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So far Abacus CPAs has created 34 blog entries.

Money Management to Make the Most of Your Funds

By |2021-09-22T09:15:21-05:00September 22nd, 2021|Categories: Transportation|

Becoming a small business owner requires next-level money management. Here are a few ideas to make it easier for you: Keep your Eyes on the Prize You are working hard for a reason.  Keep that in mind when you spend money.  Whether you are buying a house or building a fleet, that big goal is your [...]

Received an IRS Letter? What It Means & What You Should Do

By |2021-09-17T14:26:27-05:00September 17th, 2021|Categories: Transportation|

Receiving a letter from the Internal Revenue Service (IRS) can be intimidating and can lead to many questions, such as: What to do when you receive an IRS letter? There are many resources on the IRS website that provide guidance to help you better understand the letter you received and how best to respond. Go to [...]

Saving Receipts? What You Should Do

By |2021-09-17T13:55:45-05:00September 17th, 2021|Categories: Transportation|

Hi Abe! I have a TON of receipts on the truck I am keeping as an independent contractor. What are the IRS rules regarding keeping receipts? Abe says: There are a few things to keep in mind when keeping a record of your expenses for your business. First, you keep receipts for anything ordinary and necessary [...]

Saving for Quarterly Taxes

By |2021-08-31T11:31:13-05:00August 31st, 2021|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 [...]

Understanding Claiming Dependents on Your Individual Income Tax Return

By |2021-08-31T11:28:22-05:00August 31st, 2021|Categories: Transportation|

Year after year, we get questions on who can be claimed as a dependent on an income tax return. For some taxpayer’s the answer is easy, and for others, it can take a list of questions and answers to determine if the dependent is eligible for that taxpayer to claim. Two Main Credits for Claiming Dependents [...]

Organizing on the Road

By |2021-07-29T10:54:23-05:00July 23rd, 2021|Categories: Transportation|

Being a small business means keeping on top of a lot of details.  It’s easy to get overwhelmed and fall behind.  Here are some ideas to make it easier to stay on top of needed tasks to manage your business effectively: Paperwork: Make it a habit Choose a set time.  Make it before or after something [...]

LLCs & Filing, Paying Business Taxes

By |2021-07-23T14:52:51-05:00July 23rd, 2021|Categories: Transportation|

Hi Abe! I am getting ready to sign a contract to act as a lease operator under a Limited Liability Company (LLC). Will I have to file and pay business taxes now under my LLC? Great Question! A Single-Member LLC is regarded as a disregarded business entity. What this means is that the business itself will [...]

The 2021 Child Tax Credit: Should you accept or decline advance payments?

By |2021-07-01T13:51:14-05:00June 29th, 2021|Categories: Transportation|

For 2021 only the child tax credit has been increased from $2,000 per child to $3,000 per child from ages 6-17 and $3,600 per child for ages 5 and under. The credit will also be partially sent out in advanced payments for the first time. 50% of the credit will be advanced monthly from July-December 2021. [...]

Strategies for Successful Customer Service Calls

By |2021-06-23T08:16:22-05:00June 11th, 2021|Categories: Transportation|

At some point, you may need to speak with a Client Service Representative.  You could have a question, need to resolve an issue, or need information.  You will feel more successful (and less stressed!) when you understand the best way to complete your call, work with your Client Service Rep and get an effective resolution.  By [...]

Wellness on the Open Road

By |2021-05-24T15:30:08-05:00May 24th, 2021|Categories: Transportation|

Planning and mapping out a 10-hour drive is something that I have enjoyed doing on more than a few occasions in my life. This type of journey requires the forethought of deciding what time to wake up, how many stops to make along the way, and the ideal amount of caffeine to consume. Usually, I find [...]

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