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, [...]
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 [...]
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 conduct beneficial ownership information(BOI) reporting to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of the Treasury. Q: Will my business have to start BOI reporting? [...]
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 [...]
With all of the tax work finally finished for the year- whether that was the original spring deadline or just recently completed in mid-October- individuals, businesses, and tax preparers may be tempted to take a big exhale and take a break from thinking about taxes until the new year. However, there are significant benefits to taking [...]
Hi Abe! Who can I claim as a dependent? Great question! In the United States, a dependent is generally an individual who relies on someone else, typically a taxpayer, for financial support. The IRS has specific criteria that determine whether someone can be claimed as dependent on a taxpayer’s federal income tax return. They must be [...]
Whether you are planning to start a family or have children and want to reevaluate your spending, it’s important to plan for the expenses of having children. According to CBS news, the cost of raising a child from birth to 18 is nearly $240,000 BEFORE college. That’s a yearly average of $13,000 - $14,000 per child. [...]
Let's talk about retirement savings without all the confusing financial jargon. You've probably heard about pre-tax and after-tax contributions, but what do they really mean for you? First, pretax contributions are like tax breaks for the future. Imagine you have a special savings account for your retirement, like a 401(k). When you put money into this [...]
In the world of accounting, a question that frequently crosses the minds of business owners is: ”What expenses can I deduct?” This question is entirely justified because accountants seldom encounter clients who willingly want to pay more taxes than necessary. It’s crucial to understand that the deductibility of expenses directly impacts a business’s profitability, and profitability, [...]
Hi Abe! I have a TON of receipts on the truck I am keeping as an independent contractor. What are the IRS rules regarding keeping receipts? Abe says: There are a few things to keep in mind when keeping a record of your expenses for your business. First, you must keep receipts for anything ordinary and [...]
