#IRA for truckers

[artisticdivasworld]

Financial planning for truckers 

Financial planning is something a lot of folks in the industry overlook, but it’s super important if you want to stay afloat and keep your wheels rolling. First, let’s talk about budgeting. It might sound like a boring topic, but think of it as your roadmap. Without a clear budget, it’s like driving without a GPS. You know your income can be pretty unpredictable, especially with fluctuating fuel…

[serpentinesheldonserpentine]

21-30

Drive By Truckers: A Blessing And A Curse

Ella Fitzgerald: Sings The George and Ira Gershwin Song Book

Everything But The Girl: Walking Wounded 

Fela Kuti: Gentleman

Frank Sinatra: In The Wee Small Hours 

Fred Neil: Fred Neil

Freddie King: Getting Ready

Gabor Szabo: Dreams

Game Theory: Lolita Nation

Gerry Mulligan: Night Lights

[joshhamilton11]

Navigating Tax Changes And Updates Affecting Truckers

Navigating tax changes and updates affecting truckers is crucial for maintaining compliance and optimizing tax strategies. Here's a breakdown of some recent tax changes and updates that truckers should be aware of:

Standard Mileage Rate: The IRS often adjusts the standard mileage rate for business miles driven for each tax year. Truckers who use their vehicles for business purposes can deduct a standard rate per mile driven for business. It's essential to stay updated on any changes to this rate, as it can impact your deductions significantly.

Per Diem Rates: Per diem rates for meals and incidental expenses (M&IE) are updated periodically by the IRS. These rates vary depending on the location and are intended to reimburse truckers for expenses incurred while away from home. Keeping track of the latest per diem rates can help truckers maximize their deductions for travel expenses.

Section 179 Deduction: Section 179 allows businesses, including trucking businesses, to deduct the full purchase price of qualifying equipment and software purchased or financed during the tax year. In recent years, there have been changes to the maximum deduction limit and eligible property, so staying informed about these updates is crucial for maximizing tax savings.

Fuel Tax Credits: Truckers who use fuel for off-highway business purposes, such as in refrigeration units or auxiliary power units (APUs), may be eligible for fuel tax credits. The eligibility criteria and calculation methods for these credits can change, so it's essential to stay updated on any updates to ensure accurate tax reporting.

State Tax Changes: State tax laws and regulations affecting truckers can vary widely from state to state. Changes to state income tax rates, sales tax rates, and other tax-related policies can impact truckers' overall tax liability. Keeping abreast of state tax changes and updates can help truckers effectively plan their tax strategies.

COVID-19 Relief Measures: In response to the COVID-19 pandemic, various relief measures were implemented, including tax provisions aimed at providing assistance to businesses, including trucking businesses. These provisions may include tax credits, deferral of tax payments, and other relief measures. Staying informed about COVID-19-related tax changes can help truckers take advantage of available benefits.

Electronic Logging Device (ELD) Mandate: The ELD mandate requires commercial motor vehicle drivers, including truckers, to use electronic logging devices to record their hours of service. While not directly related to taxes, compliance with the ELD mandate can impact truckers' operations and may have implications for tax reporting, such as documenting hours worked and mileage driven.

Tax Reform Legislation: Tax reform legislation, such as the Tax Cuts and Jobs Act (TCJA), can have far-reaching implications for truckers. Changes to tax rates, deductions, credits, and other tax provisions can affect truckers' overall tax liability and tax planning strategies. Staying informed about tax reform developments and understanding how they impact your tax situation is essential for effective tax planning.

Retirement Planning Options: Retirement planning is an essential aspect of tax planning for truckers. Understanding the tax implications of different retirement savings options, such as traditional IRAs, Roth IRAs, and solo 401(k) plans, can help truckers make informed decisions about saving for retirement while minimizing their tax liability.

IRS Enforcement Priorities: The IRS may prioritize certain enforcement areas, such as worker classification issues, underreporting of income, or abusive tax shelters. Being aware of the IRS's enforcement priorities can help truckers identify areas of potential risk and ensure compliance with tax laws.

Staying informed about tax changes and updates affecting truckers is essential for maintaining compliance, minimizing tax liability, and optimizing tax planning strategies. Consulting with a qualified trucker tax accountant can provide valuable guidance and assistance in navigating these tax changes effectively.

[themfp1]

New York Trucker Boycott Gaining Momentum - More Drivers Join! Trump Sho...

[lexingtontaxgroup]

Empowering Truckers: How Lexington Tax Group Can Help With 1099 Debts

Are you a trucker or do you know someone who is? Today, we're steering this conversation towards a group that is the backbone of our economy – our truckers. While they keep our nation moving, it's not always smooth sailing on the road when it comes to taxes and financial management. Truckers with 1099 income often encounter unique tax situations that can be difficult to navigate. Fortunately, we at Lexington Tax Group are here to help.

Understanding 1099 Income

As an independent truck driver, your income is usually reported on a Form 1099-MISC or 1099-NEC, not a W2. This means you're considered self-employed and, while this can offer considerable tax benefits, it also comes with some additional responsibilities. For example, truckers need to manage their own tax withholdings, estimated tax payments, and self-employment taxes, which can sometimes lead to unanticipated debts.

Tax Debt Management & Resolution

If you've found yourself with a tax debt due to your 1099 income, don't despair. We've successfully resolved tax issues for numerous clients in similar situations. With our deep understanding of tax law, we can help you identify potential deductions and credits, set up affordable payment plans, or even negotiate an offer in compromise with the IRS if you qualify. We're committed to minimizing your tax liabilities and getting you back on the road to financial stability.

Record Keeping & Expense Tracking

Truckers often have a multitude of potential deductions available to them, such as expenses for maintenance, fuel, insurance, and depreciation on their rigs. But to claim these, keeping thorough and accurate records is key. Lexington Tax Group can assist you in setting up and maintaining an effective system for tracking your expenses, ensuring you don't miss out on any possible tax savings.

Quarterly Estimated Taxes

Unlike traditional employees, 1099 workers are expected to pay their taxes on a quarterly basis. This can sometimes be overwhelming if you're not prepared for it. We can assist you in calculating your estimated taxes, helping to avoid any surprises and potential penalties for underpayment.

Retirement Planning

Finally, as a self-employed individual, you're solely responsible for your retirement savings. We can help you explore and choose from various retirement plan options suitable for self-employed individuals, such as a SEP-IRA or a Solo 401(k).

