WOW! What a year 2020 was. I don’t know about you, but I am ready for a fresh start this New Year. 2020 had its challenges for Everyone. At Abacus, we are so grateful for our Transportation clients, who helped keep our country strong during these difficult times. We hope you and your family got to [...]
Q: What is a tax organizer and why do I have to fill out a tax organizer for every year I file? Abe: The Tax Organizer is a required document that we use to prepare and final your taxes for each year you have Abacus CPAs prepare a tax return. The tax organizer verifies all of [...]
We have all had a disappointing experience with a business before, and with the internet and social media these days it is easier than ever to express our opinions about those businesses. In the blink of an eye we have blasted that company, probably received 20 other opinions from people we don’t know, and we affected [...]
Hey Abe! What counts as a deduction for my business? Abe: The guidelines to remember with business expenses are that they must be ordinary and necessary. From the IRS website, IRS.gov, ordinary and necessary expenses are broken down thusly: “An ordinary expense is one that is common and accepted in your trade or business. A necessary [...]
Over the course of the year, one of the most proactive decisions you can make as an independent contractor is to pay your quarterly estimates. Instead of playing the guessing game at the end of the quarter, we offer a service to provide you with the quarterly estimate amounts to pay. We encourage you to do [...]
Hi Abe, How much should I be saving for my quarterly taxes? Abe: I am glad you asked this important question. It is often recommended for independent contractors to save between 20-30% of their Net Profit for both state and federal taxes. As a reminder, your Net Profit is the difference between your Gross Revenue and your [...]
You may not know the feeling of getting a letter in the mail from the IRS. It can cause you to worry and assume the worst or be unsure of what they are requesting. You may dread the next step, which is calling the IRS office, to be on hold for an hour or longer only [...]
Hi Abe! I recently tried making a quarterly tax payment and was informed that I needed to make my payment as a personal tax payment instead of a business payment. Is this true even if I am operating under an LLC? Abe: That is correct! Even if you are operating under a single-member Limited Liability Company [...]
An entrepreneur/business person is a person who sets up a business. The term "businessperson" may refer to a founder, owner, or majority shareholder of a commercial enterprise; or it can characterize a high-level executive who does the everyday running and management of a company even if that executive is not the owner. - From Wikipedia, the [...]
You know when you go on vacation or are over the road for extended periods, and you come home, and the mailbox is SO full you can barely open it. Well, with the global pandemic going on with COVID -19, the IRS has tons of mail. No, they weren’t on vacation, but due to the pandemic, [...]
