When it comes to saving for purchases, whether it's a vehicle, a house, or something of large value, there are several factors you need to consider. The first thing you need to determine is what is it that you need? Yes, we want the nicest house on the block or the newest car on the street, [...]
Investing in an Over the Road (OTR) Truck, Trailer, or Auxiliary Power Unit (APU) represents a significant financial commitment for truck drivers. Understanding how these operating expenses will impact your taxes is crucial, and exploring various financing options—whether through cash, credit, or leasing—is essential. Leasing Options: Operating Lease vs. Finance Lease When considering leasing, it's [...]
Hey Abe! I’m considering purchasing some assets for my business, such as a tractor and maybe a trailer to go with it. What kind of benefit do I see, and what records do I need to keep for these purchases? You are asking all the right questions and are planning ahead, which is great! One thing [...]
Beneficial Ownership Information reporting is changing in 2024 Changes are underway for business owners. Starting January 1, 2024, certain business owners will need to report beneficial ownership information(BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury. Q: Will my business have to start reporting? All businesses will need to [...]
Beware of fraudulent messages about BOI reporting The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) reported fraudulent attempts aimed at gathering information from individuals obligated to report under the Corporate Transparency Act. How do I know it's a scam? Be aware of any email or letter you may receive titled [...]
Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2023 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 [...]
With all of the tax work finally finished for the year- whether that was the original spring deadline or just recently completed in mid-October- individuals, businesses, and tax preparers may be tempted to take a big exhale and take a break from thinking about taxes until the new year. However, there are significant benefits to taking [...]
Hi Abe! Who can I claim as a dependent? Great question! In the United States, a dependent is generally an individual who relies on someone else, typically a taxpayer, for financial support. The IRS has specific criteria that determine whether someone can be claimed as dependent on a taxpayer’s federal income tax return. They must be [...]
Whether you are planning to start a family or have children and want to reevaluate your spending, it’s important to plan for the expenses of having children. According to CBS news, the cost of raising a child from birth to 18 is nearly $240,000 BEFORE college. That’s a yearly average of $13,000 - $14,000 per child. [...]
Let's talk about retirement savings without all the confusing financial jargon. You've probably heard about pre-tax and after-tax contributions, but what do they really mean for you? First, pretax contributions are like tax breaks for the future. Imagine you have a special savings account for your retirement, like a 401(k). When you put money into this [...]