Remember, your rig shouldn't be the only thing getting regular tune-ups; your financial health needs them too. At Lexington Tax Group, we're not just tax professionals, we're your strategic partners on the journey towards financial clarity and freedom.

Contact us today, and let's get your financial wheels rolling in the right direction!

[frauleinfunf]

My dumb headcanons about Mrs. Levin and her side of the family

Bc I cannot stop myself and love thinking way too much about Kevin's family tree bc that's how I express my love for characters

-Deborah Rifka Rozowski was born in 1969 at Kings County Hospital

-She has an older sister named Nancy, whom she's thick as thieves with

-Their father was a very physically abusive parent and their mother had untreated postpartum depression that led to her attempting suicide several times during their childhoods

-Their father had threatened to put her in an institution more than once in front of them

-In addition to a rough home life, she grew up in Brooklyn during the Son of Sam killings, the 1977 blackout, and later the crack epidemic. So it's safe to say she survived by being tough and street smart.

-Deb also had a deep of love of books and writing. It started as a form of escapism, but also became an outlet for her to express her feelings in ways that weren't picking fights

-At 16, Deb's father kicked her out. Nancy immediately put her up at her apartment with her husband Ira, but Deb ended up leaving in the middle of the night. Nancy was already heavily pregnant and Deb didn't want to feel like a burden, but also just wanted to leave Brooklyn and New York and get as far away from her current life as much as possible. Of course being a teenager, she assumed this meant she had to cut ties with her mother and sister.

-Deb wandered for the next few years, hitchhiking her way across the country and making money through odd jobs, mostly pick pocketing and mugging people though.

-At 19, she was in a city just outside of LA called Bellwood, where she ended up trying to mug Devin Levin

-Devin Levin was a hard simper and ended up asking her out after disarming her.

-Devin helped her find a job and an apartment, and soon they start a relationship, marking the first time Deb had ever felt like her life was stable and happy.

-Devin eventually convinced Deb to reach out to her sister, who still had her old phone number (Deb was not expecting that when she agreed to give her a call). After yelling at her for having Nancy worried sick for years, she broke down crying so happy to know Deb was alive and well.

-Nancy did have to be the one to tell Deb that their mother died from suicide a year after she left.

-Deb, while still obviously upset, had kind of assumed that happened in the intervening years.

-Nancy stopped speaking to their father after their mom died, and Deb sure wasn't eager to start talking to him again. So at this point their family was just them and Nancy's husband and kids.

-Deb became a mom at 23 and married Devin at a courthouse while she was pregnant. Their honeymoon was a weekend getaway to Santa Barbara.

-Nancy flew out to California with her husband and now three kids in tow to stand witness for the wedding, and she flew back alone a few months later to meet her nephew and help Deb settle into being a new mom.

-Kevin was 2 when Devin died and Deb just kind of spiraled from there, starting to drink while she sat shiva for him.

-Deb moved back to New York to be closer to her sister again. Nancy and her family were living Yonkers at that point so that's were Deb found a place for her and Kevin.

-In addition to her grief and addiction, Deb's life was not made easier by the fact that she found herself having to work two jobs to keep a roof over their heads and having to leave Kevin with Nancy for most of the day.

-She showed up to her waitress job drunk and her boss scrambled to find someone to take take her home. A trucker named Harvey Hackett who was at the diner for a union meeting volunteered.

-Harvey came by the next day to check on her, and that's how their relationship started.

-Harvey signed her up for AA meetings and, once Deb was sober enough, started teaching her how to drive a truck.

-Deb may not have loved Harvey in the way she loved Devin, she never could've loved anyone like that again. But he was a good man who wanted to take care of her and Kevin, and at that point that was all she wanted.

-They got married when Kevin was 4 and as we know that ended up being the worst decision of Deb's life.

-Meanwhile, things in Kevin's life weren't all that great, even before Harvey started to fear him.

-Nancy's kids (Amanda, who was 7 years older than Kevin, Mikey who was 5 years older, and Josh who was 2 years older) did not adjust well to an aunt they only met once and her kid all of a sudden coming back into their lives, and in addition to that their mom was now practically raising their cousin alongside them.

-It certainly didn't help that Nancy almost immediately started including Kevin whenever she called her kids her munchkins, and even called him Kevala the way she called them Amala, Mikala, and Joshala.

-So already they were inclined to ostracize Kevin, and that only got worse once his powers started developing and regularly short circuiting their electronics.

-Things came to a head when Kevin one day followed them to their treehouse and Amanda pretended she was going to push him out, scaring him enough that he unintentionally shocked her and left a third degree burn.

-Nancy and Deb, after a long talk with a lot yelling and crying and cheesecake, decided it would be safest for Kevin if Deb found other babysitters, which she could now afford with her and Harvey being unionized truckers.

-Nancy was absolutely heartbroken about this and cried on her last day watching him. Amanda, still mad about her burn, convinced Kevin that Nancy was crying because she thought Kevin was a freak just as much as the kids did.

-Until he ran away, Kevin ended up having a long, long list of babysitters who were all scared off by his powers at one point or another.

-Eventually Harvey and Deb started working their schedules so that at least one would be home all the time, meaning they started to see each other much less.

-While Deb and Nancy understood that Kevin's power outbursts were something he couldn't control and completely tied to his emotional state, Harvey did not.

-It didn't help that Harvey and Deb had very different parenting styles in general, with Harvey believing Deb was too permissive and Deb believing Harvey's approach was "totalitarian dogshit"

-So whenever Deb was home Kevin, while still struggling, was a lot more happy and behaved than when Harvey was the one who was home.

-A lot of Kevin's acting out was him being a kid who's stepfather feared him and him obviously not having the tools to deal with that since he was like 7.

-The rare time Deb and Harvey had together was often spent fighting about parenting, and Kevin just came to hate Harvey's presence in general, especially with Amanda's words still in the back of his head after all these years.

-On that fateful day when Kevin accidentally destroyed the house, Harvey just completely lost it.

-He said Kevin's mother suffered so much because of him, because of the pressure of having a freak son.

-This, combined with his experience with Amanda, is what convinced Kevin that his mother was going to reject him.

