Q: Abe! I was recently filling out my tax organizer and I saw that I can receive a copy of my tax return with something called Abacus Access. What is Abacus Access? A: Great question! Abacus Access is your online portal for viewing and exchanging any of your sensitive documents electronically. It is a great tool [...]
Q: Abe! I was wondering if I should lease a truck or try to purchase one outright. What are some of the differences that I might see for my taxes? A: This is a great question! The good news that whether you are making lease payments or purchasing outright, this is considered an ordinary and necessary [...]
Running your business well is great, but to truly OWN IT and recognize what that means will be the difference between just getting by year after year and/or really succeeding. When you manage your business profits and your business’s financial responsibilities with an owner’s mentality you will likely see growth, as you will no longer have [...]
WOW! What a year 2020 was. I don’t know about you, but I am ready for a fresh start this New Year. 2020 had its challenges for Everyone. At Abacus, we are so grateful for our Transportation clients, who helped keep our country strong during these difficult times. We hope you and your family got to [...]
Q: What is a tax organizer and why do I have to fill out a tax organizer for every year I file? Abe: The Tax Organizer is a required document that we use to prepare and final your taxes for each year you have Abacus CPAs prepare a tax return. The tax organizer verifies all of [...]
We have all had a disappointing experience with a business before, and with the internet and social media these days it is easier than ever to express our opinions about those businesses. In the blink of an eye we have blasted that company, probably received 20 other opinions from people we don’t know, and we affected [...]
Hey Abe! What counts as a deduction for my business? Abe: The guidelines to remember with business expenses are that they must be ordinary and necessary. From the IRS website, IRS.gov, ordinary and necessary expenses are broken down thusly: “An ordinary expense is one that is common and accepted in your trade or business. A necessary [...]
Over the course of the year, one of the most proactive decisions you can make as an independent contractor is to pay your quarterly estimates. Instead of playing the guessing game at the end of the quarter, we offer a service to provide you with the quarterly estimate amounts to pay. We encourage you to do [...]
Hi Abe, How much should I be saving for my quarterly taxes? Abe: I am glad you asked this important question. It is often recommended for independent contractors to save between 20-30% of their Net Profit for both state and federal taxes. As a reminder, your Net Profit is the difference between your Gross Revenue and your [...]
You may not know the feeling of getting a letter in the mail from the IRS. It can cause you to worry and assume the worst or be unsure of what they are requesting. You may dread the next step, which is calling the IRS office, to be on hold for an hour or longer only [...]
