Tax Planning for Families with College Students

By |2024-08-15T16:17:23-05:00August 15th, 2024|Categories: Transportation|Tags: , , |

As a driver, you’re used to navigating long hauls and managing your time on the road. But when it comes to your finances, especially with a child heading off to college, the journey can seem just as challenging. Proper tax planning can make a significant difference in managing the costs of higher education. This guide will [...]

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IRS Tax Notices 2024

By |2024-07-11T16:46:47-05:00July 3rd, 2024|Categories: Transportation|Tags: , , |

Why you may have received a notice from the IRS With the April deadline behind us and 2023 tax returns being processed by the IRS, you may receive a tax notice. Receiving a letter from the IRS can be intimidating and raise numerous questions. At Abacus, we are here to assist you. Here are a few [...]

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10 Summertime Tax Facts

By |2024-06-12T09:49:38-05:00June 12th, 2024|Categories: Transportation|Tags: , |

Do you know these tax facts? As you enjoy the mid-June sunshine, take a moment to brush up on some important tax facts. In this post, you’ll find answers to commonly asked questions and useful tax tips that can help you navigate various financial scenarios with confidence. Did you know you can claim a dependent who [...]

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Penalties & Interest After the April 15 Deadline

By |2024-05-17T13:40:41-05:00May 3rd, 2024|Categories: Transportation|Tags: , , |

As we move past last month's 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 charges. [...]

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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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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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Planning for Large Purchases

By |2023-12-01T14:08:37-06:00December 1st, 2023|Categories: Transportation|Tags: , |

When it comes to saving for purchases, whether it's a vehicle, a house, or something of large value, there are several factors you need to consider. The first thing you need to determine is what is it that you need? Yes, we want the nicest house on the block or the newest car on the street, [...]

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Navigating Tax Implications for Trucking Investments

By |2023-11-30T17:11:06-06:00November 30th, 2023|Categories: Transportation|Tags: |

Investing in an Over the Road (OTR) Truck, Trailer, or Auxiliary Power Unit (APU) represents a significant financial commitment for truck drivers. Understanding how these operating expenses will impact your taxes is crucial, and exploring various financing options—whether through cash, credit, or leasing—is essential. Leasing Options: Operating Lease vs. Finance Lease When considering leasing, it's [...]

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BOI Reporting: What You Need to Know

By |2024-06-13T11:08:51-05:00November 30th, 2023|Categories: Transportation|Tags: , |

Beneficial Ownership Information reporting is new in 2024 Changes are underway for business owners. As of January 1, 2024, certain business owners will need to report beneficial ownership information(BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury.  Q: Will my business have to start reporting?   All businesses will need [...]

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Scam alert: FinCEN BOI Reporting

By |2023-11-03T16:43:59-05:00November 3rd, 2023|Categories: Transportation|Tags: , |

Beware of fraudulent messages about BOI reporting The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) reported fraudulent attempts aimed at gathering information from individuals obligated to report under the Corporate Transparency Act. How do I know it's a scam?  Be aware of any email or letter you may receive titled [...]

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