-After Kevin ran away, Deb and Nancy's family searched everywhere for him. Now faced with the prospect of never seeing him again, the now teenaged Amanda, Mikey, and Josh were certainly feeling a lot of guilt for how they treated him as kids and how much they tried to ignore what they did as they got older.

-Harvey and Deb's divorce was very messy, to put it mildely

-Harvey, a smart man, moved to the other side of the country just to avoid Nancy and Ira, whom he now feared even more than Deb. With Deb, he had hurt her baby. With Nancy, he had hurt her baby AND her baby sister.

-Once Kevin reunited with Deb, he reunited with Nancy. He still has no contact with his cousins though.

-Why Harvey was chosen to be the one to talk Ultimate Kevin down instead of Deb or Nancy is a mystery only God knows.

[stacispratt]

Can we get some Wes/ Nat headcanons??? either one is fine, or you can do both!!! I just love hearing abt my friend's characters!!

omg yes 🥺🥺 thank you for asking i lov u

random wes headcanons  - he can understand spanish really well, because his dad is mexican, but he can’t speak it very well at all  - he and staci were fwb before the reaping  - his favorite thing about john’s ranch is his shower. he loves getting clean after running around the county, the water pressure is great, and john has expensive shampoo that’s good for wes’s curls.  - in his joins-the-cult ending, john tattoos a very large, elaborate “IRA” on his torso, just under his ribs.

random nat headcanons  - she doesn’t have a single piercing, not even her ears  - she majored in ecology, because she was a park ranger-- she didn’t necessarily want to be a deputy, but she needed a job and the hope county sheriff’s department was desperate  - she wears a trucker cap that she calls her Lucky Cap the entire reaping. it only leaves her head to sleep.  - faith calls her “natty”

[bondsmagii]

Frito Lay system anon, we're having surgery on our neck soon (I'm personally hoping for a big scar because if it's taken almost a whole year to convince doctors it's not just a pulled muscle and that we need an ice pack I deserve something cool to show for it) but anyway, I was curious if you had suggestions for while we're bedridden. We're going to pick up some art supplies today, but any books or creepypasta you'd suggest? Just finished all of Slimebeast's works the other day. Thank you!

oof, good luck! I too hope you get a sexy scar for all your troubles! anyway [rubs hands together] I hope you like creepy stuff because I have a whole load of it. I haven’t actually read much creepypasta for a while – my new thing is creepy experiences threads on Reddit. all of them are so different and so utterly unnerving that they even freak me out, which is something I haven’t experienced with creepypasta for a while. I read a lot of them, so to keep things streamlined here’s the threads I’ve read in their entirety and enjoyed:

Truckers and long distance drivers of reddit, what are some of your spookiest/unexplained stories of the road?

What’s a story you don’t tell people because they wouldn’t believe it?

[Serious] Night Watchmen of Reddit, what is the creepiest situation you’ve been in on shift?

Sailors of Reddit, what’s the weirdest/creepiest thing you’ve seen at sea?

What is the creepiest thing to happen in the history of Reddit?

What is the creepiest and most unexplainable paranormal experience you’ve ever had?

Night workers of Reddit, what’s the spookiest/creepiest thing you’ve ever seen at work?

What unexplained, seemingly paranormal event did you experience as a child?

Reddit, I don’t want to sleep tonight- what is the scariest thing that has ever happened to you?

[Serious] What’s the scariest thing that ever happened to you?

What are some of the creepiest Wikipedia pages that you know of?

What is the creepiest, most unexplainable thing that has happened to you?

What is your creepiest true story?

[SERIOUS] Alien abductees or those who claim to have seen a UFO/Alien phenomena, what is your story?

Urban explorers of Reddit, what’s the creepiest thing you’ve found while exploring an abandoned building?

What is the scariest thing that has ever happened to you?

Sailors and boaters of Reddit, what’s the most amazing or unexplainable thing you’ve seen at sea?

Redditors who spend a lot of time in seclusion (at sea, in the air or out in the wilderness) what’s the creepiest or most mysterious thing you’ve seen, found or experienced?

[Serious] What is the downright SCARIEST thing that has ever happened to you, be it paranormal or otherwise?

[Serious] What’s the creepiest TRUE story that happened to you or someone you know?

Whats your creepiest (REAL LIFE) story?

[Serious] Reddit, what is the creepiest/scariest thing that’s ever happened to you?

[Serious] National Park Rangers and any other profession that takes you far out into the wilderness. What are the strangest weirdest things you have seen or heard or experienced while out there?

What was the scariest/creepiest thing that has ever happened to you?

What are some things, that look harmless during the day, but get insanely creepy during the night?

[Serious]Eerie Towns, Disappearing Diners, and Creepy Gas Stations….What’s Your True, Unexplained Story of Being in a Place That Shouldn’t Exist?

(Serious) Overnight hikers, hunters and outdoors people of Reddit, what creepy things have you experienced in the forest? 

bear in mind I read through all these when I’m trying to get to sleep, because apparently I just Crave the Fear™. as for books, here’s what I’ve been enjoying recently:

creepy/horror/unnerving/Just Plain Weird:

The Little Stranger by Sarah Waters

Pet Sematary by Stephen King

Rosemary’s Baby by Ira Levin

Selected Ghost Stories by M. R. James

The Night Circus by Erin Morgenstern

stuff that’s just wild and fun to read and also packs a punch:

the Shades of Magic trilogy by V. E. Schwab

also Vicious by V. E. Schwab too

the Grishaverse trilogy by Leigh Bardugo

hell Six of Crows and Crooked Kingdom by Leigh Bardugo as well

aaand anything on my favourites shelf on Goodreads!

