Hey Abe, what happens if I don’t file my tax return? Great question! One of the most common tax mistakes taxpayers make is failing to file their income tax return. It can lead to severe consequences. The IRS can file a substitute tax return on your behalf. When this happens, the IRS will generally mark you [...]

Hey Abe, what are the benefits of creating an IRS Online Account? Great question! Creating an IRS Online Account can be a smart move if you want an easier way to access important tax information, make payments, review past tax records, and stay organized throughout the year. Think of your IRS Online Account as a secure [...]

What is Indexed Universal Life Insurance? Like many business owners, you may have recently heard more about Indexed Universal Life (IUL) insurance being promoted as a potential tax-saving strategy. We want to provide a clear, objective overview to help you evaluate IUL appropriately. What an IUL Is (and Is Not) An IUL is a life insurance product, [...]

When is the Deadline to Contribute to my IRA? You can contribute to either a Traditional or Roth IRA up until the tax filing deadline of the following year. For the 2025 tax year, the deadline is April 15, 2026. Filing a tax extension does not extend this deadline. How Much Can I Contribute? For 2025, [...]

Tax season is here and it moves fast. When you’re an over-the-road truck driver, it can be hard to find the time to prepare for tax season. If you haven’t had the opportunity to gather your tax documents or find a preparer to file your return by April 15th, you may be wondering about an extension. [...]

Great question! Side gigs like selling goods online, delivering food, or starting a ridesharing business are common ways people earn extra money. If you have a side gig where you earn income, you’re required to report that income. The question then becomes, is my side gig a hobby, or am I operating my side gig as [...]

Yes, per diem works very differently depending on whether you’re an owner-operator (independent contractor) or a company driver (W-2 employee). Understanding this distinction is critical, because using per diem the wrong way can lead to missed deductions or tax issues. Per Diem for Owner-Operators and Independent Contractors If you are self-employed, per diem is generally taken [...]

It’s a common question for truck drivers, and the answer depends on your situation. Purchasing equipment before year-end can offer a tax benefit, especially if you’re an owner-operator or self-employed, because many business-related purchases may be deductible. That said, the decision shouldn’t be based on taxes alone. If you genuinely need new equipment, have the cash [...]

Great question, and you’re not alone. Many people wonder where they stand taxwise as the year wraps up, especially if their income has changed or they’ve had unexpected expenses. That’s exactly where Abacus! can help. Our Quarterly Estimate Program is designed to give you clarity and confidence when it comes to taxes. We use your actual [...]

Great question. Cash jobs, like helping at a pumpkin patch or running a seasonal delivery route, can seem informal, but the IRS still considers this taxable income. Whether you are paid in cash, by check, or electronically, you are required to report the earnings on your tax return. How Cash Income is Reported The way you [...]