Frequently Asked Questions
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 dates are:
1st Quarter: April 15th
2nd Quarter: June 15th
3rd Quarter: September 15th
4th Quarter: January 15th (following year)
***In the event the specified dates above fall on a Saturday, Sunday, or federal holiday, the due date will either be the following Monday or the day after the holiday.***
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.
There are several important dates taxpayers should keep in mind for this year’s filing season:
- January 24: IRS begins 2022 tax season. Individual tax returns begin being accepted and processing begins.
- First week of March: Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.
- April 18: Deadline for filing 2021 tax returns.
- October 17: Deadline to file for those requesting an extension on their 2021 tax returns
April 18th, 2022 is the deadline to file your personal tax return or to file for an extension.
October 17th, 2022 is the deadline to file your personal tax return if you filed for an extension.
An extension will allow you to avoid a late filing penalty on your personal return until October 17th. However, please keep in mind that interest will still accumulate if you owe money on your taxes.
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.
Can my entity's (i.e.: LLC) registered office address be the address for a mailing service company (i.e.: Mailboxes, etc. or a UPS Store)?
No. It is also important to note that a Registered Agent’s address will be publicly accessible (meaning it is a matter of public record and anyone can access it).
Feel free to contact Abacus CPAs, LLC for any questions or concerns you have regarding your LLC or Registered Agent.