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 (exprec@abacuscpas.com), 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 2020. It will be $66/day. Self-employed individuals in the Transportation industry are allowed to claim 80% of this, which is $52.80/day. 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 CAN NOT claim per diem at the end of the year. You can also NOT 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:

  1. February 12: IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
  2. February 22: Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.
  3. 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.
  4. April 15: Deadline for filing 2020 tax returns.
  5. October 15: Deadline to file for those requesting an extension on their 2020 tax returns

April 15th, 2021 is the deadline to file your personal tax return or to file for an extension.

An extension will allow you to avoid a late filing penalty on your personal return until October 15th. However, please keep in mind that interest will still accumulate if you owe money on your taxes.