Tag: trucking business

A Comprehensive Guide: How to Start a Trucking Company

If you’re a truck driver wanting to strike out on your own, you may wonder how to start a trucking company. Starting a business can be overwhelming if you don’t know where to begin, but it doesn’t have to be an insurmountable challenge. This guide will help you learn all about starting your trucking business and get it off on the right foot from the start.

Why Start a Trucking Company?

There are many reasons why you might want to start a trucking business. The industry is profitable, even in challenging times like the recent pandemic. It allows for a level of freedom and flexibility that is hard to find in many industries. And compared to many industries, trucking can be a simple business to begin. 

How much do trucking company owners make?

Wages for trucking owner-operators are variable depending on the part of the country where you start your business. According to ZipRecruiter, the national average is almost $250k annually, with some states offering as much as $30k more. But of course, expenses have to be taken into account.

As for gross profit, financing company Coastal Kapital notes that “On average, a full-time owner-operator trucking business’s industry-standard turnover figure will be around $100,000 and $140,000.” Generally speaking, long-haul trucking pays better than local businesses.

How to Start a Trucking Business

Starting a trucking business can be a lucrative venture, but it requires careful planning and execution. You must know how to secure the right vehicles and licenses, build a strong client base, comply with regulations, and file taxes properly. But even if you’ve never run a business of any sort before, with the right advice, you can get your trucking company going strong, starting from just a single truck.

Requirements to start a trucking company

Once you’ve decided you want to start a trucking business, there are a few things you’ll need to research before you get going. Carefully look into the opportunities available in your area and create a business plan. This should detail how your company will operate and what it will do. There are plenty of free example business plans available online, so read through several before you begin writing your own. 

How to start a trucking business with one truck

Once you’ve created your business plan, you’ll need to register a business name and obtain an EIN (employer identification number). You’ll also need a permit from the Federal Motor Carrier Safety Administration (FMCSA) to carry goods across state lines (if that’s your intention). If you plan to operate within ports and airports, you’ll want to secure a Transportation Worker Identification Credential (TWIC) card as well. Once all of these credentials are yours, it’s time to get started.

Unless you already own a truck, you’ll need funding to purchase one. Look into Small Business Authority (SBA) loans or freight factoring as a funding source. Alternatively, you may choose to lease a truck. Some truck leasing companies even offer lease-to-own plans that allow you to purchase the vehicle at the end of the lease. This will give you more time to come up with the funding to purchase your truck if that’s what you want to do.

Finally, you can decide how you want to market and build your business. Will you go through freight brokers, load boards, partnerships with other carriers, or business networking? Perhaps you want to utilize a combination of several methods. To ensure you retain customers and build business relationships, focus on offering good customer service and keeping your costs low to offer competitive pricing. Trucking management software like TruckLogics can help you ensure your business runs smoothly from day one.

The Real Cost of Starting a Trucking Business

Outside of purchasing a truck (which is not required as leasing opportunities are plentiful), starting a trucking business is relatively inexpensive compared to many other businesses. Trucker Daily estimates that you can start your business with as little as $6,000-$15,000. This includes the costs of licensing and other paperwork that you will need to get started. 

Potential Challenges and How to Overcome Them

So far, starting a trucking business sounds pretty simple. But there are some things to know about trucking before you get started.

First, there are many compliance requirements that you will need to meet in order to avoid fines and other penalties. Whether you’re operating under your own authority or someone else’s, you’ll need to stay on top of these requirements. There’s a thorough compliance checklist available from Schneider Owner-Operators. 

Next, you want to stay on top of your finances and plan for tax time. Fortunately, there are a lot of trucking expenses that qualify for tax deductions, but you must keep receipts from day one in order to claim them. You’ll also need to keep fuel and mileage records for IFTA filing, and you’ll need to file the Heavy Vehicle Use Tax once a year.

FAQs

How profitable is starting a trucking company?

Trucking is a very profitable industry with plenty of opportunities for newcomers. According to Boss Magazine, trucking companies can make an average profit margin between 2.5% and 6%.

Is it hard to start a trucking company?

While starting a trucking company may be time-consuming, it’s not actually very difficult. As long as you take the time to ensure you’re complying with all federal, state, and local transportation regulations, the rest should be fairly straightforward.

