From Washington: Why The White House Believes in Its Tariff Strategy
Then, FOX Business White House Correspondent Edward Lawrence analyzes the July jobs report and discusses how a slowing labor market, concerns over tariffs, and other factors could influence the Fed's decision to lower interest rates and the White House's economic plans.
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Yahoo
26 minutes ago
- Yahoo
Best Trucking Bookkeeping Services
Let's set the record straight—bookkeeping is not some behind-the-scenes admin task you push off until tax season. In trucking, your books are your compass. Without clean, organized, and trucking-specific financials, you're not just driving blind—you're making decisions that could sink your business. I've seen too many good carriers fall apart not because of bad freight, but because they didn't know their numbers. Here's the hard truth: if you're running a trucking company and you don't know your cost per mile, your fixed versus variable expenses, or how much profit you're making per truck—then it's only a matter of time before the wheels fall off. And most of the time, the problem starts with your bookkeeping partner. Too many so-called 'professionals' will take your money and give you QuickBooks spreadsheets that don't even break out fuel, tolls, or truck payments the right way. They don't understand that running authority is different from being leased on. They can't tell a 2290 from a 941, and when it comes to IFTA—they're lost. That's why choosing the right trucking bookkeeping service is non-negotiable. You don't just need someone who does books. You need someone who understands the business of trucking inside and out—and builds your finances like your business depends on it. Because it does. Why Most Bookkeeping Services Fail Trucking Businesses Let's be blunt—most traditional bookkeeping services are built for restaurants, salons, or local retail. Not for a cash-heavy, regulation-strangled, asset-dependent industry like trucking. Your average bookkeeper doesn't understand mileage-based cost structures. They don't know how to categorize fuel card advances. They can't explain what line haul revenue is versus FSC. And when you ask them for a clean P&L broken down by unit, they act like you're asking for a rocket launch. The result? You get monthly reports that look nice but mean nothing. Your truck payments get coded as 'loan liability' but don't show up on your operating costs. Your maintenance gets lumped in with personal expenses. And when tax season rolls around, you're stuck scrambling, paying too much, or worse—getting flagged in an audit. You need more than a paper pusher. You need a strategic partner. What Real Trucking Bookkeeping Looks Like A true trucking-focused bookkeeping service should give you financial clarity—not just compliance. They should hand you reports that tell you: How much each truck is actually making or losing Your true cost per mile, including fixed and variable Cash flow forecasts so you're not blindsided by insurance or IRP Proper fuel and maintenance tracking to inform your trade-in cycles Up-to-date IFTA calculations and mileage logs Accurate P&Ls that show freight revenue, fuel surcharge, accessorials, and deductions And most importantly, they should help you understand what the numbers mean. It's not about dumping spreadsheets in your inbox—it's about showing you which loads, lanes, and customers are actually profitable. It's about helping you answer questions like: Can I afford to add another truck? Should I refinance this equipment or hold off? Am I running too much deadhead in certain markets? Where can I trim overhead without cutting into operations? Bookkeeping should help you run your business better—not just file taxes. Top Trucking Bookkeeping Services That Actually Get It Let's walk through the players who are actually worth your time and money. These aren't generalists. These are firms that live and breathe trucking. They understand compliance. They understand cost-per-mile. And most importantly—they know what it's like to operate a small fleet in today's market. 1. Best for: Owner-Operators and small fleets just getting startedWhy it works: is purpose-built for trucking. They don't try to be everything to everyone—they focus on helping drivers and small carriers stay financially organized and DOT compliant. From day one, they're collecting your settlement statements, your ELD reports, and your fuel receipts. They know how to build a chart of accounts that works for trucking. Not something they copied from a bakery or dry cleaner. Their team is proactive, communicative, and familiar with the common traps most small carriers fall into—like mixing personal and business expenses or misclassifying truck leases. Standout Features: Monthly cost-per-mile analysis Driver pay tracking Full IFTA and 2290 support DOT compliance tie-in Fixed and variable cost breakdowns Who it's for: If you're in year 1–3 of your business and need structure, this is a solid place to start. Simple, clean, trucking-focused. 