Articles

INCOME TAX FILING TIME

March 13, 2017

Q. I have been hearing a lot about taxpayers preparing their own tax returns. Are they doing the right thing? Should I be preparing my own tax returns and save the preparation fee? A: Doing your own tax return can be an extremely dangerous endeavor. It’s not the accuracy that I’m worried about (computer generated […]

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Deductions and Depreciation

February 13, 2017

Q: How can I justify my cash payments to my lumpers? A: You need to maintain a log showing the name, address and social security number of the person you have made the payments to. If that particular person earns $600 or more from you, you have to issue a 1099 to them at the […]

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IT’S INCOME TAX TIME

December 6, 2016

Q:  I understand it’s time to start gathering my tax information for 2016. But can you tell me what will the per diem rate be for 2017? A:  Good question. Not only are we discussing 2016 income taxes, it also is a good time to start planning for 2017. The per diem daily rate of […]

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MONEYWISE TAX TIPS

Q: My trucking business has been doing well and I have accumulated savings over the years.  I’m considering paying off my mortgage.  Is that a good idea?   A: As people age and/or retire, they often discuss and read about paying off their mortgage.  “I own my own home, free and clear.”  “No more monthly […]

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PROJECTING YOUR 2016 INCOME TAXES

Q: Roger, an owner-operator is concerned about how much he will owe when he files his 2016 tax returns. “I have more money now compared to last year.  I think my profit is up.  I don’t know what to do.  Should I take the last month of the year off to reduce the amount I […]

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ARE YOU ASKING FOR AN IRS AUDIT? – PROTECTING YOUR ASSETS

Q: I always worry about getting audited by the IRS. How do they decide which tax return to audit? A: The most common way a return is chosen for audit is not because of one item, but by a group of items such as various deductions being too high compared to the amount of income […]

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MID YEAR TAX TIPS

INDEPENDENT CONTRACTOR CLASSIFICATION Q: I own a small trucking company and I am treating my workers as an independent contractors. I’m nervous as I hear that if I mistakenly classify an employee as an independent contractor it can result in significant fines and penalties. What can I do? A: We get a lot of questions […]

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MID YEAR TAX TIPS

June 2, 2016

Q: I’m an over-the-road trucker, and I knew my business had grown and I was making more money. Wow, I could not believe what I owed the IRS on my 2015 income tax return. What can I do to prepare for this in the future? A: You must keep current on the profitability of your […]

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BEWARE OF TAX SCAMS

Q: I received an email from the IRS and responded with information, including my social security number, as requested. Unknowing to me, the email contained a virus. Many dollars later I had the virus deleted from my computer, but since learned that I had to protect myself against identity theft. Would the IRS ever send […]

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INCOME TAX FILING OPTIONS

Q: I cannot file my taxes by April 18. What should I do? A: You should file an “Application for Automatic Extension of Time,” Form 4868. An extension means that you are extending the filing of your income tax return until October 17, 2016. By filing the extension application, you will eliminate a late filing […]

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