[fortew1]

I would like for everyone to meet Ira. She's the latest addition to the family. She's ready to hit the road hard. You will see more of is around different places. #Trucker #International #WesternExpress #Owner #Business (at Lakeland, Florida) https://www.instagram.com/p/BopriKlgi7D/?utm_source=ig_tumblr_share&igshid=1iw5imnt5tk4w

[bitcofun]

Bitcoin was on the rise this week as traders kept an eye on Ukraine and the Fed, DOGE dropped while Elon Musk spurred speculations about Starlink and SpaceX, The Graph saw a double-digit percentage gain, and even with the crypto prices rising, the NFT market showed signs of a cooldown again. Bitcoin ETFs remained popular among investors despite the January price slump, and Bitcoin mining difficulty hit yet another all-time high, with miners getting increasingly creative. In the world of NFTs, a rare ‘Alien’ CryptoPunk NFT was sold for USD 23m worth of ETH,  Gustav Klimt’s famous ‘The Kiss’ is selling as 10,000 NFTs, Bybit made a major token and NFT sponsorship deal with the Formula One team Oracle Red Bull Racing, NYSE filed a trademark application for an array of metaverse- and NFT-related products,  Disney launched a specialized metaverse team to explore ‘new storytelling frontier’, JPMorgan shared some ‘metaverse strategy’ advice for businesses, and Her Majesty's Revenue and Customs confiscated three NFTs which was the first time that asset type was seized in the country.Twitter added tipping in ETH, DBS confirmed plans to launch a retail-focused crypto trading desk in 2022, Tezos integrated the Baanx app to help users manage their digital assets, and Coinbase plans to increase its workforce by around 70% this year. Speaking of the major exchange, Coinbase saw a volatile last weekend with a vulnerability reported, a service paused and re-started, and its site crashing following the Super Bowl ad. As this was happening, Drake netted USD 300,000 from his three bitcoin bets on the Super Bowl, and we looked into how interesting the crypto-related Super Bowl ads were. Meanwhile, IRA Financial Trust hack reportedly saw USD 36m in crypto stolen from users, and the Bitfinex-hack-related Ilya Lichtenstein remained in federal custody while Heather Morgan was released on bail.Russian central bank and government failed to agree on crypto regulation yet again, but saw new limits proposed, while the Central Bank still opposes crypto regulation plans. As the FSB  increasingly rings the alarm about crypto, Canada joined Lebanon and Turkey in the 'Bitcoin's marketing team', and Canadian police service asked banks and exchanges to block crypto accounts connected to the trucker protests. The critics hit back at Colombia’s retrospective crypto tax plans, a French presidential candidate pushed for a tax reform on crypto and NFTs, South Korean crypto observers are predicting a ‘tectonic change’ as Gopax struck a deal with Jeonbuk Bank, US senators failed once more to find stable ground on stablecoins, and El Salvador’s President responded with “OK boomers” to a group of US senators moving to block his BTC adoption plans.Now, laugh!__________Morning, CT! What words of wisdom have ye for us this week?__Markets, you good? How’s that old heart holding up?__What are you doing going to sleep, you amateur?Source: bitcoin.baddie / Instagram__Let’s check on Canada now. Canada, how’s everything?__A few simple steps to becoming obscenely rich.__‘Begone, temptation!’__When you add the fees, you just might need to sell a kidney or two.Source: althea_golden / Instagram__Would you be interested if I said that fast food is involved, Paulie? Ah, now that I have your attention…__OK, IMFoomer.__So close to getting it right.Source: getsimpl / Instagram__Question: does the inevitable society collapse include zombies? Actual ones, not NFTs?__‘Yes… It was all a part of the marketing plan… Only a few will understand.’__‘What is this creature?’__Combining nature and mining.__So everywhere, much covert.Source: pythadoge / Twitter__A scientific analysis. This latest method is improved by the addition of crocs.__9 years?! Pfft, crypto can do it better and faster.__Here is a documentary that summarizes the estimated impact of inflation on BTC hodlers.__A song for you about Sues, mamas, and crypto millionaires.__And here’s a game for your relaxing crypto weekend. Have fun!___Ok, here's a bonus for all the hodlers. (Others can watch too.) Read More

[decanting-cerebral]

200 + 1: The Music Of 2016

Africaine 808, Basar   [Golf Channel Recordings] Africans With Mainframes [Heiroglyphic Being + Noleian Reusse], K.M.T.   [Soul Jazz] Afro-Haitian Experimental Orchestra, Afro-Haitian Experimental Orchestra   [Glitterbeat] Alpha 606, Afro-Cuban Electronics   [Interdimensional Transmissions] Oren Ambarchi, Hubris   [Editions Mego] Darcy James Argue’s Secret Society, Real Enemies   [New Amsterdam] A$AP Ferg, Always Strive And Prosper   [RCA] Asda, The Abyss   [NoCorner] Atlantis Jazz Ensemble, Oceanic Suite   [Marlow Records] Audacity, Hyper Vessels   [Suicide Squeeze] Babyfeather, “BBF” Hosted By DJ Escrow   [Hyperdub] Azealia Banks, Slay-Z   [self-released] Kenny Barron Trio, Book Of Intuition   [Impulse!] Beekman, Beekman Vol. 2   [Ropeadope] Bent Shapes, Wolves Of Want   [Slumberland] Beyoncé, Lemonade   [Parkwood Entertainment] Big Ups, Before A Million Universes   [Exploding In Sound] BJ The Chicago Kid, In My Mind   [Motown/UMG] Black Bombaim & Peter Brotzmann   [Shhpuma] Black Milk & Nat Turner, The Rebellion Sessions   [Computer Ugly] Carla Bley/Andy Sheppard/Steve Swallow, Andando El Tiempo   [ECM] Jane Ira Bloom, Early Americans   [Outline] Bombino, Azel   [Partisan Records] Brookzill!, Throwback To The Future   [Tommy Boy]

Danny Brown, Atrocity Exhibition   [Warp] Jaimeo Brown Transcendence, Work Songs   [Motema Music] Taylor Ho Bynum, Enter The PlusTet   [Firehouse 12] Uri Caine Trio, Calibrated Thickness   [816 Music] Will Calhoun, Celebrating Elvin Jones   [Motema] Car Seat Headrest, Teens Of Denial   [Matador] Causa Sui, Return to Sky   [El Paraiso] Cavern of Anti-Matter, void beats/invocation trex   [Duophonic] Chance The Rapper, Coloring Book   [self-released] The Chicago Plan, The Chicago Plan, [Clean Feed] Chimurenga Renaissance, Girlz With Gunz   [Glitterbeat] Brandy Clark, Big Day In A Small Town   [Warner Bros.] The Coathangers, Nosebleed Weekend   [Suicide Squeeze] Avishai Cohen, Into The Silence   [ECM] Leonard Cohen, You Want It Darker   [Sony] Kweku Collins, Nat Love   [Closed Sessions] Frankie Cosmos, Next Thing   [Bayonet Records] Andrew Cyrille Quartet, The Declaration Of Musical Independence   [ECM] Damana (Dag Magnus Narvesen Octet), Cornua Copiae   [Clean Feed] The Dead C, Trouble   [Ba Da Bing!] Deap Vally, Femejism   [Nevado Music] Death Grips, Bottomless Pit   [Third Worlds] Debo Band, Ere Gobez   [FPE Records] Jack DeJohnette, In Movement   [ECM] Olegario Diaz, Aleph In Chromatic   [SteepleChase]