2. Rigbooks Best for: Carriers with multiple trucks who want to manage loads and books in one placeWhy it works: Rigbooks isn't just bookkeeping—it's a simple TMS (transportation management system) with built-in accounting features that are trucking-specific. If you're looking for a way to log your loads, calculate profitability, track expenses, and generate reports without jumping between five systems, Rigbooks brings it all under one roof. What sets them apart is how seamlessly they track cost-per-load and cost-per-mile in real time. You can see what a particular customer is really worth to your business—not just what the gross rate says. Standout Features: Per-load profitability tracking Integrated fuel and expense logging Clean, no-frills interface Great for owner-operators adding trucks Who it's for: If you've got 2–10 trucks and want more control over your numbers and dispatching without a full-blown TMS, Rigbooks bridges the gap. 3. Equinox Owner-Operator Solutions Best for: Owner-operators and S-corp carriers who want financial strategy Why it works: Equinox combines bookkeeping with tax strategy and business consulting—all tailored to the trucking industry. They're one of the few firms that will actually walk you through S-corp setups, per diem optimization, and how to pay yourself properly. They're built around educating the driver. That means explaining deductions, breaking down reports, and helping you structure your entity in a way that supports long-term growth and protects you during audits. Standout Features: S-corp optimization and payroll Tax coaching and entity structuring Bookkeeping reports built for trucking Monthly consultations Who it's for: If you're a serious owner-operator looking to maximize take-home pay while staying audit-proof, Equinox gives you both numbers and strategy. 4. ATBS (American Truck Business Services) Best for: Leased-on owner-operators who want plug-and-play supportWhy it works: ATBS has been in the trucking bookkeeping game for over 25 years. They've served tens of thousands of owner-operators and understand the unique needs of leased drivers. If you're running under someone else's authority, but still want visibility and tax prep support, ATBS gives you structure without the learning curve. They provide monthly reports, tax preparation, business coaching, and even retirement planning services—all trucking-specific. Standout Features: Customized profit plans Real-time bookkeeping dashboard Quarterly tax estimates and filing Dedicated tax advisor Who it's for: Perfect if you're leased on, focused on staying organized, and want a full-service partner that doesn't require you to babysit the process. 5. SmartHop with Bookkeeping Add-On Best for: Tech-savvy fleets using dispatch automationWhy it works: If you're already dispatching through SmartHop or using their fuel card, their bookkeeping add-on integrates your load data, fuel expenses, and settlement info into clean reports. While it's not as hands-on as a full bookkeeping firm, it's a great fit for tech-forward carriers who want automation and insight. Standout Features: Built-in fuel and load data sync Real-time margin tracking Integrated TMS + financial dashboard Who it's for: Fleets who want to scale using automation tools but still need visibility into their numbers. Red Flags to Watch Out For If you're shopping around, don't get fooled by polished websites or flat rates. Here's what to avoid: Generic firms with no trucking experience If they don't know what IFTA is or how to categorize lumper fees, they're not ready for your business. Delayed reporting If your P&L takes two months to arrive, you're already behind the curve. Monthly reports should land fast and be actionable. No cost-per-mile tracking If they can't show you what each mile is costing you, they're just filling out forms—not helping you run a smarter business. No audit support A good bookkeeping service helps you prepare and defend. Ask upfront how they handle audits and lender documentation. They only care during tax season If they ghost you nine months out of the year, they're not invested in your success. What to Do Next Here's the move—don't wait until Q4 or tax season to clean up your books. If you're serious about running your business like a business, start now. Step 1: Evaluate your current setup Can you see a current P&L? Do you know your cost per mile? Are your business and personal finances separate? If not, you've got gaps. Step 2: Pick a service that fits your operation Don't just go with the cheapest. Go with the one that fits your fleet size, growth goals, and knowledge level. A good bookkeeper should educate you—not keep you in the dark. Step 3: Build a rhythm You should be looking at financials monthly. If you're not, that's the first thing to fix. Set a recurring meeting to go over the books and make strategic decisions. Final Word Bookkeeping is not optional—it's foundational. You can't grow your fleet, bid confidently on lanes, or prepare for lending opportunities if you don't know your numbers inside and out. The right trucking bookkeeping partner gives you more than clean records. They give you clarity. They help you stop guessing. They