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 [...]
