What if I miss the tax-filing deadline?

By |2023-03-03T11:05:51-06:00March 3rd, 2023|Categories: Transportation|Tags: , , |

Hey, Abe! Things have been pretty busy with my business, and it’s looking like I may not be able to file in time. Should I be worried? What do I need to do? You are not alone. It isn’t easy balancing the workload when you are self-employed. Fortunately, the IRS understands this as well and gives [...]

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Social Security Taxability

By |2023-03-03T11:35:53-06:00March 3rd, 2023|Categories: Transportation|Tags: , , |

Every year, Abacus CPAs serves people that are in retirement, and every year, some still have to pay taxes on their Social Security benefits. Not everyone pays taxes on Social Security, and the amount of tax you will be assessed on your benefits is dependent upon other income you received throughout the year. Only those that [...]

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Download the Abacus App Today!

By |2023-02-01T12:08:15-06:00January 24th, 2023|Categories: Transportation|Tags: , , , |

The Abacus App allows you to follow your tax return from start-to-finish while its with Abacus Professionals. You can upload documents, track tax project progress, get real-time updates and contact Abacus Team members. Download & Sign In To access your Abacus App, download the app using your camera to scan in the QR code below. You [...]

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How do I plan my final contributions for 2022?

By |2023-02-01T12:31:45-06:00January 24th, 2023|Categories: Transportation|Tags: , , |

Abe, I am planning out my final contributions for 2022 with my IRA. How long do I have to submit that for the tax year 2022 and while you’re at it, what are the contribution limits? What a great time to be planning out those retirement contributions. You are setting yourself up for success! First things [...]

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Is filing taxes really that important?

By |2023-01-24T11:23:04-06:00October 14th, 2022|Categories: Transportation|Tags: , , |

Hi Abe! I own a trucking business and taxes are the last thing I want to worry about each year. It is tough to find the time to get my documents together while ensuring I haven't missed anything, and on top of that, I've got my business to run. Is filing taxes really that important? What [...]

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Maximize Your Tax Savings

By |2023-01-24T11:23:33-06:00October 11th, 2022|Categories: Transportation|Tags: , , |

Hi Abe! I am wanting to maximize my tax savings and ensure I am taking full advantage of breaks for business owners and those in the transportation industry. Is there anything that I am missing? Great question. Whether you are a Lease or Owner Operator, it’s important to keep in mind that you are a [...]

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Preparing for the 2022 Tax Season as a Lease/Owner Operator

By |2023-01-24T11:23:59-06:00October 10th, 2022|Categories: Transportation|Tags: , , , |

Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2022 tax season. I will receive a 1099-NEC, but I also have some W-2 income from a company job. How many different returns will I have to file? Great question, and I am glad to hear you are thinking ahead! Let’s start with [...]

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What Loans Look Like for Self-Employed Individuals

By |2022-10-10T11:39:37-05:00October 10th, 2022|Categories: Transportation|Tags: , , , , |

Are you considering upgrading your truck? What about remodeling your home, or even buying a new home? These are big financial decisions that will often require a loan. As a self-employed individual, the process of obtaining a loan can involve more steps. Now that you’re self-employed, you do not have pay stubs or W-2s that [...]

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LLC Corner: Options for Terminating Your Contract Company

By |2022-10-10T10:38:49-05:00October 10th, 2022|Categories: Transportation|Tags: , , , |

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 [...]

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Why You May Have Received an IRS Tax Notice Letter

By |2022-10-07T16:39:15-05:00October 7th, 2022|Categories: Transportation|Tags: , , , , |

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 [...]

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