The FMCSA requires you to have $750,000 primary liability insurance and $100,000 cargo insurance. Depending on what you haul, additional insurance may be required. Always report any changes in your operations to your insurance provider to ensure you’re covered in case of an accident.
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. 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.
File for your Unified Carrier Registration (UCR)
You will also have the option to organize your income and expenses into tax categories, allowing you to file your business’s taxes quickly and efficiently. Always start with a business plan that maps out your financial goals. This will help you stay organized when tracking your income and expenses as you work. By creating this first, you’ll be able to continually compare your actual finances with your goals to see if you’re staying on track. Starting your own trucking company can be both empowering and overwhelming.
The USDOT number is a unique identifier when collecting and monitoring a company’s safety information acquired during audits, compliance reviews, crash investigations, and inspections. Set your company up for success with help from Truckers Bookkeeping Service. Our team gives you the resources and support you need to focus on your business. Trucking management software (TMS) can help you keep track of everything easily. You can handle most tasks in the comfort of your cab using a smartphone, tablet, or laptop. If there is a discrepancy, you want to catch it quickly before it becomes a bigger problem for your trucking business.
It is a nine-digit number used by the IRS to identify taxpayers who are required to file business tax returns. A BOC stands for “blanket of coverage.” A BOC-3 form gives your trucking company a legal presence in any state where you operate. The FMCSA requires that you have a process agent in every state that you travel through or do business in.
Safety audits occur at any time after your USDOT Number is activated. While you wait for your USDOT Number, let us Truckers bookkeeping service help you prepare for your audit. We give you the right resources to help you comply with federal regulations.
The Giersch Group will simplify your daily accounting tasks and foster better financial health so you can focus on driving and have more time for your personal life. Contact us for more information or to get started on the path to better financial health. All accounting, bookkeeping, and consultation services are 100% virtual and available anywhere in the country.
- Our complete line of tax relief products allows owner-operators flexibly to get caught up on back taxes and stay on track with the IRS in the future.
- When it’s time for your annual tax filing, don’t end up on a last minute search for “trucking bookkeeping services near me”.
- After you’ve been registered, you’ll receive a USDOT number that future customers can use to access your information.
- A bookkeeper that includes this service will analyze and categorize your revenue and expenses rather than just blindly inputting the data.
- Imagine a life where you set your schedule, bring value to your clients, and relax when you want.
But, perhaps most importantly, working with ATBS helps you save time and money. We know how busy you are with your trucking business and we understand that your free time is precious. That’s why ATBS service packages help you to keep your business on track, without sifting through mountains of paperwork. Read here to see ATBS’ answers to the most common tax questions asked by owner-operators.
ATBS knows truckers are busy, and expenses are high – that’s why they’re here to help you save time and money with bookkeeping, tax, and consulting services. Accurate accounting services from our professional bookkeepers provide your CPA with the timely, organized data needed to do your taxes. Our firm helps independent truckers and businesses maintain accurate exemption certificates and ease the headache of a sales and use tax audit. When it’s time for your annual tax filing, don’t end up on a last minute search for “trucking bookkeeping services near me”.
Trucking Permit Services
One of the most important relationships that we have in trucking is with Colton Lawrence and his Trucker CFO Team. They have the experience and expertise within the trucking industry that makes a difference for small businesses in trucking. When it comes to accounting and your taxes, you need to be able to have trust in your provider right off the bat. Whether you’re a single-truck owner-operator or run a small fleet, you know that a successful trucking business takes hard work and commitment. Understanding the financial trajectory of your trucking business, saving on taxes, and bookkeeping your expenses are all crucial business-end operations. With a wide range of trucking-specific features, DAT recommends the ATBS RumbleStrip product suite to help steer you on the right path.
There’s more money to be made and the transportation industry isn’t at risk during a recession. An ELD is an electronic device that tracks hours of service (HOS) for truck drivers. It helps protect drivers from being forced to drive beyond the threshold of safe hours and distance determined by the ELD rule. The registration process will ask you a number of questions about your vehicle, cargo, number of trucks, weight, and more.
If you need help choosing an insurance provider, check out these 4 Quick Tips to Picking an Insurance Company. 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.
Business services can help significantly with the organization and reporting of your owner-operator income, expenses, profit and loss reports, and taxes. But if you’re an owner-operator who wants to manage the business yourself, you need a surefire system to keep recordkeeping as simple as possible. Trucking bookkeeping is easier if you use consistent accounting systems and practices.
You must keep all records used to prepare your tax return for three years from the date you filed the return. 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.
Purchase an expanding file folder.
No matter where you are in your driving career, we have a service package that will match your needs. Below is a complete list of business services that ATBS offers. Thetruckersbookkeeper.com is an authorized IRS e-file provider.The Trucker’s Bookkeeper is owned and operated in Shreveport, LA and Fort Worth, TX. Our business advisers keep the focus on financial results, and can also help you anticipate and plan for future challenges. We also offer family business consulting including business succession planning or sale to an outside buyer.
Most trucking businesses use either a cash-based or accrual-based accounting method. At the end of the day, your most important concern is whether your trucking business is making money. ATBS services help you to document expenses, understand your profits and losses, and maximize your year-end tax deductions.
Keep your books in order with bookkeeping services from small business CPA and CA team. Our incredible teams are experts in all things trucking, and we’ll be there to support you every step of the way. From helping you get insured and get paid quickly to staying compliant with the DOT and ensuring you have current permits, we’re here for you. It is a nine-digit number used by the IRS to identify taxpayers required to file business tax returns. This includes employers, corporations, partnerships, and other business entities. Some states require trucking companies to pay an additional weight distance travel fee.
Bookkeeping and Tax Services
ATBS offers bookkeeping and tax preparation services, among others. ATBS offers numerous service packages to meet every carrier’s unique tax and reporting needs. We’ve been helping independent owner-operators like you for over 50 years. Let our experts help with permitting, compliance, insurance down payments, and more so you don’t have to tackle it all alone. TBS is dedicated to spending the next 50 years making it easy for independents to get started and stay rolling.
One out of every 25 owner-operators gets audited by the IRS for taxes each year. You want to avoid that happening to you, but you want assurances that you’ve done everything right if it does. Check expenses to your bank accounts to make sure they are legitimate expenses, especially if you’re not the only one with access to the account. With an accrual system, you recognize revenue when it’s earned (before it’s paid) and bills when received (before they are paid).
Use the folders for your monthly profit-and-loss statements and accurate quarterly tax estimates. ATBS offers a variety of business growth features, like profit planning, monthly financial snapshots, and benchmarking your performance against other owner-operators. That’s why an investment in ATBS RumbleStrip services is an investment in the future of your business.