Opening your mailbox and seeing a letter from the IRS can be stressful. The most important thing you can do is read the notice and respond by the deadline. Ignoring it can result in additional penalties, interest, or collection action. Here are some of the most common federal tax notices and what they mean. 1. CP2000 [...]
Hey Abe, I’m thinking about taking out a loan to buy a truck for my business. How does this affect my taxes? Great question! Taking out a business loan can provide the cash needed to purchase equipment, cover operating expenses, or grow your business. Receiving loan proceeds usually does not create taxable income. Likewise, payments made [...]
Over-the-road drivers work hard for every dollar, and no one wants to pay more tax than they have to. If you file as a sole proprietor, your tax starts with your profit. Profit is what is left after business expenses. That means keeping good records can save real money. Tracking fuel, tires, repairs, insurance, permits, tolls, [...]
Hey Abe, what happens if I don’t file my tax return? Great question! One of the most common tax mistakes taxpayers make is failing to file their income tax return. It can lead to severe consequences. The IRS can file a substitute tax return on your behalf. When this happens, the IRS will generally mark you [...]
Hey Abe, what are the benefits of creating an IRS Online Account? Great question! Creating an IRS Online Account can be a smart move if you want an easier way to access important tax information, make payments, review past tax records, and stay organized throughout the year. Think of your IRS Online Account as a secure [...]
The One Big Beautiful Bill Act, signed into law on July 4, 2025, introduced a new savings opportunity for families: Trump Accounts. Launching July 4, 2026, parents, guardians, and other authorized individuals will be able to open these child-owned retirement accounts to help invest for a child’s future. As with any new financial tool, it’s worth [...]
What is Indexed Universal Life Insurance? Like many business owners, you may have recently heard more about Indexed Universal Life (IUL) insurance being promoted as a potential tax-saving strategy. We want to provide a clear, objective overview to help you evaluate IUL appropriately. What an IUL Is (and Is Not) An IUL is a life insurance product, [...]
Working across state lines has become increasingly common, whether due to remote work, regional responsibilities, or travel-heavy roles. As an over-the-road truck driver, you may be wondering if you are subject to multi-state taxation. Let’s dive into how how states assert taxing rights and when exceptions to multi-state taxation apply. How do States Determine Whether to [...]
If you are self-employed, the self-employed health insurance deduction can help lower your taxable income—but only if it is set up correctly from the start. One of the most important steps is making sure the insurance policy is in the correct name. If your business does not have a separate legal name, the policy should be [...]
When is the Deadline to Contribute to my IRA? You can contribute to either a Traditional or Roth IRA up until the tax filing deadline of the following year. For the 2025 tax year, the deadline is April 15, 2026. Filing a tax extension does not extend this deadline. How Much Can I Contribute? For 2025, [...]