How do I start a trucking company and get loads?

There are several options for sourcing loads for your new trucking company. You may use load boards, freight brokers, partnerships and other business relationships, or even traditional marketing methods. 

How do I start a trucking business with little money?

The biggest expense when starting a trucking business is purchasing a truck. If you don’t have funding to do so, you can still start your business by leasing your truck or even entering a lease-to-own agreement.

Simplify Form 2290 for your Drivers by Partnering with ExpressTruckTax

Attention trucking companies big and small! Are you looking for a solution that allows your owner-operators to easily file their Form 2290? Do you want your owner-operators’ Stamped Schedule 1 sent directly to you? Look no further than ExpressTruckTax. ExpressTruckTax has helped over 300 trucking companies create personalized portals for their owner-operators to file their Form 2290. Keep reading to find out how your company can partner with ExpressTruckTax and have a Form 2290 filing portal that your owner-operators can file their Form 2290 through.

What is Form 2290?

Form 2290 is an IRS tax form that must be filed by drivers of vehicles weighing 55,000 pounds or more annually for the Heavy Vehicle Use Tax. Upon filing Form 2290, drivers will receive a Stamped Schedule 1 needed to obtain a vehicle’s tags and registration. It is also essential for drivers to keep an updated copy of their Stamped Schedule 1 in their trucks in case they get pulled over. The Stamped Schedule 1 serves as proof of filing Form 2290. 

How can ExpressTruckTax help Carriers and Associations?

Trucking companies that have any number of owner-operators struggle to have their drivers file and send them their Stamped Schedule 1 in order to stay compliant with the IRS and renew vehicle plates. Getting each driver to send in their Stamped Schedule 1 can be a challenging task, especially with numerous owner-operators. 

In order to simplify the process, ExpressTruckTax offers specialized portals for each carrier. These portals are free to the carrier. Simply share the link with your owner-operators and once they file through the portal, their Stamped Schedule 1 will be sent to the company they drive for. The portal will feature the company’s logo and the URL name will match the name in the carrier’s URL followed by 2290.

Does this sound like something you would be interested in? If so contact support@expresstrucktax.com or call 704.234.6005 today!

Are You Ready For This Year’s Mid-America Trucking Show 2023?

It’s that time of year again! Every year towards the end of March, the Mid-American Trucking Show (MATS) is held in Louisville, Kentucky. 

What is MATS? 

MATS is the largest heavy-duty trucking trade show in the world where members of the trucking industry gather to show off the latest technology, equipment, products, and services. The event will feature numerous informative panels from industry experts and market leaders as well as live performances from Elvie Shane and Tony Justice.

History of MATS

In 1972, the Mid-American Trucking Show was founded to make heavy-duty trucking shows accessible to the eastern half of the United States. The show was geared towards owner-operators and fleets and aimed to be more accessible than trucking shows previously held in California and Massachusetts. The first MATS in 1972 had around 4,000 attendees and 83 exhibitors. Since then the event has grown to be the largest heavy-duty trucking show in the world with over 58,000 attendees and over 850 exhibitors. 

When is the Mid-America Trucking Show 2023? 

This year MATS is being held from March 30th to April 1st at the following location:

Kentucky Expo Center 
937 Phillips Lane
Louisville, KY 40209

The show’s hours are as follows:

Thursday, March 30th (VIP): 10 a.m. to 1 p.m.
Thursday, March 30th: 1 p.m. to 6 p.m.
Friday, March 31st: 10 a.m. to 6 p.m.
Saturday, April 1st: 9 a.m. to 4 p.m.

Know Before You Go

Registration

Before you head to MATS you should register in advance. There are three registration options available: attendee registration, exhibitor registration, and media registration. Attendee registration is geared toward trucking professionals looking to improve their business and see what’s new in the industry through interactive exhibits, educational panels, and networking. Exhibitor registration is geared toward company personnel looking to present their company’s products and services through interactive exhibits or booths. Media registration is designed for the media and influencers looking to partner with MATS.

Featured Events

MATS is loaded with all kinds of events for its attendees to experience while at the show. There will be many informative industry experts holding educational panels to help attendees stay up-to-date on industry topics. 

