trucks, know where they are at all times, and ensure that they are on schedule. In line with this would be Trucking Management Systems (TMS). These systems will prove to be game changers for your business at any level. This information can be invaluable for reducing delays and boosting efficiency. Another example is electronic logging devices. These devices went from optional to mandatory and became a major hurdle for some. By staying on top of the new tech and how they operate will keep you in good shape for industry growth. By investing in and staying up to date with new transportation technology, trucking business owners like you can stay ahead of the curve and continue to grow. <h3>Manage Your Business Finances Well </h3> One of the biggest keys to running a successful trucking company is to manage your finances well. Many trucking businesses fail within the first year due to poor financial management. In order to grow your trucking business, it is essential that you keep a close eye on your finances and make wise decisions about where to allocate your resources. A good way to manage this is to get a good reputable line of credit for your startup to manage your operating costs and raise your business credit score. This will make you look better to lenders. One of the most important aspects of financial management is creating and sticking to a budget. Without a budget, it is easy to overspend on unnecessary expenses and quickly become buried in debt or short on fuel costs. Make sure to map out all of your income and expenses so that you can track your progress and make adjustments as needed. Another crucial element of financial management is making sure that your trucking company has a strong and regular cash flow to keep operations running smoothly. An invoice factoring company, also known as freight factoring, can be a major tool in this area to help get you paid on freight bills now instead of waiting out the payment terms. Many, such as <a href="https://www.tafs.com/">TAFS</a>, also offer a fuel card option to save you additional money on fuel prices at the pump. <h3>Provide Excellent Service </h3> While there are many important factors to consider as an independent contractor, one of the most important is providing excellent service. After all, without happy customers, it would be difficult to stay in business for very long. There are a few key things that you can do to make sure that your customers are always satisfied. First, ensure that your truck drivers are polite and professional at all times. Secondly, make sure that your trucks are always clean and well-maintained. Finally, go the extra mile to accommodate special requests whenever possible. By providing exceptional service, you will encourage customers to keep coming back, which is essential for long-term success. <h3>Develop and Foster Strong Customer Relationships </h3> Trust can be difficult and time-consuming to develop. It is vital in this industry to recognize this and strive to not only develop meaningful business relationships with your customers but to foster those relationships so that they are beneficial to all <h3>TWIC Cards </h3> You may be limiting yourself from loads if you do not obtain a Transportation Worker Identification Credential (TWIC). This card is issued by the Transportation Security Administration (TSA) and allows truckers to enter secure areas, such as ports and maritime facilities. In order to obtain a TWIC card, truckers must first pass a background check and fingerprinting. Once these requirements have been met, truckers can submit an application online or in person at a TWIC enrollment center. The process usually takes about two weeks, and the TWIC card is valid for five years. Having a TWIC card is a big boost for any trucker who wants to grow their business because it expands your freight possibilities, so be sure to apply for one as soon as possible.

Apr 26, 2023