What do I need to know about Beneficial Ownership Information (BOI) Reporting?

By |2024-10-08T12:43:47-05:00October 8th, 2024|Categories: Transportation|Tags: , |

As of January 1, 2024, businesses must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement applies to all businesses. If your business is a domestic company created before January 1, 2024, or a foreign company registered before that date, you won’t need to report company applicants but must file your [...]

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The Importance of Budgeting in Times of Rising Cost and Inflation

By |2024-10-08T12:37:51-05:00October 8th, 2024|Categories: Transportation|Tags: , |

In today’s economic landscape, the rising costs of goods and services are becoming increasingly difficult to ignore. With inflation rates fluctuating, it’s crucial for individuals to take a proactive approach to managing their finances. One of the most effective strategies to navigate these financial challenges is through budgeting. Understanding the significance of budgeting, paying taxes, and [...]

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What can I do to prepare for the back-to-school season?

By |2024-08-15T16:31:20-05:00August 15th, 2024|Categories: Transportation|Tags: , , |

Hi Abe! What can I do to prepare for the back-to-school season?   Great question. The back-to-school season is an exciting time, but it can also bring a range of financial challenges if you’re unprepared. We’ve made a checklist to help you prepare for the new school year.   Set a back-to-school budget  List out essential items such [...]

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Tax Planning for Families with College Students

By |2024-08-15T16:17:23-05:00August 15th, 2024|Categories: Transportation|Tags: , , |

As a driver, you’re used to navigating long hauls and managing your time on the road. But when it comes to your finances, especially with a child heading off to college, the journey can seem just as challenging. Proper tax planning can make a significant difference in managing the costs of higher education. This guide will [...]

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What are the tax implications of gambling?

By |2024-07-03T14:53:34-05:00July 3rd, 2024|Categories: Transportation|Tags: , |

Great question. If you purchase a lottery ticket or gamble at a casino and win big, you need to be prepared for potential tax implications. First, if you win, your gambling winnings are fully taxable and must be reported as income on your tax return. Reportable income includes winnings from lotteries, raffles, horse races, and casinos. [...]

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IRS Tax Notices 2024

By |2024-07-11T16:46:47-05:00July 3rd, 2024|Categories: Transportation|Tags: , , |

Why you may have received a notice from the IRS With the April deadline behind us and 2023 tax returns being processed by the IRS, you may receive a tax notice. Receiving a letter from the IRS can be intimidating and raise numerous questions. At Abacus, we are here to assist you. Here are a few [...]

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10 Summertime Tax Facts

By |2024-06-12T09:49:38-05:00June 12th, 2024|Categories: Transportation|Tags: , |

Do you know these tax facts? As you enjoy the mid-June sunshine, take a moment to brush up on some important tax facts. In this post, you’ll find answers to commonly asked questions and useful tax tips that can help you navigate various financial scenarios with confidence. Did you know you can claim a dependent who [...]

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Considering a Second Business under your LLC

By |2024-05-09T15:34:42-05:00May 8th, 2024|Categories: Transportation|

Hey Abe! Can I run a second business under my trucking LLC? Abe: Oooh, Thanks for asking this one. The answer to this question is technically yes, however it is often not wise to run multiple businesses under the same single-member Limited Liability Company (LLC). Here are a few reasons why: First, you must consider what [...]

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Penalties & Interest After the April 15 Deadline

By |2024-05-17T13:40:41-05:00May 3rd, 2024|Categories: Transportation|Tags: , , |

As we move past last month's deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after April 15th. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the deadline: the failure-to-file penalty, the failure-to-pay penalty, and interest charges. [...]

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What if I need to file an extension?

By |2024-04-03T16:56:36-05:00April 3rd, 2024|Categories: Transportation|Tags: , , |

Great question! Filing a tax extension refers to a process by which taxpayers can request additional time beyond the original tax filing deadline to submit their tax returns to the Internal Revenue Service (IRS). In the United States, the standard tax filing deadline for most individuals is typically April 15th each year, unless that date falls [...]

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