help you scale. So stop flying blind. Stop waiting for tax season to find out whether you're profitable. Get proactive. Get specific. And partner with someone who actually knows what it takes to keep a trucking business running profitably—not just legally. Because in this industry, good data isn't a luxury—it's your survival plan. FAQS 1. Why do trucking companies need specialized bookkeeping services, as opposed to general accounting? Trucking companies face unique financial challenges and regulatory requirements, such as fluctuating fuel costs, per diem deductions, equipment depreciation, and complex tax compliance like IFTA. Specialized trucking bookkeeping services understand these nuances, ensuring accurate record-keeping, maximizing deductions, and providing insights tailored to the transportation industry that general accounting services might miss. 2. What specific financial tasks can trucking bookkeeping services help me with? Trucking bookkeeping services typically handle a wide range of tasks, including managing accounts receivable and payable, processing payroll for drivers, tracking fuel and maintenance expenses, preparing IFTA (International Fuel Tax Agreement) reports, managing asset depreciation, reconciling bank statements, and generating financial reports like profit & loss statements. They can also assist with tax preparation and ensure compliance with various trucking regulations. 3. How can professional bookkeeping services help me stay compliant with IFTA and other trucking regulations? Professional trucking bookkeeping services are well-versed in IFTA requirements, which involve tracking mileage and fuel purchases across multiple jurisdictions. They use specialized software and processes to accurately calculate and prepare your quarterly IFTA reports, reducing the risk of errors, penalties, and audits. They also stay updated on other industry-specific regulations (like HVUT or DOT compliance) to ensure your business remains in good standing. The post Best Trucking Bookkeeping Services appeared first on FreightWaves. Sign in to access your portfolio
CNN
26 minutes ago
- CNN
The Trump administration takes a very Orwellian turn
Back in March, President Donald Trump signed an executive order targeted at the Smithsonian Institution that began as follows: 'Over the past decade, Americans have witnessed a concerted and widespread effort to rewrite our Nation's history, replacing objective facts with a distorted narrative driven by ideology rather than truth.' Despite the high-minded rhetoric, many worried the order was instead a thinly veiled effort to rewrite history more to Trump's liking. The order, for example, cited a desire to remove 'improper ideology' – an ominous phrase, if there ever was one – from properties like the Smithsonian. Those concerns were certainly bolstered this week. We learned that some historical information that recently vanished from the Smithsonian just so happens to have been objective history that Trump really dislikes: a reference to his two impeachments. The Smithsonian said that a board containing the information was removed from the National Museum of American History last month after a review of the museum's 'legacy content.' The board had been placed in front of an existing impeachment exhibit in September 2021. Just to drive this home: The exhibit itself is about 'Limits of Presidential Power.' And suddenly examples of the biggest efforts by Congress to limit Trump's were gone. It wasn't immediately clear that the board was removed pursuant to Trump's executive order. The Washington Post, which broke the news, reported that a source said the content review came after pressure from the White House to remove an art museum director. In other words, we don't know all the details of precisely how this went down – including whether the removal was specifically requested, or whether museum officials decided it might be a good way to placate Trump amid pressure. The Smithsonian says an updated version of the exhibit will ultimately mention all impeachment efforts, including Trump's. But it's all pretty Orwellian. And it's not the only example. Trump has always been rather blatant about his efforts to rewrite history with self-serving falsehoods and rather shameless in applying pressure on the people who would serve as impartial referees of the current narrative. But this week has taken things to another level. On Friday, Trump fired the commissioner of the Bureau of Labor Statistics. This came just hours after that agency delivered Trump some very bad news: the worst non-Covid three-month jobs numbers since 2010. Some Trump allies have attempted to put a good face on this, arguing that Dr. Erika McEntarfer's removal was warranted because large revisions in the job numbers betrayed shoddy work. But as he did with the firing of then-FBI Director James B. Comey eight years ago, Trump quickly undermined all that. He told Newsmax that 'we fired her because we didn't believe the numbers today.' To the extent Trump did lay out an actual evidence-based case for firing McEntarfer, that evidence was conspiratorial and wrong, as CNN's Daniel Dale documented Friday. And even some Republican senators acknowledged this might be precisely as draconian and self-serving as it looked. Sen. Cynthia Lummis of Wyoming, for one, called it 'kind of impetuous' to fire the BLS head before finding out whether the new numbers were actually wrong. 