Whit Dickey / Kirk Knuffke, Fierce Silence   [Clean Feed] DJ Rude One, ONEderful   [2RBR] Pierre Dorge & New Jungle Orchestra, Ubi Zaa [SteepleChase] Dave Douglas, Dada People   [Greenleaf] Dre Hocevar, Transcendental Within The Sphere Of Indivisible Remainder   [Clean Feed] Mark Dresser Seven, Sedimental You   [Clean Feed] Dressy Bessy, Kingsized   [Yep Roc Records] Drive-By Truckers, American Band   [ATO Records] Earprint, Earprint   [Endectomorph] Harris Eisenstadt, Old Growth Forest   [Clean Feed] Eskimeaux, Year Of The Rabbit   [Double Double Whammy] Family Atlantica, Cosmic Unity   [Soundway] The Field, The Follower   [Kompakt] Fire!, She Sleeps She Sleeps   [Rune Grammofon] Flatbush Zombies, 3001: A Laced Odyssey   [Glorious Dead Recordings] Zélia Fonseca, O Terceiro Olho da Abelha   9Yellowbird] Michael Formanek / Ensemble Kolossus, The Distance   [ECM] Daniel Freedman, Imagine That   [Anzic Records] Free Nelson MandoomJazz, The Organ Grinder   [RareNoise] Fruit Bats, Absolute Loser   [Easy Sound Recording Company] Robbie Fulks, Upland Stories   [Bloodshot] Ras G, The El-Aylien Tapes   [Leaving Records] Gambari Band, Kokuma   [Membran Media] Giant Peach, Tarantula   [Don Giovanni Records] Bob Gluck [etc], Infinite Spirit: Revisiting Music Of The Mwandishi Band   [self-released]

GoGo Penguin, Man Made Object   [Decca Records France] Brian Groder Trio, R Train On The D Line   [Latham Records] Los Hacheros, Bambulaye   [Jacob Plasse] Charlie Haden/Liberation Music Orchestra, Time/Life   [Impulse!] Mary Halvorson Octet, Away With You   [Firehouse 12] Handsome Family, Unseen   [Loose Music] PJ Harvey, The Hope Six Demolition Project   [Island] Alexander Hawkins & Evan Parker, Leaps In Leicester   [Clean Feed] The Heliocentrics, From The Deep   [Now-Again Records] The Fred Hersch Trio, Sunday Night At The Vanguard   [Palmetto] Hinds, Leave Me Alone   [Mom + Pop] Anna Högberg Attack, Anna Högberg Attack   [Omlott] Homeboy Sandman, Kindness For Weakness   [Stones Throw] HXLT, HXLT   [Def Jam] The I Don’t Cares, Wild Stab   [Dry Wood Music] Ethan Iverson, The Purity Of The Turf   [Criss Cross] Jigmastas, Resurgence Resurgence   [BBE] Julie Ruin, Hit Reset   [Hardly Art] Ka, Honor Killed The Samurai   [Iron Works] Matthew Shipp/Bobby Kapp, Cactus   [Northern Spy] Kaytranada, 99.9%   [XL] Allan Kingdom, Northern Lights   [So Cold Records] Aly Keïta, Kalo-Yele   [Intakt Records] Kel Assouf, Tikounen   [Igloo Records] Alicia Keys, Here   [RCA]

The Knocks, 55   [Big Beat Records] Kirk Knuffke [& Jesse Stacken], Satie   [SteepleChase] Konono No. 1, Konono No. 1 Meets Batida   [Crammed Discs] Kool A.D., Official   [self-released] Glenn Kotche / So Percussion, Drumkit Quartets   [Cantaloupe Music] Krakauer’s Ancestral Groove, Checkpoint   [Table Pounding Records] Julian Lage, Arclight   [Mack Avenue] La Sera, Music For Listening To Music To   [Polyvinyl Record Co.] Lady Gaga, Joanne   [Interscope] Kendrick Lamar, untitled unmastered   [Aftermath/Interscope] Law Holt, City   [Soulpunk] Okkyung Lee / Christian Marclay, Amalgam   [Northern Spy] Steve Lehman/Sélébéyone, Sélébéyone   [Pi] Jinx Lennon, Past Pupils Stay Sane   [Septic Tiger] Jinx Lennon, Magic Bullets Of Madness To Uplift Grief Magnets   [Septic Tiger] James Brandon Lewis Trio, No Filter   [BNS] L’Orange & Mr Lif, Life & Death Of Scenery   [Mello Music] Baaba Maal, Traveller   [Knitting Factory] Luísa Maita, Fio da Memória   [Cumbancha] Mantra Percussion / Michael Gordon: Timber Remixed   [Cantaloupe Music] Milton Marsh, The Music Of Milton Marsh Revisited Vol. 1   [Alankara Records] Leyla McCalla, A Day For The Hunter, A Day For The Prey   [JazzVillage] Lori McKenna, The Bird & The Rifle   [CN Records] Allison Miller’s Boom Tic Boom, Otis Was A Polar Bear   [Royal Potato Family] Nick Millevoi, Desertion   [Shhpuma Records]

