Great question. Per diem is one of the most valuable deductions available to truck drivers, but it is also one of the most misunderstood. Per diem allows you to deduct a set daily amount for meals and incidental expenses while you are away from home for work. To claim it properly, the IRS requires clear and [...]
You heard right—per diem is going up in 2025! Starting in the 2025 tax year, the Department of Transportation per diem rate for meals and incidental expenses is increasing to $80 per full day on the road, with 80% of that amount being deductible. That means $64 per day is deductible, a meaningful bump that can [...]
Great question, and one that trips up a lot of people. Let’s break it down. If you’re making child support payments, those payments are not tax-deductible. The IRS considers child support a personal expense. So, even if you pay a significant amount each month, you won’t be able to claim any of it on your tax [...]
Hey Abe! I am a lease operator, and I know that I’m required to pay my taxes in quarterly estimates. Do I have to file anything for this? Great question! Here’s the good news: While you are required to pay these quarterly estimates, you do not need to file any quarterly state or federal tax returns. [...]
Great question! Filing a tax extension refers to a process by which taxpayers can request additional time beyond the original tax filing deadline to submit their tax returns to the Internal Revenue Service (IRS). In the United States, the standard tax filing deadline for most individuals is typically April 15th each year, unless that date falls [...]
Hey Abe! I am a lease/owner operator, and I paid my co-driver $1,200 in 2024. Do I have to file anything for this? Great question! This is a common scenario we see in the trucking industry. If you paid your co-driver more than $600 in 2024, you may need to issue that co-driver a 1099-NEC. A [...]
As of January 1, 2024, businesses must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement applies to all businesses. If your business is a domestic company created before January 1, 2024, or a foreign company registered before that date, you won’t need to report company applicants but must file your [...]
Hi Abe! What can I do to prepare for the back-to-school season? Great question. The back-to-school season is an exciting time, but it can also bring a range of financial challenges if you’re unprepared. We’ve made a checklist to help you prepare for the new school year. Set a back-to-school budget List out essential items such [...]
Great question. If you purchase a lottery ticket or gamble at a casino and win big, you need to be prepared for potential tax implications. First, if you win, your gambling winnings are fully taxable and must be reported as income on your tax return. Reportable income includes winnings from lotteries, raffles, horse races, and casinos. [...]
Great question! Filing a tax extension refers to a process by which taxpayers can request additional time beyond the original tax filing deadline to submit their tax returns to the Internal Revenue Service (IRS). In the United States, the standard tax filing deadline for most individuals is typically April 15th each year, unless that date falls [...]
