Strategic Tax Planning and Business Growth in Trucking with Todd Amen and Adam Wingfield

In this episode of Freight Nation: A Trucking Podcast, host Brent Hutto is joined by Todd Amen, President and CEO of ATBS, and Adam Wingfield, Founder & Managing Director of Innovative Logistics University.

Join them as they explore:

- Strategic tax planning for truck drivers and carriers

- Section 179 deductions and equipment investments

- Per diem optimization for trucking operations

- Business growth strategies in freight transportation

- Economic changes affecting the trucking industry

- Retirement planning for owner-operators

Todd Amen leads ATBS, which has served over 150,000 owner-operators throughout its 26-year history, currently supporting approximately 20,000 clients annually with accounting and tax services. Their drivers typically earn 40% more than industry averages through strategic financial planning and tax optimization.

Adam Wingfield, with over 25 years in the trucking industry, founded Innovative Logistics University in 2006. His organization has supported more than 77,000 carriers, focusing specifically on operations with fewer than 10 trucks. His approach combines operational efficiency with financial prudence to help small carriers succeed in the competitive freight market.

Episode Highlights:

[00:04:27] Adam Wingfield shares his journey in the trucking industry, highlighting how Innovative Logistics Group has supported over 77,000 carriers since 2006, emphasizing their focus on operational efficiency and financial prudence for small freight carriers operating fewer than 10 trucks.

[00:26:42] Todd Amen emphasizes the importance of real-time expense tracking for truck drivers, explaining how modern technology simplifies bookkeeping through simple photo uploads of receipts, eliminating the traditional "shoebox method" and enabling better business management for carriers.

[00:34:35] The experts discuss the critical balance between tax deductions and business growth, emphasizing that trucking companies shouldn't make equipment purchases solely for tax benefits but should align investments with their long-term operational strategy in the freight industry.

[00:39:49] A detailed explanation of quarterly tax obligations reveals that over 70% of new trucking clients don't pay quarterly taxes, leading to significant penalties. The solution proposed is to save 20% of weekly net earnings specifically for tax obligations.

[00:42:30] Todd provides crucial insights about per diem deductions for truck drivers, explaining the recent increase from $69 to $80 per day and emphasizing how proper tracking can lead to approximately $25,000 in annual deductions for the average driver.

[00:48:27] The discussion concludes with strategic advice on adapting to economic changes in the trucking industry, including how freight rates and fuel prices impact operational decisions, and the importance of retirement planning for owner-operators.

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