We ask that you submit expenses monthly so that we can keep your accounting up to date. This allows us to see exactly how your business is doing with the income and expenses. This is also important if we are calculating quarterly estimates for you. To give you the most accurate estimate possible, we will need to know exactly how much your business has made for the quarter.
There are a number of ways to submit information to us. If you have any documents to turn in, you can send them by fax (417-823-0744), email (firstname.lastname@example.org), or if you have access to the Prime, Inc. app, you may scan them to Trip Documents → Accounting Services.
Quarterly estimates are important because they allow you to pay towards your taxes in smaller amounts and help you avoid paying penalties for not making these payments as denoted by the IRS. Quarterly payments towards your tax liability are required by the IRS if you will owe money at the end of the year. Most self-employed individuals WILL owe money at the end of the year.
The Federal Per Diem Rate has been released for 2021. It will be $69/day. Self-employed individuals in the Transportation industry are allowed to claim 100% of this in 2022. For more information regarding per diem, please read this IRS publication.
It depends on the company you work for. If you are paid per diem by your employer(also known as travel allowance) then you CANNOT claim per diem at the end of the year. You also CANNOT claim the difference in your travel allowance and the per diem rate.
When creating a Limited Liability Company, also known as an LLC, there are several requirements that must be met in order to successfully file for an LLC. One of those requirements is to have a Registered Agent. The term Registered Agent is a term that many business owners have never heard of. Below you will find a few frequently asked questions regarding a Registered Agent, in hopes this helps you understand what a Registered Agent is and the role it plays in your business.
Given you are in the transportation industry, and spend the majority of your time over the road, a Registered Agent serves as the receiver of important legal and tax documents for your business. Documents received can include, but are not limited to 1) important mail sent by the State, 2) tax documents sent by the Department of Taxation, and 3) Service of Process, also known as Notice of Litigation, which are documents that initiate a lawsuit of some sort. A Registered Agent will receive these documents on behalf of your business and will then work with you, as the business owner, to ensure you have also received a copy of the information received.
A Registered Agent may be either 1) an individual who is a resident of the state in which the LLC is formulated in and whose business office address is identical with the entity’s (i.e.: LLC) registered office, OR 2) a corporation authorized to transact business in the state in which the LLC is formulated in, and whose business office address is identical with the entity’s (i.e.: LLC) registered office. It is important to note that a Registered Agent must also be available at their address during normal business hours: Monday – Friday, 8:00 am – 5:00 pm.
Yes. At any point a business owner can change who serves as the Registered Agent for his or her company. For most states, in order to accomplish this, a Statement of Change of Registered Agent must be in the same state your LLC is registered in.