1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
|Client Update - quarterly newsletter||
Heavy Trucks, Courier Vans, Passenger
Vehicles, and Tire Shops (CDL & TLC).
"Trip-Sheet expenses are just the beginning.You need a Transport Tax-Accountant to go Full-Throttle for you. Let's ROLL!!"
Business Tax Returns MUST reach the IRS & State on or before March 15. Hence, the information to prepare them should be given to us on or before March 01. Other Accountants are making similar request. Those tax returns take time to prepare and we may have to do research to complete them. You are liable for paying late filing penalties to the IRS & State if we received your documents late. Let's get to the specifics!!
Services We Provide Fleet, SEMI's, OD's, and OTR's.
1)Tax Planning, Financial Planning, and Book-keeping.
2) Federal Income Tax Preparation.
3) Single and Multi-State Income Tax Preparation.
4) Insurance & Risk Management Advisory.
5) New Business, Franchise, and Real-Estate Advisory.
6) IRS and State(s) Tax Problem Resolution.
Who Are Our Clients:- Our clients are over 300 (FTL and LTL Carriers), Moving & Stroage Companies, Shipping & Delivery Companies, Passenger Vehicles, and Tire Shop Owners. They operate as C-Corp., S-Corp., LLC., and Sole-Props. They have been our clients for many years. We know your Industry Standards and Practices, and the New Tax Breaks, including the PER DIEM allowances, Major Repair allowance and deduction, and Bonus depreciation deduction for Owner Driver, in accordance with IRS and DOT rules. We help clients pay LESS tax and keep MORE money in their pockets/ We put our Track-Record and Reputation behind it. You have a lot of work to get done. Lets start today!!!
Federal and Single-State, or Federal and Multi-StateTax Returns are completed Quickly, Efficiently, and Accurately. The turn-around time is 1-2 days. We give clients Peace-of-mind; and put a BIG smile on their faces. We're ready to go Full/Open Throttle for you. Are you ready to ROLL with us? Let's start today!!! Some transport clients Fax their documents to us. Most of them send us their documents by UPS, DHL, FedEx, and Post Office. They are:-
1) Taxi & Limousine companies (Uber, Unter, Lyft, Juno, Communicar, Green Cab, etc.)
How We Obtain Transportation Clients:- Direct mailing from our exclusive Database; States Department of Corporation Registry; Truckers searching on Google and other Search engines; YouTube Truckers Group Discussions; and having promotional items distributed at Truck Shows, Truck Stops, and Dispatch Terminals.
What We Want From Vehicle Owners
1) Your Cell Phone number and E-mail address for quick communication.
4) Copy of Birth certificate and Social Security Card for each dependent you are claiming.
5) Forms W-2G gambling & winnings from Casinos, State Lottery, Horse Racing, etc.
6) Rental Income, Mortgage Interest, Property Tax and ALL Expenses you pay to operate each rental property you own.
7) An analysis of your business expenses for the year. If you are a owner operator we would add your DOT & IRS per diem for incidental expenses.
Transportation Related Education
*Travel Institute, New York (Air, Road, Rail, & Sea).
* Brooke Transportation Training Solutions, Texas (Trucking).
* M.S. Taxation; and IRS Enrolled Agent - since 1989.
* MBA Business Management.
* Insurance Broker (property & casualty).
*Real-Estate Salesperson & Broker Certificates.
*Member, the American Trucking Association (ATA).-Since 2008.
Question:- I can tell you guys know this business. However, is there something specific that you can tell us that will convince us that you really care and we can trust you?"-Ricky, Springfield, Oregon.
Answer:-Ricky, we can steer your business operations and tax returns successfully out of the intricate network of tax codes, tax rules, practices, and procedures in a similar manner to the way your drivers steer your trucks successfully over hills, slopes, Ice, precipices, and mountainous and rugged terrains. How about that, Ricky?!!
Starting a Trucking Business.
You are entering a large/big industry. Truck companies are the biggest/largest employer in some states. Some truck companies are classified as fortune 100 and 500 companies.
Fuel and Insurance are the biggest operating expenses. It is very important that OD's know their COST per MILE before they agree to move load to specific/specified destinations. Your COST per MILE can change with the kind/type of terrain and fuel consumption (flat roads, rugged roads, hills, mountainous, etc.).