'It's not the statistician's fault if the numbers are accurate and that they're not what the president had hoped for,' said Lummis, who is not often a Trump critic. Sen. Thom Tillis of North Carolina added that if Trump 'just did it because they didn't like the numbers, they ought to grow up.' Sens. Rand Paul of Kentucky and Lisa Murkowski of Alaska both worried that Trump's move would make it so people can't trust the data the administration is putting out. And that's the real problem here. It's not so much that Trump appears to be firing someone as retaliation; it's the message it sends to everyone else in a similar position. The message is that you might want that data and those conclusions to be to Trump's liking, or else. It's a recipe for getting plenty of unreliable data and conclusions. And even to the extent that information is solid, it will seed suspicions about the books having been cooked – both among regular Americans and, crucially, among those making key decisions that impact the economy. What happens if the next jobs report is great? Will the markets believe it? We've certainly seen plenty of rather blunt Trump efforts to control such narratives and rewrite history before. A sampling: He engaged in a yearslong effort to make Jan. 6 defendants who attacked the Capitol in his name out to be sympathetic patriots, even calling them 'hostages,' before pardoning them. His administration's efforts to weed out diversity, equity and inclusion from the government often ensnared things that merely celebrated Black people and women. He and his administration have at times taken rather dim views of the free speech rights of those who disagree with them, including talking about mere protests – i.e. not necessarily violence – as being 'illegal.' A loyalist US attorney at one point threatened to pursue people who criticized then-Trump ally Elon Musk even for non-criminal behavior. Trump has repeatedly suggested criticism of judges he likes should be illegal, despite regularly attacking judges he doesn't like. His term began with the portraits of military leaders who clashed with him being removed from the Pentagon. It also began with a massive purge of independent inspectors general charged with holding the administration to account. All of it reinforces the idea that Trump is trying to consolidate power by pursuing rather heavy-handed and blatant tactics. But if there's a week that really drove home how blunt these efforts can be, it might be this one.
The Hill
28 minutes ago
- The Hill
Trump's plan for White House ballroom sparks outrage from his critics
President Trump's plans to add a massive $200 million ballroom to the White House is angering critics, who see him moving forward with the long-sought project as part of his desire to leave a lasting mark not only on the office of the presidency but the first house as well. The construction of the ballroom, the cost of which the White House says will be covered by Trump and other donors, will begin in September. Trump is also paving the White House Rose Garden (though the rose bushes will be saved), which the White House says is necessary so people can walk more easily for events held in the space. And he's added his personal gold touch to the Oval Office. Trump says he sees the ballroom as a way to add to his legacy. And while detractors say his decorative and more substantial changes are out of touch and ostentatious, he says they are necessary. 'I always said I was going to do something about the ballroom because they should have one,' he told reporters Thursday. 'So we'll be leaving it, it will be a great legacy project. And, I think it will be special.' When asked if any government funds will be used to construct the 90,000 square foot facility, Trump replied, 'no government dollars, no.' The White House said the sprawling event space will be built adjacent to the White House where the East Wing sits. The goal is to complete construction before the end of Trump's term in January 2029. Trump's vision is for a space where he and future presidents can host state dinners, large gatherings with business leaders and other ritzy parties or functions. 'We've been planning it for a long time,' Trump said. 'They've wanted a ballroom at the White House for more than 150 years. There's never been a president that was good at ballrooms. I'm really good.' Democrats and regular Trump critics offered a sharp pushback on his plans. 'This is what DOGE was all about, folks,' Senate Minority Leader Chuck Schumer (D-N.Y.) said in a video posted to social media hours after the White House announcement, referring to the president's Department of Government Efficiency. 'Cutting things from you, and giving it not to some place that needed it, giving it to the big shots who run the show, Donald Trump at the top of the list.' Others suggested Trump and his White House were planting an intentional distraction. 