On the road, staying organized isn’t just about keeping your cab tidy. It’s about keeping your records ready. When tax season hits, the drivers who are prepared get their returns filed faster and stress a whole lot less. Fall, especially September and October, is your prime time for a mid-year paperwork tune-up. You’ve got most of [...]
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 [...]
Life on the road means managing time, deliveries, and deadlines. But when your child heads off to college, a new set of logistics kicks in. From tuition to textbooks, the cost of education can feel overwhelming. The good news is that the tax code offers tools that can lighten the load if you know how to [...]
Tips to Take Advantage of the Bill This Article is an Update From Previous Guidance: https://abacuspro.com/10-ways-the-proposed-new-tax-cuts-could-affect-your-taxes-this-year/ The "One Big Beautiful Bill Act" (OBBBA) is a sweeping tax and economic package that seeks to extend or make permanent many provisions of the 2017 Tax Cuts and Jobs Act, while introducing a host of new tax rules and [...]
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 [...]
If you own a business, managing taxes can be difficult. The 2025 deadlines for 1st and 2nd quarter were April 15, 2025 and June 16, 2025. Now that we’ve passed those estimate deadlines, you may be thinking, “I haven’t paid anything for 1st or 2nd quarter” or, “I think I made a 1st quarter payment, but [...]
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. [...]
If you’re self-employed, there’s a valuable tax deduction that you might be overlooking: the self-employed health insurance deduction. This allows you deduct the cost of health insurance premiums paid for yourself, your spouse, and your dependents, including your children under the age of 27, even if they aren’t claimed as dependents on your tax return. Why [...]
As we move past the April 15 deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after April 15th. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the deadline: the failure-to-file penalty, the failure-to-pay penalty, and interest [...]