***NOTE:-You can take a load that is a little over/above your cost per mile if the second load that you will carry back or carry forward will compensate for the money you lose on the first load (you lose a little on one load and you gain on the other loads). That is an important business decision that every Truck owner must make WISELY, especially if you have a strong business relationship with your freight broker. Allow your common sense to guide you appropriately.
#1) U.S. Dept. of Transportation(DOT):-If you are starting a Trucking Business, Get Registered. Log on this website (www.Transportation.gov), and get important government transportation information about CDL permit, MC, DOT, FMCSA, etc. You can call FMCSA (Federal Motor Carrier Safety Administration) directly (800) 832-5660. Some Freight Brokers will help you get training and registered.
#2) Top 10 Freight Brokers:- OD's with MC, DOT and ready to move Consistent/Steady load call, Worldwide Express (888) 643-8174; Panther (888) 584-1055; Swift Trnasportation (877) 497-8971; JB Hunt (877) 791-9458; Landstar (800) 872-9400; C.H. Robinson (855) 229-6128; Echo Global Logistics (800) 354-7993; Coyote Logistics (877) 626-9683; XPO Logistices (833) 934-2092
#3) Top Freight Bill Factoring Companies:- Get paid within 24 hours. If you need Cash Advance for your Invoices; or if you need a Fuel Card to save on Fuel, call "DAT Freight Factoring" (800) 551-8847. www.DAT.com; OR Aero Fund Financial" (800)747-4234. www.AeroFund.com; OR "Cashway Funding" (888) 752-1443. www.CashWayFunding.com.
#4) File Your Fuel Tax Reports:- IFTA-100, Form 2290 and Form 903. Call "Permits Plus", (877) 722-8059. website www.PermitsPlus.com.; OR Call "Express Truck Tax" (704) 234-6005. www.ExpressTruckTax.com.
#5) Emergency Roadside Service-24/7:-(Serving, OD's, OO's, MC, Insurance companies, Dealerships, Finance Companies and Load Boards anywhere in the USA and Canada). If you own a Mechanic Shop or Tire Shop, you should consider obtaining emergency work from these companies:-
*National Truck - (833) 387-1674 www.NationalTruckService.com.
*RoadSide Masters - (888)381-7438 www.RoadSideMasters.com.
Questions & Answers
#1) Question:-I bought a Mark truck, formed an LLC, and leased the truck to a company that moves load for shippers. The company hires a driver, pays all the operating expenses, and send me a check every week. I want to file my tax return. Can you help me? - Jane, K, Dallas, TX.
Answer:-I can help you if you send me the truck Gross Income, and a list (An Analysis) of the Expenses that the company paid. The management company is required to send you a statement of the income & expenses every time they send you a check.
#1) "BIG MISTAKE!! I paid a lot of income taxes because I allowed the people that filed my truck fuel tax reports to prepare my business tax returns. I am looking at the e-mail you send me and I can't believe how much money you saved me.Wow!!-Eva Jordon, Atlanta, GA.
#2) "Thanks for the information and encouragement. I reached out to Landstar & Coyote and I'm busy now. It's crazy how things have turned around for me. I'll see you tax time-Will Anderson, Edison, N.J.
#3) "The Bookkeeper in my Freight Broker office files my fuel tax forms. I was told by my friend that works for a trucking company to find an accountant that knows the trucking business. Through another friend, I contacted Barry; and he has been my taxman for over 18 years. He saves me a lot of money that I would have had to pay in taxes. He knows this business and he is very resourceful".-Greg McNilley, Carlsbad, CA.
#4) "The information you have given us is invaluable. We have leased a fleet of trucks and the leasing company has encouraged us to retain your services."- Allan & Tom, Shippers & Movers, Randall Ave., Bronx, New York.
#5) "I am an OD/OO. I am on the road and could hardly find time to go to a tax office and get my taxes done. I send my information to Barry and he gets the job done. The results have been better than I had expected. It has been this way for 15-years. Great guy!!" - Jerome Jenkings, Clear Water, Florida.