'You gotta hand it to MAGAs, for about a week they really did have everyone convinced they cared about kids and The Epstein Files,' journalist and pundit Seth Abramson wrote on social platform X. 'On to more important things! Did you hear Trump is building a $200M ballroom at the White House? Wowee!' The White House pushed back on those criticisms in a Friday statement to The Hill, saying 'as President Trump has said, for over 150 years, many presidents, administrations, and staff have all wanted a ballroom, and now we have a president who will accomplish building it.' 'President Trump is the best builder and developer in the entire world and the American people can rest well knowing that this project is in his hands,' a West Wing spokesperson said. 'Many future presidents and American citizens will enjoy it for generations to come.' The president, a longtime real estate mogul who is known for a hands-on approach in the design and construction of his resorts, golf courses and skyscraper office buildings, has long lamented the lack of sufficient event space at the White House. 'When it rains it's a disaster, and the tent's 100 yards, that's more than a football field away from the main entrance,' Trump said as part of his remarks to the press about the project. 'And people are shlopping down to the tent; it's not a pretty sight. The women with their lovely evening gowns, their hair all done, and they're a mess by the time they get [there].' There is longstanding precedent for presidents and first ladies putting their spin on the White House and its grounds. President Harry Truman oversaw a massive renovation from 1948 to 1952 that required he and his wife to move into the Blair House at the time and saw the White House completely gutted. Former first lady Jackie Kennedy, however, championed the historic preservation of the home and advocated that extreme renovations require oversight from the Committee for the Preservation of the White House. 'Every president and first family does make a mark on the White House — they already are a part of history and that snapshot in time,' said Anita McBride, former chief of staff to then-first lady Laura Bush. 'Since the cornerstone was laid, there have been additions, there have been changes that, at the time those happened, raised concerns.' The White House Historical Association welcomed Trump's planned ballroom. 'The history of the White House has evolved over 233 years since the cornerstone was laid in 1792. The South Portico, the North Portico, the East Wing, the West Wing, and the Truman Balcony all raised concerns at the time — but today, we can't imagine the White House without these iconic elements,' Stewart D. McLaurin, president of the association, told The Hill. He added, 'Since our founding by First Lady Jacqueline Kennedy in 1961, we have supported and partnered with every president and first lady caring for and adding to the White House and its Collection. We work to preserve the history of this remarkable museum, home, and office for generations to come.' Some agree with the president that a bigger events space at the White House is long overdue. 'I can understand why someone who thinks on a grand scale, as obviously President Trump does, would want this ballroom added,' said Barbara Perry, a presidential historian and co-chair of the Presidential Oral History Program at the University of Virginia's Miller Center. 'That being said, the optics for people who disagree with this president, it will probably have an impact on how they view this.' McBride agreed that the tents on the lawn, which have been constructed during more recent administrations, are not ideal. 'That doesn't come without challenges, putting up staging, putting up a covered structure, getting people to the actual location; dealing with inclement weather. And you're not really having your event in the White House,' she said. 'So you can see where that makes sense.' There are lingering questions about what the new ballroom location will mean for the staffers who work in the East Wing, which is where first lady's staff works. The East Wing is also where tours of the White House for the public are conducted. 'Betty Ford always called the East Wing the 'heart' of the White House,' McBride said. 'All the business and policy gets done in the West Wing, that's critically important. But the heart of the White House is the East Wing. And so what, what will be the new East Wing?' Others see the construction of an opulent addition to the president's residence as a matter of bad timing and poor optics given sluggish jobs reports and fears about how global tariffs might hurt the U.S. economy. 'This isn't something that's going to make or break another election, but it does add another page to the catalog of hypocrisy that these people read from when they want to lecture Americans about fiscal responsibility,' said Antjuan Seawright, a Democratic political strategist. 'It's a visible middle finger to working class Americans, many of whom voted for him.'
