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Is filing taxes really that important?

By |2022-10-10T10:52:19-05:00October 14th, 2022|Categories: Transportation|Tags: , , |

Hi Abe! I own a trucking business and taxes are the last thing I want to worry about each year. It is tough to find the time to get my documents together while ensuring I haven't missed anything, and on top of that, I've got my business to run. Is filing taxes really that important? What [...]

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Maximize Your Tax Savings

By |2022-10-10T10:30:42-05:00October 11th, 2022|Categories: Transportation|Tags: , , |

Hi Abe! I am wanting to maximize my tax savings and ensure I am taking full advantage of breaks for business owners and those in the transportation industry. Is there anything that I am missing? Great question. Whether you are a Lease or Owner Operator, it’s important to keep in mind that you are a [...]

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Preparing for the 2022 Tax Season as a Lease/Owner Operator

By |2022-10-10T12:07:11-05:00October 10th, 2022|Categories: Transportation|Tags: , , , |

Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2022 tax season. I will receive a 1099-NEC, but I also have some W-2 income from a company job. How many different returns will I have to file? Great question, and I am glad to hear you are thinking ahead! Let’s start with [...]

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What Loans Look Like for Self-Employed Individuals

By |2022-10-10T11:39:37-05:00October 10th, 2022|Categories: Transportation|Tags: , , , , |

Are you considering upgrading your truck? What about remodeling your home, or even buying a new home? These are big financial decisions that will often require a loan. As a self-employed individual, the process of obtaining a loan can involve more steps. Now that you’re self-employed, you do not have pay stubs or W-2s that [...]

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LLC Corner: Options for Terminating Your Contract Company

By |2022-10-10T10:38:49-05:00October 10th, 2022|Categories: Transportation|Tags: , , , |

I have termed my current contract company. What does this mean for my LLC? An LLC belongs to the owner(s) of the business, not the contract company. With this in mind, the business owner has a few options available when it comes to their LLC: Option 1: I have termed my current contract company and plan [...]

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Why You May Have Received an IRS Tax Notice Letter

By |2022-10-07T16:39:15-05:00October 7th, 2022|Categories: Transportation|Tags: , , , , |

Receiving a letter from the Internal Revenue Service (IRS) can be intimidating and can lead to many questions. The most common tax notices we receive from clients are regarding tax return information submitted on a return that does not match the IRS records, which is indicated on tax notice number CP2000. There are several reasons [...]

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Form 2290 Heavy Highway Use Tax: The Who, When, What & How

By |2022-10-07T16:18:40-05:00October 7th, 2022|Categories: Transportation|Tags: , , , , |

Who is required to file?  Anyone who registers a heavy highway motor vehicle in their name with a taxable gross weight of 55,000 pounds or more are required to file a Form 2290 and pay the tax. When do I file?  The filing season for Form 2290 filers is July 1, 2022 through June 30, [...]

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