Types of Hauls (local & regional):- Specific kinds of trucks are used after the Shipper's Cargo and Transportation needs are identified (FTL, LTL, 3PL); and Distance(Short, Intermediate, or Long haul) is calculated. Hauls can be Hazardous Material(haz-mat), Refrigerated Cargo(Reefer); Concrete Mix; DryVan; FlatBed; Tanker; Heavy Haul; Intermodel; Container Transport; Ice Road(delivery over frozen lakes), Automobile; Oilfield; Private Sanitation, Heavy-duty towing; etc. Hauls can be EXPRESS or TEAM on Dedicated lines; or Consistent loads of a variety of freight on the same routes fom a Nationwide Network. RATES can be 52 to 60 CPM and Compliance Bonus for ON-TIME DELIVERIES; OR (27% of line haul + safe driver bonus + Transition Bonus + On time delivery pay + Referal Bonus +Tarp & Stop-Off pay).
Box Trucks, Tractors, and Semi (70 to 220 gals fuel tanks and up to 450 HP):-Peterbilt, Mack, Kenworth, GMC General, Freightliner, International, Norstar, Cummins, Leyland, Western Star, Workhorse, Volvo, Mercedes, etc.
Types of Trailers:- Step deck, Drop deck, Double drop deck, Removable gooseneck, and Flatbed. Call "Heavy Haulers" (800)908-6206. www.HeavyHaulers.com
People in various industries would refer to the trucking industry by different names, such as Inland Freight, Interstate Commerce, or Inland Marine. The cars we drive are brought to the dealers by trucks. Heavy equipment (tractors, bulldozers, cranes, etc.) to build roads, buildings and highways are brought to the construction site by trucks. The items that we purchase at the supermarkets and neighborhood shops are transported there by trucks. This includes lumber and hardware materials; and pipes used in the transportation of petroleum, water, and natural gas. In some states trucking companies are the biggest employers. Fuel price and fuel surcharge do have an effect on the industry. However, the industry will continue to dominate freight movement and the national economy as more fuel efficient trucks are being manufactured annually. There were over 120 million REGISTERED trucks including 1.95 million REGISTERED tractor trailers on the road in 2018, according to the Federal Highway Administration (FHA) statistics.
When my clients ask me how much insurance coverage I would consider adequate to cover their exposure, I often tell them to look at their net worth on their business or personal financial statements because that is what is at risk in the event they incur a catastrophic loss, including the verdict from possible lawsuits. The coverages I recommend are auto liability, physical damage, motor truck cargo, trailer interchange/drop lot, general liability, excess auto liability/umbrella, worker's compensation, occupational accident & health (OA&H), and pollution coverage.
Auto Liability Coverage
Physical Damage Coverage
Motor Truck Cargo Coverage
Trailer Interchange/Drop Lots
"What is the typical cost range including operating costs for a new or used tractor/trailer, and what's the average life span?"-Karen. D, Houston, TX.
Fuel can cost you about $65K (20K gals) depending on your route and how long your truck runs. Group Insurance $10K; maintenance $5K-15K annually, for a new or used the tractor & trailer. Front tires $1,000 each and rear tires $400 each. The life span can run up to 5-years before major repairs are needed. It depends upon the kind of operations that you are involved with (trade cycle, warranty and depreciation schedule) and the annual mileage that you are covering. Everything must be factored into the kind and scope of your maintenance schedule.
Steven Transportation, Swift Logistics and other Trucking Companies that I mentioned above replace their fleet continuously. You may be able to purchase a high quality pre-owned truck from those companies. If you want to buy new trucks and trailers, your best bet is to attend the Mid-America Truck show, the Mid-West Truck show, or the Great American Trucking Show in Dallas, TX; and don't be afraid to ask questions. Those shows offer everything that you can think about in the trucking/transportation industry.
"I am a class "A" OTR with haz-mat and tank endorsements. I have been working for companies for 13 years. I am starting my company as an O/O and I will be soliciting freight from Brokers whom I have built a relationship with over the years. I am offered a pre-owned, well-maintained 18-wheeler, 2005 Ken worth T-2000 with 400,000 miles. The truck cost $62,500, 9.5%, five years. Trailer $25,500, 6%, three years. I plan to be on the road for nine months a year. Diesel 5.8 ml's/gal.; tolls, registration, etc., $3,500. How much load do I have to haul to be able to break even in the first year?"— E. McAllister, Walnut, CA.