Attendees have the option to attend the VIP Executive Breakfast for an additional $100 on top of their registration fee. The event will feature networking opportunities and informative talks from executives from industry-leading companies.

The MATS Ride & Drive event allows attendees to test drive industry vehicles with the latest technology. Participation in this event is free but attendees must sign up at each truck’s respective booth for an opportunity to drive it. The drivable trucks featured in this event include a Kenworth W900 Limited Edition, a Western Star 57X, a Western Star 49X, and a Kenworth T680 Signature Edition.

MATS attendees also have the option to attend the PKY Truck Championship, showing off the industry’s best custom trucks, and the MAC Trailer Winter Nationals Championship Pulling Event on Saturday evening. 

For more information on the event visit https://truckingshow.com/.

Trucking Industry Trivia with ExpressTruckTax!

Do you think you know everything about the trucking industry? Whether you have been driving a truck for years now or just getting started, it’s time to test your knowledge about trucking. Who knows, you might learn a few facts about trucking that you didn’t know before.

Q: How long does a typical semi-truck engine last?

A: A semi-truck engine can last up to around one million miles, while a typical car engine usually only lasts around 200,000 miles.

Q: What does the word “semi” actually refer to?

A: The word “semi” actually refers to the trailer pulled by trucks. This is because it only has wheels on one end. Semi-truck refers to the truck and the trailer combined. 

Q: What is the distance it takes for a semi-truck to come to a complete stop?

A: The distance it takes for a semi-truck to come to a complete stop is around 720 feet, which equals the length of two football fields. 

Q: True or False? Semi-trucks get into fewer accidents on the road than regular cars?

A: True. Semi-trucks get into three times fewer accidents than regular noncommercial vehicles. 

Q: How long is the average truck and trailer?

A: The average truck and trailer are around 75 feet long.

Q: How much does a semi-truck cost?

A: The average semi-truck can cost anywhere between $80,000 and $200,000 depending on the brand and if you are buying it new or used.  

Q: What average speed should a truck drive to save fuel?

A: If you drive your truck at speeds of around 65 miles an hour, you will consume over twenty-five percent compared to if you were to drive around 75 miles an hour. This is good to know especially with fuel costs being high.

Q: How many miles does the average trucker travel in a year?

A: On average, a truck driver travels around 100,000 miles in a year. 

Q: True or false: Interstate highways that run East-West have even numbers and those that run North-South have odd numbers?

A: True. If an interstate has an even number (Example: I-80) it will run East-West and if it has an odd number it will run North-South (Example: I-85). 

Q: How much has emission from heavy trucks been reduced since the 1980s?

A: Emission from heavy trucks has been reduced by around 95% since the 1980s. Clean diesel technology has made it possible for around 60 modern-day trucks to put out the amount of emission equivalent to one truck in the 1980s.

How many of these questions did you know the answer to already? Even if you didn’t know many of these answers, there’s always something new to learn about the trucking industry. ExpressTruckTax is here to help drivers in the trucking industry file Form 2290 for their Heavy Vehicle Use Tax. This must be filed by drivers of trucks weighing 55,000 pounds or more annually to the IRS. Hopefully, you knew that already. If not, it is not too late to file your Form 2290 and avoid any additional penalties. What are you waiting for? File your Form 2290 today and who knows, maybe learn even more about the trucking industry from us in the future!

Celebrate Veteran’s Day with ExpressTruckTax

Today on November 11th we celebrate our nation’s honorable Veterans both past and present. In the trucking industry, there are a lot of veterans that work hard transporting goods all across the country. It takes a lot of discipline and dedication to be successful in the trucking industry, both of which are characteristics veterans acquire during their time serving on active duty. 

ExpressTruckTax would like to take the time and extend a special thanks to all of the truck drivers that are also veterans. You’ve served our country and continue to serve us every day to help keep our country moving. Thank you vets for everything you do and have done for us.

We would also like to honor the amazing veterans we have the pleasure of providing outstanding service to through our easy-to-use Form 2290 e-filing system. In only a few simple steps you are able to file Form 2290 for the Heavy Vehicle Use Tax and even pay your tax alongside filing your form. 