Mr Fingers, Outer Acid EP   [Alleviated] Mr. Lif, Don’t Look Down   [Mello Music Group] Moksha, Beauty Of An Arbitrary Moment   [Jazzland] Heraldo do Monte, Heraldo do Monte   [Biscoito Fino] Moodymann, DJ-Kicks   [!K7 Records] Clara Moreno, Samba Esquema Novo De Novo   [Far Out] Maren Morris, Hero   [Sony] Murray, Allen & Carrrington Power Trio, Perfection   [Motema] Roy Nathanson & Friends, Nearness And You: Duets And Improvisations   [Clean Feed] Willie Nelson, Summertime: Willie Nelson Sings Gershwin   [Sony] Nisennenmondai, #N/A, [On-U Sound] No Em Pingo D’Agua, Sambatologia   [Biscoito Fino] Nots, Cosmetic   [Goner] NxWorries, Yes Lawd!   [Stones Throw] Frank Ocean, Blond   [Boys Don’t Cry] Aruan Ortiz Trio, Hidden Voices   [Intakt Records] Anderson .Paak, Malibu   [Steel Wool / OBE] Jeff Parker, New Breed   [International Anthem] Aaron Parks, Groovements   [Sundance] Parquet Courts, Human Performance   [Rough Trade] Florian Pellissier Quintet, Cap De Bonne Esperance   [Heavenly Sweetness] Luis Perdomo, Spirits & Warriors   [Criss Cross Jazz] Pet Shop Boys, Super   [x2 Recordings] Ralph Peterson, Triangular III   [Onyx/Truth Revolution] Richard Poole / Marilyn Crispell / Gary Peacock, In Motion   [Intakt]

Margo Price, Midwest Farmer’s Daughter   [Third Man Records] Psychic TV, Alienist   [Dais Records] Punkt3, Ordnung Herrscht   [Clean Feed] Quantic Presents Flowering Inferno, 1000 Watts   [Tru Thoughts] Isaiah Rashad, The Sun’s Tirade   [Top Dawg] Joshua Redman & Brad Mehldau, Nearness   [Nonesuch] Renegades Of Jazz, Moyo Wangu   [Agogo] Eric Revis Trio [w/ Kris Davis and Gerald Cleaver], Crowded Solitudes   [Clean Feed] Rhythm Future Quartet, Travels    [Rhythm Future Quartet] Rihanna, Anti   [Westbury Road Entertainment] Jim Rotondi, Dark Blue   [Smoke Sessions] Rudy Royston, Rise Of Origin   [Greenleaf] Roswell Rudd, Jamie Saft, Trevor Dunn, Balázs Pándi, Strength & Power   [RareNoise] Wanda Sá, Cá entre nós   [Fina Flor] Sao Paulo Underground, Cantos Invisiveis   [Cuneiform] Savages, Adore Life   [Matador] Scarcity Of Tanks, Ringleader Lies   [Total Life] Mikael Seifu, Zelalem   [RVNG Intl.] Noura Mint Seymali, Arbina   [Glitterbeat] Shabaka & The Elders, Wisdom Of Ancestors   [Brownswood] Paul Simon, Stranger To Stranger   [Concord] Sleigh Bells, Jessica Rabbit   [Torn Clean] Wadada Leo Smith, America’s National Parks   [Cuneiform] Sneaks, Gymnastics   [Merge] Snowboy & The Latin Section, New York Afternoon   [Mark Cotgrove]

Elza Soares, The Woman at the End of the World   [Mais Um Discos] Solange, A Seat At The Table   [Columbia] Sonzeira, Tam Tam Tam Reimagined   [Brownswood] So Pitted, neo   [Sub Pop] Vince Staples, Prima Donna   [Def Jam] Robert Stillman, Rainbow   [self-released] Sturgill Simpson, A Sailor’s Guide To Earth   [Atlantic] Sun Ra / Merzbow, Strange City   [Cold Spring] Swet Shop Boys, Cashmere   [Customs] Tegan And Sara, Love You To Death   [Warner Bros] The Thermals, We Disappear   [Saddle Creek] Thug Entrancer, Arcology   [Kemado/Mexican Summer] A Tribe Called Quest, We got it from Here...Thank You 4 Your service   [Epic] Trio Da Paz [Lubambo/Matta/Fonseca], 30   [Zoho Music] Ukandanz, Awo   [Atypeek Music] Caetano Veloso & Gilberto Gil, Dois Amigos, Um Seculo De Musica David Virelles, Antenna EP   [ECM] Dan Weiss, Sixteen: Drummers Suite   [Pi Recordings] Kanye West, The Life Of Pablo   [self-released] Waco Brothers, Going Down In History   [Bloodshot] Greg Ward, Touch My Beloved’s Thought   [Greenleaf Music] Warehouse, super low   [Bayonet] White Lung, Paradise   [Domino Recording Co] Wussy, Forever Sounds   [Shake It Records] Eri Yamamoto Trio, Life   [AUM Fidelity] La Yegros, Magnetismo   [Soundway] Yoni & Getti, Testarossa   [Joyful Noise]

-- jazz, pop, avant: a jumping off point for explorations. 

[iragreenbacker]

"Bolsonaro Stays Strong in Brazil Presidential Race After Trucker Strike" by REUTERS via NYT https://t.co/iduFTJabZV

"Bolsonaro Stays Strong in Brazil Presidential Race After Trucker Strike" by REUTERS via NYT https://t.co/iduFTJabZV

— Ira Greenbacker (@IraGreenbacker) June 10, 2018

from Twitter https://twitter.com/IraGreenbacker June 10, 2018 at 11:38AM via IFTTT

[joshhamilton11]

Owner-Operator Tax Tips: Strategies For Independent Truck Drivers

As an independent truck driver, navigating the open road comes naturally to you. But when it comes to taxes, the twists and turns can be a bit trickier to handle. Fear not! With the right strategies, you can steer through tax season like a seasoned pro, especially with the expertise of a trucking tax preparer. Here are some essential owner-operator tax tips to keep your finances on the right track.

1. Track Every Mile: Your truck is your office, and every mile you drive is potential money in your pocket. Keep detailed records of your mileage using a mileage log or a mobile app. The IRS recognizes the importance of accurate mileage tracking and offers deductions based on miles driven for business purposes.

2. Organize Your Expenses: From fuel and maintenance to lodging and meals on the road, being an independent trucker comes with a plethora of expenses. Keep all receipts and records organized throughout the year. Deductible expenses can significantly reduce your taxable income, so don't overlook the small stuff.

3. Know Your Deductions: Speaking of deductions, familiarize yourself with the tax deductions available to owner-operators. This includes deductions for truck maintenance, insurance premiums, equipment purchases, and even a portion of your cell phone bill if it's used for business purposes. Every deduction adds up, so don't miss out on what you're entitled to.

4. Consider Per Diem Rates: Per diem rates allow you to deduct a daily allowance for meals and incidental expenses while on the road. This can be a significant tax saver, as per diem deductions are often higher than actual meal expenses. However, be sure to understand the IRS guidelines for per diem rates and keep accurate records to support your claims.

