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Maximize Your Tax Savings

By |2023-01-24T11:23:33-06:00October 11th, 2022|Categories: Transportation|Tags: , , |

Hi Abe! I am wanting to maximize my tax savings and ensure I am taking full advantage of breaks for business owners and those in the transportation industry. Is there anything that I am missing? Great question. Whether you are a Lease or Owner Operator, it’s important to keep in mind that you are a [...]

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Preparing for the 2022 Tax Season as a Lease/Owner Operator

By |2023-01-24T11:23:59-06:00October 10th, 2022|Categories: Transportation|Tags: , , , |

Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2022 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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What Loans Look Like for Self-Employed Individuals

By |2022-10-10T11:39:37-05:00October 10th, 2022|Categories: Transportation|Tags: , , , , |

Are you considering upgrading your truck? What about remodeling your home, or even buying a new home? These are big financial decisions that will often require a loan. As a self-employed individual, the process of obtaining a loan can involve more steps. Now that you’re self-employed, you do not have pay stubs or W-2s that [...]

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LLC Corner: Options for Terminating Your Contract Company

By |2022-10-10T10:38:49-05:00October 10th, 2022|Categories: Transportation|Tags: , , , |

I have termed my current contract company. What does this mean for my LLC? An LLC belongs to the owner(s) of the business, not the contract company. With this in mind, the business owner has a few options available when it comes to their LLC: Option 1: I have termed my current contract company and plan [...]

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Why You May Have Received an IRS Tax Notice Letter

By |2022-10-07T16:39:15-05:00October 7th, 2022|Categories: Transportation|Tags: , , , , |

Receiving a letter from the Internal Revenue Service (IRS) can be intimidating and can lead to many questions. The most common tax notices we receive from clients are regarding tax return information submitted on a return that does not match the IRS records, which is indicated on tax notice number CP2000. There are several reasons [...]

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Form 2290 Heavy Highway Use Tax: The Who, When, What & How

By |2022-10-07T16:18:40-05:00October 7th, 2022|Categories: Transportation|Tags: , , , , |

Who is required to file?  Anyone who registers a heavy highway motor vehicle in their name with a taxable gross weight of 55,000 pounds or more are required to file a Form 2290 and pay the tax. When do I file?  The filing season for Form 2290 filers is July 1, 2022 through June 30, [...]

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Eco-Friendly Trucking: Save Money and Reduce Your Carbon Footprint

By |2022-03-31T08:51:09-05:00February 25th, 2022|Categories: Transportation|Tags: , , , , |

Growing your business and stewarding the environment both require good resource management. In both areas you need to grow your resources, reduce waste, and make wise investments. Drive for your bottom line Following best fuel efficiency practices will save you money on fuel and the lower speed will make your tires last longer. This will [...]

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Child Tax Credit

By |2022-01-31T12:40:13-06:00January 31st, 2022|Categories: Transportation|Tags: , , , , |

What You Need to Know About Dependents: Child Tax Credit If you have a qualifying dependent that qualifies for child tax credit on your 2021 income tax return, you will need to reconcile any advanced child tax credit payments you received. Starting in July of 2021 taxpayer with qualifying dependents were generally eligible to claim one-half [...]

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Quarterly Estimate Payments

By |2022-01-03T13:52:39-06:00January 3rd, 2022|Categories: Transportation|Tags: , , , , |

It's a new year and a new you! You've likely set personal resolutions, but have you set resolutions for your business? Your Business New Year Resolution Our challenge to you is to set a resolution to pay your quarterly estimate payments. A resolution that you can easily accomplish on the federal estimated tax due dates of [...]

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Is an S-Corporation Right For You?

By |2021-12-08T11:04:31-06:00December 8th, 2021|Categories: Transportation|Tags: , , , , |

It will be New Year’s day before we know it. You might already be thinking about New Year’s Resolutions. If you’re a business owner this would be a great time to review your finances and tax situation. Most business owners I speak with want two things 1) make as much profit as possible and 2) pay [...]

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