What if I need to file an extension this year?

By |2025-04-11T15:05:08-05:00April 11th, 2025|Categories: Transportation|Tags: , , , |

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 [...]

Do I have to file for paying my co-driver $1,200?

By |2025-04-17T15:34:17-05:00December 17th, 2024|Categories: Transportation|Tags: , |

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 [...]

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What do I need to know about BOI Reporting?

By |2025-04-17T16:13:09-05:00October 8th, 2024|Categories: Transportation|Tags: , |

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 [...]

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What can I do to prepare for the back-to-school season?

By |2024-08-15T16:31:20-05:00August 15th, 2024|Categories: Transportation|Tags: , , |

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 [...]

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What are the tax implications of gambling?

By |2024-07-03T14:53:34-05:00July 3rd, 2024|Categories: Transportation|Tags: , |

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. [...]

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What if I need to file an extension?

By |2024-04-03T16:56:36-05:00April 3rd, 2024|Categories: Transportation|Tags: , , |

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 [...]

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Where do I need to start with expenses?

By |2024-03-08T10:56:11-06:00March 8th, 2024|Categories: Transportation|Tags: , |

Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am unsure that I’ve included everything. Where do I need to start with expenses, and what factors into the business?   Tax season can be a stressful time as a business owner. Fortunately, we have options, so it doesn’t have to [...]

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How do I know which filing status to select?

By |2024-02-02T16:07:29-06:00February 2nd, 2024|Categories: Transportation|Tags: , |

Hey Abe! I'm getting ready for this upcoming tax season. How do I know which filing status to select? Great question! I’m glad you’re starting to prepare for tax season now. To determine your filing status, consider your marital status and living arrangements at the end of the tax year. Here’s a quick guide: Single Unmarried, [...]

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What records do I need to keep for purchasing assets?

By |2023-11-30T16:42:51-06:00November 30th, 2023|Categories: Transportation|Tags: |

Hey Abe! I’m considering purchasing some assets for my business, such as a tractor and maybe a trailer to go with it. What kind of benefit do I see, and what records do I need to keep for these purchases? You are asking all the right questions and are planning ahead, which is great! One thing [...]

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Preparing for the 2023 Tax Season

By |2023-11-01T11:43:58-05:00November 1st, 2023|Categories: Transportation|Tags: |

Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2023 tax season. I will receive a 1099-NEC, but I also have some W-2 income from a company job. How many different returns will I have to file? Great question, and I am glad to hear you are thinking ahead! Let’s start with [...]

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