5. Maximize Retirement Contributions: Just because you're self-employed doesn't mean you can't save for retirement. Look into setting up a tax-advantaged retirement account, such as a SEP IRA or Solo 401(k). Not only do these accounts allow you to save for the future, but they also offer valuable tax benefits, reducing your current tax liability.

6. Stay Up-to-Date on Tax Law Changes: Tax laws are constantly evolving, and what worked for you last year might not be the best strategy this year. Stay informed about changes to tax laws that may affect you as an independent truck driver. Consulting with a tax professional who specializes in working with truckers can help ensure you're taking advantage of all available tax-saving opportunities.

7. Plan Ahead for Tax Payments: Unlike employees who have taxes withheld from their paychecks, independent truck drivers are responsible for making estimated tax payments throughout the year. Failing to plan for these payments can result in hefty penalties come tax time. Set aside a portion of your earnings each month to cover your tax obligations and avoid any surprises.

8. Keep Your Records Secure: In the event of an audit, having thorough and accurate records is crucial. Invest in a secure digital storage system or cloud-based accounting software to keep all your financial records organized and easily accessible. 

[constructionaccounting]

0207: Contractor Vs. Tax Accountant View Of Financials

This Podcast Is Episode Number 0207 And It Will Be About Contractor Vs. Tax Accountant View Of Financials

Contractors View Of The Numbers And Tax Accountants View Are Different

Tax Accountants Review Financial Statements After The Year Has Ended

The Tax Accountant’s Role Is To Review The Previous Year Financial History based on the information provided create and file the Annual Federal Tax Return, Annual State Tax Return, and other Local or Payroll Returns. Washington State is a sales tax driven state. Other states have a State Income Tax, and others yet have a blend of both.

The Contractors Role Is To Review What Is Happening Now and make Strategic Decisions about what to know in order to have a brighter financial future. The best way to do that is to have QuickBooks Setup to deliver your 5 Key Performance Indicators (KPI) in 5 minutes a day at 5 pm or whatever time is best for you. We call them the 5 At 5 For 5, and we can set them up in your QuickBooks for you! Click here to learn more.

Every Construction Contractor Should Have A Tax Accountant Prepare And File Your Annual Tax Returns Congress passes a ton of laws which each one could have zillion pages with addendums and other attachments that will make all the individual bills even harder to understand. Tax Accountants need to keep track of all of these changes. Changes – Question is What impacts Yesterday, Today and Tomorrow. A single bill may include all three possibilities.

The condensed Version of the U.S. Master Tax Guide [year] (copies provided by your local Payroll Services) is very similar to size and font of the OSHA Book. In other words, the U.S. Master Tax Guide is  “Fat” like how the telephone books used to be. When discussing the U.S. Master Tax Guide, it is a book  and can be described as a “Thick Book With Very Tiny Print.”   Just The Book that everyone wants to read on a warm, cold, hot, sunny, rainy, cloudy Saturday afternoon. (Not - for those who might be missing my humor). I have copies of several years of U.S. Master Tax Guides, and every one of them is 1000 pages. Remember this is the condensed version referencing only the Most Common tax issues. I expect my Tax Accountant to know The Answer to everything that I may encounter and how to properly deal with it on my annual tax return.         Once The Tax Accountant Has Your Financial Statements It Is All “After The Fact” Accounting. The end of the year has passed. Many of us automatically file an extension so it may be closer to September so “The Past” really is the past.  Way past time to say, I wish I had done this instead. You can say it – It just won’t change the outcome of previous decisions. There are limited “things” the Tax Accountant can move, change or adjust. The year is over. The real question is “How Much Do I Have To Pay?” If you have paid into the Internal Revenue Service via W-2 or Estimated Taxes, hopefully, the amount due will be close to Zero.   Tax Accountants Are Busy, And Everyone Wants Their Returns Filed. Yes, you can be the first one on your block to get your taxes done but is that a good idea? In my opinion, as a business owner, you do not want your Tax Accountant to roar through your tax return, get it done quick, without really reviewing your individual circumstances. Side note, those with College Students on Financial Aid always need to have their returns completed early to meet the Federal Deadlines.       Everyone usually receives from their Tax Accountant a “Tax Booklet” with check sheets to help prepare for documents the Tax Accountant needs to complete the Annual Tax Return. Usually, this Tax Booklet is geared towards what the Tax Accountant needs to complete the Personal Return.     Tax Accountant is hoping everything is in the Business Financial Statements and there are just a few things left to do to be able to complete the annual Business Return.

Tax Accountants Are Paid To Fill Out Tax Returns Not Save You Money Or Mentor You We Are Paid To Do Your Contractor Bookkeeping Your Profit And Growth Mentor

  Tax Preparers Normally Only Do The Following:

· Figure Out The Vehicle and Equipment Depreciation · Look for missing expenses (usually not very hard) · Ask for Cash Receipts (only in passing) · Review Meals and Entertainment (big-ticket meals or excessive meals) · Review for items that are really Owner Draws, Loan to Members or Loans To Shareholders · Owner Equity put into the company (only if they see it) · Other Assets (Job Deposits | WIP) · Other Liabilities (Short or Long Term Notes) · Petty Cash (will ask if you have Cash On Hand) · Suspense (should be cleared out to Zero) · Ask My Accountant (need to have receipts and details to help identify who, what it is for) · Anything that looks Odd (Tax Accountant does not want an audit, so it is better you overpay taxes)

Tax Accountants Work With Messy And Incomplete Records To Do Their Job

They appreciate a good set of Financials from a Contractors Bookkeeping Services (Fast Easy Accounting). Sometimes Tax Accountants have to be the “Big Person” and refuse future service until the bookkeeping is in a more organized set of financials that they can use. The last thing a Tax Accountant wants is an audit. Finally, the Tax Accountant is ready to start all over and review your Personal Income and Deductions, and then they are able to produce for you two Annual Tax Returns. Depends on the individual returns, and when you are filing whether you can file the returns electronically. Hopefully, you have paid enough in personally to be able to receive a refund.      Tax Accountants Rarely Have Time To Give You More Than The Basics toward Tax Planning beyond the different IRA’s and 401K’s. The Reality is that most of the time The Contractor is ready to leave because the whole process is similar to going to The Doctor. The entire experience of taxes leaves you the Contractor feeling exposed. You know that funny feeling where you have on “The Gown” and your blood pressure immediately rises when the doctor walks in and closes the door.

