In a small skillet, heat the olive oil over medium heat. Add the onions and garlic and cook, stirring, until the onion is light yellow and wilted. Set aside to cool.
Combine the ground beef, egg, bread crumbs, Parmesan cheese, parsley, and basil. Using your hands, mix well. Work in the cooked onions and garlic.
Shape the meat mixture into a round or oblong loaf and transfer to a loaf pan. Bake the meatloaf for 55 minutes. Remove the meatloaf from the oven and arefully pour off any excess grease. Pour the tomato sauce over the meatloaf and return to the oven to bake for about 15 minutes longer. The meatloaf should register at least 160° on an instant read thermometer inserted in the center of the loaf.
Remove from the oven and let stand for 10 minutes before slicing.
Calories per serving: 354
Fat per serving: 17.8