Form 2290 must be filed to the IRS annually and if you drive a vehicle weighing over 55,000 pounds, you must file this form as well. With ExpressTruckTax it takes only a few minutes. It only takes a few minutes to get your Stamped Schedule 1 once the IRS accepts your Form 2290. What are you waiting for? File Form 2290 today, and happy Veteran’s Day from the bottom of our hearts!

Happy Truck Driver Appreciation Week From ExpressTruckTax

This week, the week of September 11th-17th, we are celebrating something special. It is a time to celebrate some of the nation’s essential workers and recognize the important work they do every day. This week is none other than National Truck Driver Appreciation Week, a week where we celebrate all of the hard work truckers put into transporting the essential goods we need to their destinations. A majority of the goods we receive are transported and delivered by truck drivers, so it is important to recognize your efforts in doing so. 

We at ExpressTruckTax would like to thank truckers for all of the hard work you do every day. You are what helps keep America moving, traveling thousands of miles each year. We would also like to thank you for choosing ExpressTruckTax for all of your Form 2290 filing needs. Without you, there would be no ExpressTruckTax.

Form 2290 is an IRS tax form filed by drivers of vehicles weighing 55,000 pounds or more for the Heavy Vehicle Use Tax (HVUT). This form is filed annually and the deadline to file is August 31st. ExpressTruckTax knows drivers are generally on the road, busy transporting essential goods. To make sure we give drivers the best filing experience so that they can get back on the road as quickly as possible, ExpressTruckTax has created a filing experience uniquely designed to meet the needs of truck drivers. The filing process is designed not to take long to file Form 2290 and can be completed in a few simple steps. 

ExpressTruckTax makes it fast and easy to file Form 2290. Simply enter your business information including your Employer Identification Number (EIN), vehicle information including your Vehicle Identification Number (VIN), any credit vehicles you plan to claim if any, and your payment information. To provide drivers with even more convenience, ExpressTruckTax now offers the option to pay your Heavy Vehicle Use Tax directly from ExpressTruckTax alongside your filing fee using a credit or debit card. This process is designed to be fast so that drivers can get their Stamped Schedule 1 in minutes and get back on the road instead of spending the day waiting at an IRS office. Even though the Form 2290 deadline has passed, drivers can still file Form 2290 with ExpressTruckTax

ExpressTruckTax appreciates everything that truckers do and is designed to provide them with the simplest filing experience so that they can get back on the road as quickly as possible. What are you waiting for? File your Form 2290 with ExpressTruckTax today for a quick and easy filing experience!

How The Trucking Industry Is Becoming More Sustainable This Earth Day

April 22nd, 2022 is Earth Day! A day about celebrating the planet we call home. As part of an effort to help to save this wonderful world, many industries are striving to reduce their emissions. The Trucking Industry accounts for nearly a quarter of the emissions in the United States. In spite of this, the industry has been shifting towards more sustainable and environmentally friendly solutions for the past few years. 

In order to help the trucking industry become more sustainable, there have been many strides made toward this goal.

Reduction of Trucks Driving With Empty or Less Than Full Loads

When a truck drives with an empty or less than full load, not only is it not cost-effective, but it also contributes to greenhouse gas emissions. When a truck has a full load, it is more cost-efficient for customers and makes sure that our transportation resources are being utilized to their full potential. 

Improvement of Truck Aerodynamics

If a truck is more aerodynamic it can not only reduce a truck’s drag but can make the vehicle more efficient overall. Redesigning a truck’s shape, and the distance between the truck and the trailer, among other factors that are constantly being improved. Improving trucks like this can shorten delivery times and potentially help decrease the amount of fuel consumed. 

Advanced Technology

Advancements in technology have allowed trucks to have sensors that collect data such as idle times for truck engines and even tire pressure and analyze it to improve the entire transportation industry.  Some advancements in technology can even help with route planning. This software can analyze data to predict weather conditions and traffic to help drivers choose the best route that consumes the least amount of fuel and is more time-efficient. 

