July 2023 - Abacus Trucking

Feeling Lucky? What You Need to Know Before You Gamble

By Abacus CPAs|2023-08-04T10:29:43-05:00July 27th, 2023|Categories: Transportation|Tags: gambling, Transportation driver taxes|

Do you feel lucky? Have you ever purchased a lottery ticket, scratch off, or gambled in a casino? Many Americans have. According to the National Council on Gambling, approximately 85% of all US adults have gambled at least once in their lives. Taxpayers need to know the tax implications that comes when you hit the jackpot. [...]

Saving for Quarterly Taxes

By Abacus CPAs|2023-07-27T12:38:42-05:00July 25th, 2023|Categories: Transportation|

Hi Abe, How much should I be saving for my quarterly taxes? I’m glad you’re thinking ahead! It’s recommended for independent contractors to save between 20-30% of your Net Profit for both state and federal taxes. As a reminder, your Net Profit is the difference between your Gross Revenue and your business expenses. This is an [...]