Sign up for The Wire Newsletter!

Dollars & Sense

  • It's time to talk taxes
    By PBS Tax & Bookkeeping Service
    Posted Feb 25th 2005 1:01PM
    For income you will total all earnings from your settlement statements. If you operate with your own authority you will total all income received for the year from deposits made. Be careful not to include deposits from loans, tax or insurance refunds.

    It's important to take the time to total your income so that you can compare your totals with the amounts reported to the IRS on 1099's. You'd be surprised at how many times these totals don't match. You will need to contact your tax preparer for advice on how to handle discrepancies.
  • Independent Contractor Classification
    By PBS Tax & Bookkeeping Service
    Posted Jan 26th 2005 12:26PM
    Worker classification is currently a top audit target of the IRS. Many of you are concerned as to whether your workers are employees or independent contractors. It is important to have them properly classified and that classification can determine whether you need to pay employment taxes or provide health insurance and retirement plans.

    Many businesses would rather pay independent contractors than employees to avoid paying payroll taxes and fringe benefits. In fact, many people would rather be independent contractors in order to take advantage of some tax advantages. It can be a win-win situation.
  • Are you covered? Workers' Comp. and the Expediting owner-operator
    By Jeff Jensen, Editor
    Posted Jan 13th 2005 11:17AM
    Simply put, "Workers' compensation" (WC) is a system of statues enacted by each state that provides medical, lost time and permanent disability benefits for employees hurt in the scope of their employment.

    Benefits are determined by the individual states, but coverage typically includes medical expenses, rehabilitation costs, a portion of lost wages, and weekly or lump sum payments for families of workers killed on the job.
  • Preparing for taxes
    By PBS Tax & Bookkeeping Service
    Posted Jan 6th 2005 8:47AM
    Even though you haven't yet received your W-2's and 1099's, it's time to start preparing for income taxes. If you're nervous about taxes and your records are not together, put yourself at ease by getting organized.

    What should you do? In addition to various 1099's, W-2's and year-end interest statements, you need to gather your business income and expense records together. Here is what information you're going to need.
  • Time is Our Biggest Asset
    By EO Guest Writer
    Posted Nov 30th 2004 2:23PM
    Many Owner-Operators were fleet drivers before they bought a truck. Fleet drivers quickly figure out how to get the time-off that they want, and to get it without significant penalties.

    But when the Fleet driver becomes an owner-operator, the old fleet driver habits about time-off should change with the new responsibilities.
  • Independent Contractor Classification
    By PBS Tax & Bookkeeping Service
    Posted Oct 28th 2004 11:18AM
    Worker classification is currently a top audit target of the IRS. Many of you are concerned as to whether your workers are employees or independent contractors. It is important to have them properly classified and that classification can determine whether you need to pay employment taxes or provide health insurance and retirement plans.

    Many businesses would rather pay independent contractors than employees to avoid paying payroll taxes and fringe benefits. In fact, many people would rather be independent contractors in order to take advantage of some tax advantages. It can be a win-win situation.
  • IRS Audits
    By PBS Tax & Bookkeeping Service
    Posted Oct 18th 2004 8:07AM
    Be aware that the self-employed have always been a favorite audit target of the IRS. The IRS tends to audit those tax returns with the potential for the biggest payoff.

    Hence, the self-employed are more closely scrutinized than any other group, so be prepared to backup your business expenses.
  • 20 sneaky credit card tricks
    By Amy C. Fleitas - Bankrate.com
    Posted Oct 4th 2004 5:19AM
    Credit card companies can be as slippery as a handful of greased Jell-O. They have all kinds of tricks to gouge your wallet and drive up your bill. While arguably unfair, all these tricks are legal, leaving you no alternative but to stay as informed as possible to protect yourself.

    Read your statement, report any irregularities immediately and watch for these 20 sneaky credit card company tricks. Start saving on fees now.
  • Tax tips and tax planning
    By PBS Tax & Bookkeeping Service
    Posted Aug 24th 2004 11:30AM
    One of the tools the IRS uses for determining what returns are to be audited is the matching process. The IRS is matching W-2's and 1099's to the income tax returns and additionally they are matching K-1's from pass through entities such as S-corporations and partnerships.

    Tax returns are being audited a year or two after they are filed. Therefore, taxpayers should manage their tax planning now for the growing audit risk they can expect to face in the years to come.
  • Starting a business
    By PBS Tax & Bookkeeping
    Posted Jul 28th 2004 5:49AM
    Experience and knowledge of your industry is crucial. If you don't have any experience, consider working with a successful owner-operator for at least six months.

    Do as much research as possible. The time you spend gathering accurate information is going to be well worth the effort. The more information you have the less likely you are of making poor business choices and costly mistakes.