Articles

Q: I’m an owner operator looking to acquire another rig to expand my business. Though the economy seems to be improving, I understand that obtaining a bank loan is a nightmare.  How should I best approach financing the new rig?  A: The most important aspect of buying a truck is to first determine how much […]

Q: My trucking business has been quite successful this year. But, I don’t know what to expect when my taxes are actually done because of the new tax law that took effect January 1, 2018. What should I do? A: Now is a good time of year to prepare for 2018 taxes, which under the […]

Q:  I’m in my 50’s and I’m very concerned that some sickness will happen to me in the next 10, 20, 30 years where I must stay home and cannot function normally. I’m fearful I won’t have enough money to pay a caregiver and I’m put in some care facility for the poor. How can […]

Q: John an owner-operator, called to discuss his credit report. He asks, “I am trying to refinance my equipment loans and, even though I have a good credit score, the bank will not proceed with the refinance because one of my credit cards indicate that there is a dispute.” “I’m very frustrated and feel I’m […]

Q: I’m an owner operator and I’m concerned about losing my assets if I’m in a terrible accident. My buddies tell me to incorporate or operate under a Limited Liability Company (LLC) to protect my assets. Is this the proper thing to do? A: Yes and no. The proper thing is to ask a professional […]

Q: Since I was just barely able to pay my taxes and my trucking business did well, I’m concerned I’m spending too much money. How do I go about figuring what I’m spending on my personal living expenses? A: Since you just completed your 2017 income tax return, you should determine what your personal living […]

Q: I am on the road and cannot get my taxes filed on time. 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 for six months until October 15, 2018.  However, it is […]

Q: What are my chances of being successful in a new trucking business? A: We can comment on small businesses in general. Most small businesses are a success.  According to the Small Business Administration, 80% of businesses started in 2014 were still in business over one year later, which was the highest success rate since […]

Q: I lost the contents of my home due to a flood. How do I reconstruct my records to prove what I have lost? A: You need to have a list of the items in your home. A good place to keep that list is on the cloud. To create the list, start by visualizing […]

Q: I have some extra money set aside and have made my estimated tax payments. Should I wait until tax time to make my IRA contribution? A: Make your IRA contributions now.  Don’t delay making contributions.  Deposit the full amounts now, AND START EARNING TAX-DEFERRED INCOME SOONER. For the 2017 tax year, you can contribute […]