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A Common Tax Misconception

A misconception we see in tax planning with taxpayers is self-employment (SE) taxes (social security and Medicare) and income taxes are calculated on the same line of the tax return. The thinking of the taxpayer can be: “If I have a $5,000 tax bill, I can just spend $5,000 on my truck as a business expense and pay no taxes!” That’s incorrect. A business cost is not an equal deduction in tax due.

 

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7 Red Flags that May Lead to a Tax Audit

Tax season makes a lot of people nervous.  They are worried that they might owe money or that they haven’t done their taxes properly.  They worry about whether or not they will get a notice that says they are being audited. As you do your taxes this year, pay attention to these seven red flags that may lead to a tax audit.

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Top 10 Jokes for Tax Season

Here at ATBS we understand that tax season can be stressful. This year we decided to lighten the mood and have a little fun at our own expense. Here is our list of the Top 10 Jokes for Tax Season.  

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What to Look for in a Truckers Bookkeeping Service

There are many benefits that come with using a bookkeeping service for your business. Using an industry-specific bookkeeping service can be even more beneficial. In this article, we will discuss important things to check for while you search for a truckers bookkeeping service.

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Filing a Tax Extension

With only a few weeks to go until the April 15 tax deadline, procrastinators might be starting to feel a little anxious about their taxes. If this sounds like you, then filing for an extension might be just what you need.

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The Importance of the Pre-Trip Truck Inspection

Every truck driver should know how to conduct a pre-trip truck inspection. However, many don’t take the time to go through this inspection every time they hit the road. Here are five reasons why it’s important for you to perform your pre-trip truck inspection.

 

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Filling out a 2290 Tax Form

Form 2290 is the Heavy Highway Vehicle Use Tax Return. Any person operating a vehicle weighing more than 55,000 pounds is required to file this return. In this article, we will be going over how to fill out the 2290 tax form.

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What you need to know about staying safe from tax scams

Tax scams can happen any day of the year but are especially prevalent during tax season. Criminals can attempt to steal your money or personal information a variety of ways including over the phone, through email, and with text messages. Read the following tips to find out how to stay safe from tax scammers.

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How does the IFTA reporting system work?

The International Fuel Tax Agreement (IFTA) is a pact between the lower 48 states and the ten Canadian provinces that require all interstate motor carriers to report fuel taxes. The current IFTA reporting system simplifies the hassle of reporting fuel tax for trucking companies (including owner-operators) who operate across IFTA jurisdictions by reducing paperwork and minimizing the compliance requirements.

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