TAX TIP: make IRA and pension-plan contributions now
It is a good idea to make IRA and pension-plan contributions now. Don’t delay making contributions for the year. Deposit the full amounts now, AND START EARNING TAX-DEFERRED INCOME SOONER.
Projections, IRS Audits, and Independent Contractors
For 2009, you can contribute $5,000 to a deductible or Roth IRA ($6,000 if you are age 50 or older by year-end). These amounts might be increased by the end of the year.
A tax projection is a mini tax return using actual results from current operations annualized to reflect what a full year result would be. When doing a tax projection, your tax professional uses that profit, annualizes it and uses the expected profit for the year with current tax information such as equipment changes to calculate and project your tax liability for the year.
Launch of Expediter King Driver Rewards Club Loyalty
TravelCenters believes this is the first rewards club that is designed specifically for the needs of the expediter community.
Will You Survive?
As you sit in your truck for days waiting for the next shipment, you have probably wondered about the economy and what factors cause you to be sitting. he reasons you are sitting more often and longer than ever before are too numerous to list; however there is one basic economic rule that will answer your questions. Supply and demand...
How's Business These Days?
My stories from the road depict some of the adventures, and ups and downs Diane and I have experienced since entering the world of expedited freight transport over five years ago. These stories have been written mostly in good economic times.
Tax Tip: What if I can't file on time?
An economic recession officially began in December, 2007 and continues today. It is the most severe economic downturn in our lifetimes. In our one-truck, owner-operator business, Diane and I began to see the effects in the last quarter of 2008. We saw a decrease in the number of loads to haul and lower prices being offered to haul them.
By filing the extension, you will eliminate a late filing penalty. However, an extension is not an extension of time to pay taxes due. So if you are going to owe taxes, you should send in the money along with your extension so you can avoid or reduce underpayment penalties.
Tax Time Tidbits for 2008
Many drivers forget the small stuff either because they are not aware of the deduction or because they don’t thing the deduction is big enough to matter. Generally speaking, all money spent to realize your income and to operate your truck is deductible.
TAX TIP: retirement credit and mortgage help
A tax tip for tax season from PBS Tax & Bookkeeping Service, your trucking specialist.
TAX TIP: Get a jump on your taxes
Here is a handy checklist you can use to help get a head start with your taxes this year.
It's Tax Time Again!
The best way to get started is by getting together all your income and expense records for 2008 for your accountant. If you’re handling it yourself add up the totals for the year breaking down your expenses by category. When gathering expense information be sure to include all checks written, credit card charges, cash expenses and any expenses reflected on your settlement statements.