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 [...]
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 [...]
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, [...]
Growing your business and stewarding the environment both require good resource management. In both areas you need to grow your resources, reduce waste, and make wise investments. Drive for your bottom line Following best fuel efficiency practices will save you money on fuel and the lower speed will make your tires last longer. This will [...]
What You Need to Know About Dependents: Child Tax Credit If you have a qualifying dependent that qualifies for child tax credit on your 2021 income tax return, you will need to reconcile any advanced child tax credit payments you received. Starting in July of 2021 taxpayer with qualifying dependents were generally eligible to claim one-half [...]
It's a new year and a new you! You've likely set personal resolutions, but have you set resolutions for your business? Your Business New Year Resolution Our challenge to you is to set a resolution to pay your quarterly estimate payments. A resolution that you can easily accomplish on the federal estimated tax due dates of [...]
It will be New Year’s day before we know it. You might already be thinking about New Year’s Resolutions. If you’re a business owner this would be a great time to review your finances and tax situation. Most business owners I speak with want two things 1) make as much profit as possible and 2) pay [...]
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 [...]
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 [...]
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 [...]
