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. We provide reliable and efficient Trucking accounting services. Our team caters to all your specific needs, whether you own a fleet or run your office from the truck.
- What kind of partners do you need when you start your own trucking business?
- We recommend seeking professional help to avoid accounting mistakes, increase profitability and save time.
- Visit our comprehensive services page to see how TBS can help.
- And remember, you have to renew your USDOT number every two years.
- Trucking insurance is vastly different than car insurance.
- It is a nine-digit number used by the IRS to identify taxpayers who are required to file business tax returns.
Carriers who use the Uniform Intermodal Interchange Agreement (UIIA) are required to maintain a valid SCAC. There are two mandatory annual Taxes your business can not miss. 2290 is the Tax return on the use of heavy vehicles on highways. UCR is a Highway Tax paid by Motor Carriers transiting interstate. Read and download our DOT Compliance e-book to learn how to stay DOT compliant. Regardless of what type of business structure you choose, the next step is to get an EIN for tax purposes. You can apply online through the IRS website, but if you do this on your own, be sure to carefully read all the information before applying.
Trucking Accounting Services
Keeping your business’ books is a full-time job and a critical part of your operation. The Trucker CFO is a Certified Public Accountant (CPA) who specializes in helping owner-operators, independent contractors, fleet owners and trucking entrepreneurs. With our bookkeeping service, we utilize strategies and solutions to help you manage your money effectively and help increase your profits. 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.
My recommendation is that you check out Trucker CFO. Bookkeepers help trucking companies keep track of financial statements and give them a better idea of how their businesses are performing. Trucking bookkeeping services have several benefits, such as receipt scanning, tax calculation, money management, document storage, and invoicing. Form 2290 (Heavy Highway Vehicle Use Tax Return) is a federal excise tax that applies to vehicles operating on public highways with a net weight of 55,000 pounds or more.
Trusted by over 20,000 owner-operators, ATBS has been helping truck drivers manage their books and file taxes since 1998. The company’s founders began their careers in the family trucking business, eventually converting all 350 drivers of their team to owner-operators. Today, they are the largest tax and accounting firm for owner-operators, offering a variety of service packages to simplify the business side of driving.
It is always an excellent idea to contact CPA to provide accounting services. Hiring a full-time specialist is unnecessary; outsourcing allows you to select only the needed services, reducing overall costs. A business of any size that specializes in trucking truckers bookkeeping service must maintain accurate accounting records. It is the only way to guarantee compliance with all state requirements and receive a stable income. Bookkeeping for the truck operator can be daunting, but it keeps track of revenue, costs, and mileage.
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. To start your trucking business, you need a Motor Carrier Authority from the Federal Motor Carrier Safety Administration (FMCSA).
A BOC stands for “blanket of coverage.” The FMCSA requires that you have a process agent in every state that you travel through or do business in. Services can vary based on company operations and gross vehicle weight (GVW). All companies and individuals must file an Annual Income Tax Report according to their earnings or received incomes during the year.
Your BOC-3 form includes the names and addresses of these agents. If you’re interested in getting started with entrepreneurship, then we’d be a great fit. You can learn the ropes of the industry, get insider information, and get started on a business roadmap that will gear you for success. The trucking industry is large and it has lots of growth opportunities.
Register With the US Department of Transportation (USDOT)
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. Truckers need to control costs and keep supporting https://turbo-tax.org/ documents. On the road, drivers face numerous potentially tax-free charges, such as fuel, parking fees, and car maintenance. You may deduct actual car expenses instead of the standard mileage calculation method.
Start with a business plan that maps out your financial goals, then choose a business structure that’s right for you. Small Business Administration’s registration site to learn how to register your business on local, state, and federal levels. Every trucker’s situation is different, so talk to our experts if you need help determining the best type of registration for your company.
Trucking Permits: Explained
While you wait for your USDOT Number, let us help you prepare for your audit. We give you the right resources to help you comply with federal regulations. We first learned about Trucker CFO during our orientation with Forward Air. We had just made the transition to become owner-operators, and we knew that we needed someone we could trust to handle our business needs. The Trucker CFO team is always very responsive, especially when we have questions.
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To learn more, fill out our contact form to speak with an ATBS Enrollment Specialist, or view our services and pricing. Whether you’re just starting out, an experienced owner-operator, or anywhere in between, we have a service package that’s just right for you. Each state has its own licensing and permitting requirements.
In most states, you must renew your trucking license every five years. TBS compliance packages help you navigate through ever-changing federal regulations. Successfully establish your business with help from our expert team. All the transportation companies need to file the fuel consumption Tax every quarter to keep operating without penalties. We take care of the deadlines while to are focused on the road.