Now that the April 18th tax deadline has passed, individual taxpayers need to understand the penalties and interest that can accrue if the tax amount due was not paid by the tax deadline. There are three different penalties the IRS can assess for not paying your taxes and filing your tax return by the April 18th [...]
Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am getting all turned around when I try to ensure that everything is included. Where do I need to start with expenses, and what all factors in to the business?Tax season can be a stressful time as a business owner. Fortunately, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