Alternative Fuel Sources

This is one of the most discussed ways to help reduce emissions in the trucking industry. Many companies are pushing toward more eco-friendly fuel options such as biodiesel, but the push towards getting electric vehicles has been a major focus. Many automotive companies are pushing to make electric and alternative fuel vehicles more accessible to the trucking industry as a whole since electric vehicles have lower carbon emissions.

How You Can Make A Difference This Earth Day?

We all have to remember that Earth is important and how we take care of it is up to us. Making sure truckloads are full and trucks are not left sitting idle can be one way to reduce carbon emissions but there are many more. The trucking industry is very important and helps people get the goods they need. Everyone has a role to play in helping the environment, including those in the trucking industry. 

Important Forms And Deadlines Truckers Need To Know

When taking up the occupation of being a truck driver there are many things to consider, including what forms you have to file and when and what tags you need to get for your truck. The dates and names can get a little confusing so the purpose of this helpful guide is to explain the purpose of each form and when they are due. 

Form 2290

What is it?

The Heavy Vehicle Use Tax (HUVT).

Who has to file?

If a vehicle is over 55,000 pounds that travels more than 5,000 miles in a year then the Form 2290 has to be filed. If the vehicle travels less than 5,000 miles in a year it is considered suspended. If the vehicle only hauls agriculture and travels less than 7,500 miles in a year it is considered suspended as well. Even if the vehicle is suspended, Form 2290 still needs to be filed. 

When is the deadline? 

The deadline to file your Form 2290 is August 31st each year unless it falls on a weekend or a holiday it is then moved to the next business day, but you are able to prefile for the form starting in May. When you put your truck on the road for the first time also depends on when your 2290 is due. If you put your truck on the road in October you have to file your Form 2290 by the end of November. 

Where to File?

You can use ExpressTruckTax to file your Form 2290 in just a few easy steps! 

IRP

What is it?

The International Registration Plan (IRP), which is the plates on a truck.

Who has to File? 

If a truck is crossing state lines, weighs over 26,000 pounds, and has three or more axles, they qualify to get the IRP.

When is the Deadline?

It depends on the State/base jurisdiction. Some states have set deadlines and in other states the deadline is the same month every year based on the month you first registered. 

Where do you Renew your IRP?

At your local IRP office in your base jurisdiction. 

IFTA

What is it? 

International Fuel Tax Agreement

Who has to File?

Commercial motor vehicles that travel through more than one jurisdiction and purchase fuel in the different jurisdictions are required to file IFTA. 

What is the Timeframe?

The IFTA is actually filed on a quarterly basis. The quarters are as follows:

Quarter 1: January 1 – March 31

Quarter 2: April 1 – June 30

Quarter 3: July 1 –  September 30

Quarter 4: October 1 – December 31

When is the deadline?

Quarter 1: April 30 (May 2, 22)

Quarter 2: July 31

Quarter 3: October 31

Quarter 1: January 31

(This also depends on if the deadlines fall on a weekend or holiday it will be moved to the next business day)

Where do you Report and File your IFTA?

TruckLogics offers IFTA Reporting for $24.95 per report per quarter. You can file your IFTA with your base jurisdiction. 

UCR

What is it?

It Stands for Unified Carrier Registration Program.

Who has to File?

Commercial vehicles carrying cargo over state or international lines have to file.

When is the Deadline?

December 31st

Now that you have learned the different types of forms and tags needed to be a truck driver, write down these dates on your calendar or put them in your phone. They are important and missing them might lead to penalties and fines. File your 2290 with ExpressTruckTax and report your IFTA today with TruckLogics IFTA Only option!

Su Solución Integral Para Un Camión Más Limpio Esta Primavera

La primavera se acerca pronto y eso significa que es esa época del año en la que a la gente le gusta limpiar y refrescar sus casas y automóviles. Esto también puede aplicarse a los camioneros, ya que para muchos su camión es como su segundo hogar. Es importante mantener su hogar limpio. A continuación, encontrará algunos consejos útiles para mantener limpio su camión, así como algunos productos que pueden ayudarlo a estar más organizado.

Organización de Archivos y Papeleo

Una carpeta o un archivador pequeño para documentos importantes puede ser esencial, especialmente para tener en la parte delantera de su cabina en caso de que necesite acceder rápidamente a sus documentos. Si etiqueta las carpetas y mantiene todo en un lugar determinado, será más fácil encontrar todos sus documentos.

