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Independence and Growth
Going independent: Motor carrier authority brings risks, rewards
Many owners decline to pursue authority because they realize they are unprepared for the level of responsibility necessary for success. Preparation can help, and is far more important to making the jump than any shift in the wider economy.
January 1, 2025
Independence and Growth
What are your rights, recourse options when a broker doesn’t pay?
Clearly, nonpayment has been an issue for plenty owner-operators in Overdrive‘s audience over the years. In response to polling, three in four reported taking some recourse in the event of nonpayment. Here, details on bond claims, finer points, and more.
January 1, 2025
Independence and Growth
Beware of double brokers: Getting involved with one can be a huge knock on credibility
Though not new by any stretch, the problem of double brokering has exploded in recent years, and owner-operators are the ones left unpaid at the end of the day as a result. Double brokering can show up in many forms and with different results.
January 1, 2025
Independence and Growth
Keep an open mind -- eyes and ears, too -- for new customer opportunities
As noted in prior parts of this section of the guide to owner-operator business, the closer you can get to your customer the better, when hauling with authority. Find ways here, too, to manage distinct challenges of independence: cash flow, insurance.
January 1, 2025
Independence and Growth
Plan your trucking compliance duties, systems before going independent
Don't underestimate the cost of compliance in operations. Here, do-or-die necessities you'll need in place before the New Entrant Audit. Likewise: skinny on drug and alcohol testing requirements, accounting and bookkeeping for miles/fuel taxes and more.
January 1, 2025
Independence and Growth
Be wary of fine print in broker/direct customer agreements and contracts
Shippers and brokers are known to play certain risk-transfer contractual games with their trucking service providers' insurance. Here, detail on the risks associated with two common ones: the "additional insured" ask and "waivers of subrogation."
January 1, 2025
Independence and Growth
Insurance to defend against the downhill threat of post-crash litigation
There's plenty for owner-operators and small fleets, especially those with authority, to learn from large carriers that have been targeted in questionable litigation. Make smart choices about where to spend your money to ward off risk.
January 1, 2025
Independence and Growth
Small fleet expansion requires investment in people, systems, self-education
The long-term goal of many independent owner-operators with their own authority is to expand beyond one truck. Often, the prime focus is to raise capital to invest in additional trucks, yet that overlooks the utmost importance of team-building.
January 1, 2025
Independence and Growth
How to get access to military freight
A primer for owner-operators and small carriers on doing business direct with the military — or the 3PL contractor controlling a substantial portion of general military freight — to haul DOD loads.
January 1, 2025
Taxes
Owner-operator tax obligations start with required truck registration
Independents are responsible for their own registrations, likewise Form 2290 payments. Leased owners may have the option of doing it themselves or letting the company they are leased to handle it. Find resources for starting with state DMVs and more here.
January 1, 2025
Taxes
Income tax and other taxes: Understanding the importance of recordkeeping for deductions
Among the biggest challenges for a new business is understanding how you are taxed. This is an area where many new owner-operators run into problems. You can avoid any big surprises on April 15 by using good planning and recordkeeping throughout the year.
January 1, 2025
Taxes
The owner-operator's role in tax preparation: More than just bookkeeping
Avoid common mistakes seen in owner-operator tax returns by checking the major numbers your tax preparer uses. Doing this can save you thousands of dollars in taxes. Also: A smart way to 'play catchup' on bookkeeping if you get behind.
January 1, 2025
Taxes
Ways to handle per-diem and depreciation deductions and cut against common tax myths
Owner-operators' standard per-diem deduction got a boost for the 2025 tax year, while options for depreciating equipment have narrowed back to tried-and-true practices.
January 1, 2025
Taxes
Truck lease v. truck purchase: A tax analysis
Generally, a purchaser will get higher deductions in the first two years that follow, with the fourth year not even close to the level of deductions available to the lease taxpayer. The effect is a tax delay for truck-purchasing owner-operators.
January 1, 2025
Taxes
How, and when it makes sense, to file as an S Corp to save on self-employment taxes
Filing taxes as an S Corp allows an owner-operator LLC to designate the owner an employee of the LLC, yet to still report the income of the business on their personal tax return. S Corp earnings are not subject to self-employment tax.
January 1, 2025
Taxes
Quick-hit tips for truckers to save on taxes and guard against IRS audit risk
The IRS usually has three years from the date of filing to challenge deductions or income stated on your return by requesting an audit, so you should keep your records for at least three years.
January 1, 2025
Trucking and Other Insurance
Trucking insurance: What's necessary, and what owner-operators can expect to pay
Behind a truck payment, insurance is for most owner-operators (particularly those with authority) their second highest fixed cost. Understanding what you're buying with any insurance policy is key to getting the best bang for the insurance buck.
January 1, 2025
Trucking and Other Insurance
Commercial auto liability: Independents' biggest insurance expense
Owner-operators who switch to their own authority often are surprised by how costly, complex and time-consuming liability coverage can be, especially as a startup.
January 1, 2025
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