Search results

I have a couple of initial thoughts to share with you, Lifesbeachy. 1. Subscribe to QuickBooks Online and learn how to use it, actually learn how to master it. In other words, learn how to keep a good set of books. If expediters have a common weakness, it is that they do not treat their...

Find a container of some sort, like a sturdy envelope or small box. Place your receipts in it. Place the envelope or box in a place where it can be easily found when a receipt is needed. When a receipt is needed, go into the envelope or box and remove the desired receipt.

Accounting has CPAs. Financial planing has CFPs (Certified Financial Planner). These credentials indicate the professional has demonstrated a certain level of knowledge in the field and completes ongoing education to maintain the credential. No small amount of study is required to obtain these...

For 10 years as an expediter I took the do it yourself approach to bookkeeping, developing spreadsheets (which I know how to do) and a filing system for receipts. I did so out of stubbornness. I resisted the idea of putting data in the cloud. I resisted the idea of storing my info where a third...

That's the key. Don't think about an IRS audit as something that will be your worst nightmare if it happens. Think of it as something that will happen sooner or later and prepare now for it. With such preparations made, the nightmare goes away. TeamCaffee's approach is spot-on. Know the...

It is a big, big jump to move from employee to self-employed; not so much because the driving is any different, but because of the many business aspects of the work. You are wise to ask questions. ATBS is a large company that serves thousands of truckers with tax preparation. They have some good...

You are seeking a single answer to a question in which the correct answer differs depending on the circumstances. Is it legal to drive 60 MPH where the posted speed limit is 65 MPH? The simple answer is yes but the true answer may be no if additional circumstances are specified. For example, if...

To be deductible, a business expense must be "ordinary and necessary." This video explains the terms a bit. This publication lays it all out. In the case of a hotel, it's not about the amount. It's about ordinary and necessary. If you are in a rural area, a hotel may cost you $40 a night...

I agree. A one-truck expediting business is relatively simple compared to many other business types. Dome is a straightforward bookkeeping system that requires no computer. The instruction manual for a bookkeeping program like Quicken or QuickBooks can be 300 to 500 pages. The Dome system...

Recordkeeping Made Easy

If you are going to dedicate a year of your life to enter a business in which you have no net income at all, you would be wise to consider another line of work. While it is true that many expediters drive broke year after year, it is also true that others prosper nicely and for some of those it...

For a simple beginning, start with 33% of your gross revenue and dial it in from there as your bookkeeping and tax practices improve. Example: If you are paid $500 for a run, put away 1/3 of that amount: $500 x.33 _______ $165 Formula: Gross Revenue x .33 = amount to put away for taxes. This...

Robert, While your concerns are well placed and questions well asked, your posts seem to indicate a reluctance to fully embrace your obligations as a self-employed business person. Your task is not to put money away to meet a future obligation. Your task is to meet your obligations now by...

This fits with what a dealer told me a few days ago. Lenders who are willing to finance expediter trucks are requiring higher down payments because expediters are more difficult to move if they are reposessed. It's easy to get rid of a tractor. The market for expediter straight trucks is...

As stated in this Investopedia definition of ROI, ROI is a popular metric because of its simplicity and flexibility. But in that flexibility lies the ability to fool yourself by using wishful thinking when selecting your inputs. I can see using ROI if you are comparing two investments like say...

It is more than a sponsoring relationship. Kevin Rutherford is an industry professional. He used to own and operate The Alliance, which was a financial services company dedicated to truck owner-operators. He is not sponsored by ATBS. He merged his company with ATBS and is now serving clients there.

ATBS is not an EO sponsor.

Several EO Open Forum members use ATBS. ATBS specializes in serving owner-operators and they know the industry well. Depending on the kind of help you need, support staff ranging from consultants, to Enrolled Agents, to CPA's, to people who specialize in incorporation issues are available. Kevin...

Layoutshooter for President!

Yes it is.