Contenedores de Almacenamiento

Las cosas a las que no necesita acceder mientras conduce, como artículos para la ducha y otros elementos esenciales, se pueden guardar en un contenedor de almacenamiento o debajo de su cama. Los contenedores y cajones de plástico pueden ser útiles para almacenar elementos esenciales que no se necesitan mientras se conduce. Ayudan a reducir el desorden y se pueden organizar fácilmente o incluso etiquetar si lo desea. Pueden venir en una variedad de formas, colores y tamaños para la máxima personalización. Los contenedores de almacenamiento también se pueden usar en el mini refrigerador de un camión para mantener los alimentos organizados.

Espacio de la Pared

Puede usar el espacio de la pared de muchas maneras creativas para ayudar a mantener su camión libre de obstáculos. Los organizadores colgantes pueden ser una excelente manera de hacer esto, especialmente usando cintas adhesivas y velcro. Las perchas plegables pueden ayudar a colgar la ropa en un armario con espacio limitado o incluso en la pared. Los ganchos adhesivos también son una buena manera de colgar sombreros, abrigos y bolsos. Siempre asegúrese de que todo esté seguro antes de comenzar a conducir.

Bote de Basura

Tenga a mano un bote de basura pequeño para que la basura se pueda desechar fácilmente en lugar de que genere desorden.

Otros Consejos

Quitar el Polen y Mantenerlo Fuera de su Camión

Ahora que es primavera, es posible que el interior de su camión no sea lo único que deba limpiarse. El polen comienza a caer y cubre los vehículos haciéndolos amarillos y antiestéticos en apariencia. Algunas formas de deshacerse del polen de su camión pueden ser enjuagarlo y lavarlo cada vez que tenga la oportunidad. Agregar una capa de cera al camión puede dificultar que el polen se adhiera a su camión. La limpieza de las escobillas del limpiaparabrisas también puede ser útil para evitar que el polen se propague por el parabrisas.

Beneficios de Limpiar su Camión

La limpieza de su camión puede tener más beneficios de los que piensa. Un ambiente de trabajo y de vida limpio puede ayudarlo tanto mental como físicamente. Algunos de estos beneficios incluyen:

  • Reducir el estrés y la fatiga.
  • Reducir los síntomas de alergia y asma.
  • Mejorar la seguridad
  • Reducir la propagación de gérmenes
  • Mantener las plagas alejadas
  • Dormir mejor
  • Aumentar la felicidad
  • Mayor concentración y productividad
  • Tiempo de inactividad más agradable
  • Mayor inmunidad

La organización y la limpieza pueden parecer tediosas a veces, pero un entorno de vida y de trabajo limpio puede convertirlo en una experiencia más positiva y puede ayudar a mejorar su calidad de vida en la carretera.

We Can’t Wait To See You At The Mid-America Trucking Show: Fifty Years And Counting!

The Mid-American Trucking Show or MATS for short is happening March 24-26th, 2022 in Louisville, Kentucky. This year marks the show’s 50th anniversary. Founded in 1972 to make trucking shows more accessible to the eastern part of the United States, the show has since grown to be the largest trucking show in the world. 

With over one million square feet of exhibits, over a thousand exhibitors, and over forty special events, the show’s over seventy-two thousand attendees are sure to have a great time! The event features live entertainment, many special guests, and talks covering current industry-related topics. There will be an opening celebration, a concert featuring Clay Walker, a Veterans in Trucking event, a truck and tractor pulling event, a PKY Truck Championship, over thirty acres of free parking, and much more!

Everyone who plans to attend the show will surely have a great time. We will be there too and can’t wait to meet you and network with you! We know this time of year can be stressful with the end of this tax year approaching fast and the Heavy Vehicle Use Tax (HVUT) 22-23 tax year pre-filing season right around the corner. If you are a truck driver and are responsible for filing your Form 2290 for the HVUT, the deadline is coming up and ExpressTruckTax has your back. File soon so you can go to the show not having to worry about accruing any more penalties for late filing! It’s easy! What are you waiting for? File with ExpressTruckTax today!