As truckers, we’re looking for something that’s affordable and practical in terms of our accounting services and tax preparation services. In our situation, we also needed guidance and recommendations. Those were the factors that were missing in our previous accounting relationship. We weren’t getting the guidance and recommendations we needed and the ability to translate that into the services that we needed, particular to our situation. Owner-operators looking to grow their business and simplify bookkeeping for truck drivers will benefit from Truckstop TMS for Carriers.
Your BOC-3 form includes the names and addresses of these agents. ATBS is the largest tax, consulting and bookkeeping firm in the transportation industry, with over 20 years of experience working with owner-operators and independent contractors. To start your trucking business, you need a Motor Carrier Authority from the Federal Motor Carrier Safety Administration (FMCSA).
- Looking for a bookkeeper that does tax reconciliation will also be beneficial for your trucking business.
- Our team gives you the resources and support you need to focus on your business.
- One of the things that I value the most about Trucker CFO is that they make running a business from the road much easier for us.
- These three services offer unique advantages to bookkeeping for trucking business owners.
- All ATBS packages are designed specifically for truckers, with crucial advice in managing your profits, expenses, and deductions.
Listen to our Trucker CFO mini-cast to learn how we can help with your accounting needs. The Trucker CFO Team can deal with the receipts while you deal with the Prius in your blindspot. If not, you will be happy you took the time to keep your records in order.
Trucking Accounting Services
This e-book will tell you how to stay DOT-compliant and will help you decide whether you have time to handle the process yourself or need to hire a service provider for that part of your business. If you decide to hire a compliance service, this e-book will guide you through some of the regulatory and safety questions to help you get the most for your money. 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.
We know you are on the road and have limited time to spend on these important matters. The trucking industry is large and it has lots of growth opportunities. Many businesses are looking to expand, but they need professional assistance with bookkeeping to do that. That’s where bookkeepers like me who know the industry (like me and the people I’ve coached) come in to help.
Grow your business faster with bookkeeping services that save you time
The IRS imposes a Heavy Highway Vehicle Use tax on highway motor vehicles used during the applicable period with a taxable gross weight of 55,000 pounds or more. The taxable period runs from July 1 to June 30 of each year. There are several rules and regulations you have to follow to obtain and maintain a trucking permit. Instead of stressing over missed deadlines while balancing your duties as a business owner, let TBS help you grow your business and remain compliant. Over the years, our services have continued to expand to provide innovative solutions and adapt to new trucking regulations.
Our RumbleStrip Essentials product is best for owner-operators who are no strangers to the trucking industry but are looking for efficient and convenient back-office solutions. Having proper insurance is also an essential part of getting started. Truckers bookkeeping service has an extensive network of insurance agencies that offer great rates. If your rig weighs over 55,000 pounds, you are required to file a Form 2290 for tax purposes. Trucking insurance is vastly different than car insurance.
While thoughts of freedom on the open road are exciting, being an owner-operator can be challenging—but also incredibly rewarding. If getting started seems too confusing or overwhelming, Truckers Bookkeeping Service is here to help. We take the complexity out of becoming your own boss and help you establish and cultivate your business. Often identified as a motor carrier number (MC number), a trucking authority allows a commercial truck to transport goods. Your operating authority dictates the type of operation your company may run and the cargo it may carry. All motor carriers operating with a weight of 18,000 pounds must open a New York Highway Use Tax (HUT) account and register each vehicle that travels in New York.
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. 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.
We Offer Customized Small Business CPA And CA Packages
Then, you reconcile accounts each month to ensure they sync up. Having a separate account will also give you easy access to necessary information if you are audited. Services can vary based on company operations and gross vehicle weight (GVW). With ATBS, a dedicated consultant will walk you through the entire process of preparing and filing your taxes so you can be confident everything is accurate.
We are truly passionate about helping you start your own business and remain successful in the industry. When you choose TBS, you’ll find a family who will listen to you, identify your goals, and find solutions that are unique to you and your company. Truckers should maintain separate accounts for personal and business expenses to make it easier to track and prove a clear separation between personal and business expenses. In most states, you must renew your trucking license every five years. They are very knowledgeable and they keep up with the trucking industry. I am reliant on them and have trusted them for 3 years now.
Use this notebook (in addition to your receipt envelope) or a document on your computer or smartphone to record any expenses you cannot obtain a receipt for. This includes things like when you wash your truck at a coin-operated facility or need to record mileage for business use of your personal vehicle. Provide a monthly record to your business services provider or tax accountant and any other receipts. With ATBS’ bookkeeping and tax preparation services, you can streamline your back-office processes and invest in the future of your business, saving you both time and money. Whether you have questions about apportioned registration, bookkeeping services or where to purchase straps, The Trucker’s Bookkeeper is an industry expert waiting to serve you.
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. The RumbleStrip Essentials package is designed for experienced owner-operators who are looking for a more simplified, pared-down solution. This package offers the time and money-saving benefits of tax preparation and monthly bookkeeping services. Also, having a bookkeeper who prepares taxes makes it easier to file your tax return.
TBS will process your MC#/USDOT Number and BOC-3 for free (both are required to activate your authority), with no annual membership fee or application processing fee. Our bookkeeping services help truckers gain financial peace of mind. Truckers Bookkeeping Service is proud to have been serving the trucking community since 1968. Over the past fifty years, we’ve been honored to be a part of the ever-changing and evolving transportation industry. We have expertise that only time and experience can provide, and we’re on a mission to use that knowledge to help truckers nationwide. Getting started in trucking and transportation can be daunting, but here are clear-cut steps to set your new trucking business in motion the right way.
Accounting for truckers ensures accurate recording and categorization of income from freight hauling and related services, while also tracking expenses like fuel, maintenance, insurance, and payroll. It navigates the complexities of tax regulations, optimizing deductions and preparing precise tax returns. Owner-operators and business owners have their hands full.
Our experts will make sure everything is processed correctly the first time, so you won’t have to wait to get those big rig wheels turning. You want to be able to deduct as many legitimate costs as possible. Keep an envelope in your truck for collecting receipts, or use the dedicated folders on your computer or in a cloud for e-receipts.
Truckers Business
Schedule a consultation with a member of the Trucker CFO Team and ask us any questions you want.We’re here to help to you with the business of trucking. This makes it easier to keep track of things when it’s time to total everything up. Purchase an expanding file folder, a stapler, and a desktop calculator with register tape from an office supply store. Electronic invoicing and payments make sending and paying bills and getting paid simpler and faster. Keep an eye on the money going in and out of your bank account to ensure you are getting paid what you’re owed. ATBS has helped our business run smoothly by inputting our receipts every month and keeping our business between the lines.
All motor carriers operating with a combined weight of 60,000 pounds or more must have a Kentucky weight distance tax account. When the account is opened, quarterly reports must be filed in addition to your IFTA license. You are required to update your truck inventory list, which is verified through USDOT numbers. The RumbleStrip Professional package, on the other hand, is the go-to option for most owner-operators looking for a complete tax and bookkeeping solution.
Truckers Bookkeeping Service is Here for You
TBS compliance packages help you navigate through ever-changing federal regulations. Successfully establish your business with help from our expert team. Call TBS today to find out which of our services can best support your transportation business. Each state has its own licensing and permitting requirements. TBS has the knowledge and experience to help you navigate through trucking permitting services across state lines. Visit our comprehensive services page to see how TBS can help.
TAX & BUSINESS SOLUTIONS FOR TRUCK DRIVERS
As your trucking business grows, you can invest in different packages to accommodate a more expansive set of needs. 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.