Contractors View of the Financial Statements

Contractors are just a little bit annoyed if they want real answers about their business and discover the Tax Accountant is really good at rolling up the numbers and having a Tidy Tax Return but most of them are clueless about construction.   The Contractor wonders why if they are both looking at the same numbers on the Financial Statements that the Tax Accountant cannot or will not be more helpful with answers needed in running their business.   The Short Answer Is There Is A Vast Difference Between Regular Accounting and Construction Accounting. Tax Accountants are a generalist and understand Regular Accounting. Tax Accountants have to be to be able to complete the maximum number of client’s tax return. In their world, the expenses are similar for all businesses. It starts out with Income – Expenses = Net Income or Net Loss. The bottom line number on a Schedule C is Net Income or Loss and is the same for all the businesses. S-Corps have its own return with the numbers passing through to your personal annual Tax Return.    My opinion is Tax Accountants like Personal Tax Returns better because they are like sweet, decadent desserts; whereas Contractor's Business Tax Returns are the vegetables (which is great if you love vegetables) because they have to deal with the Contract's Business Tax Return before they can get to the fun stuff. Or maybe it is just a business decision because everyone has a Personal Tax Return and only some of us have a Business Tax Return.   All phases of accounting and bookkeeping are a specialty including Tax Accounting, General Accounting, and Construction Accounting. Generally, Contractors Are Not Trying To Play “Stump The Wizard” when they are asking the Tax Accountant questions about their Financial Statements. Many contractors will have their Tax Accountant prepare Payroll, Payroll Tax Reports, State and Local Tax Reports (sales tax). Does the Tax Accountant understand your business, even a little bit? If the Tax Accountant does not work with sales tax issues on a regular basis, the contractor may have to explain the rules that impact them to their Tax Accountant. Each state is different is what and how they collect State and Local taxes. The most common thing is that “They Do.” The most basic question Contractors ask is “Am I Making Money Or Losing Money”? The next question is “Where Did I Make Money? It should be an easy question to answer. Unfortunately, when everyone is doing everything but tracking the paperwork and the money there are no answers to be found.   Without A System, It Is Impossible To Know If Your Employees Are Wasting Time And If Material Is Being Wasted

This does not mean having a drone flying overhead watching their every move to start with by asking 5 simple questions: 1.    Do they have the Right Tools and Equipment? 2.    Do they know your expectations? 3.    Do they feel they are being paid fairly? 4.    Are they a Willing Worker and doing the job? 5.    Will they use an electronic Time Card? (T-Sheets)

Part of the role of Management is knowing “What 10 Minutes Waste Costs You”In Washington State, the Worker’s Compensation rate is set by the individual tasks and then calculated by the hours worked. Other states have similar ways to calculate Workers Compensation or Insurance. In most states, Laborers and Apprentices have the exact same Worker’s Compensation rate as the Lead Person on the job.  Skill level is different, and the Contractor is always balancing the Cost of Wages against Value of The Skill of Each Worker.   Contractors are always faced with variables including costs that continue to rise after the bid has been accepted. One little hurricane can impact the cost of building material across the country. One little snow storm and delay truckers and the goods they carry. One little bit of sunshine is okay for days but months and months where is it not normal can be a huge deal. In Winter, you expect snow in the mountains to go skiing, rain in the Spring for flowers, the sun in the Summer to play, and a little frost in the Fall on the pumpkins.   With changing weather patterns, we all need to adapt. We are in the greater Puget Sound (Seattle area), and for years it was 350 days of rain, winter rain, spring rain, fall rain, maybe 15 days of summer. Today it snowed! Last week it snowed and the week before it snowed. Good News, the snow did not stay long and for the most part did not impact schools. At the same time, other places around the USA had different experiences.  Contractors Play A Type Of Sports Game Every Day Without The Rewards Of A Fat Guaranteed Contract. They go Up To Bat, Jump Through Hoops, Run Down The Field all in hopes of securing The Call, Creating The Bid, Closing The Sale, Preforming The Work, Getting Paid. Have a Life.   Contractors want to know “Are I Making Money” or “Losing Money” now “Which Job?”   Should I be doing “More of This” and “Less of That?” Sometimes is a little hard for The Contractor to be Happy and Full of Smiles when a project Goes Over Budget, you have Given Away Free Change Orders to Keep The Customer Happy and Discovered Material Is Way Over Budget.   If The Contractor has 30 day accounts the final bills are still coming in after the project is complete. If it is a Time and Material billing and the final invoice was created too soon; it is almost impossible to get additional funds from the customer. It is by exception, that additional funds can be collected and always get signed Change Orders and paid promptly over waiting to the end of the project.      Many times, Contractors think they have made money based on the fact that all the bills got paid and there was some money left over. With poor bookkeeping, it is hard to know because the checking account may be reflecting checks that have not cleared, deposits from the next job, personal funds deposited back into the account to cover last minutes’ expenses and forgotten.   Good Construction Bookkeeping is the solution A little bit of effort towards Job Costing can be very helpful in understanding the numbers. The Key is asking the Right Professional the right question. Tax Accountants understand how to roll all the numbers up from the different aspects of your personal and business life into a summary Tax Return for the Internal Revenue Service. Construction Accountants understands the numbers in your business and where to properly put them. Your Banker looks at both sets of numbers and decides if you are credit worthy for a loan. Get a Board of Advisors NOW! The Contractor and Contractor’s Spouse look at the numbers and either Smile and say “WOW” or Frown and Say “Ouch” “Oh Crap” or something much more descriptive.   No matter which way the numbers are from Fantastic to In The Toilet The Next Step is Now What Do We Do?   We are here to help. Let’s Chat! Wishing You The Best Every Day. Sincerely, Sharie DeHart Sharie 206-361-3950 sharie@fasteasyaccounting.com

I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.

We Remove Contractor's Unique Paperwork Frustrations

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating podcast www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

You Deserve To Be Wealthy Because You Bring Value To Other People's Lives!

I trust this will be of value to you and your feedback is always welcome at www.FastEasyAccounting.com/podcast

One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

Thinking About Outsourcing Your Contractors Bookkeeping Services?

Click On The Link Below:

www.FastEasyAccounting.com/hs

This guide will help you learn what to look for in outsourced construction accounting.

Need Help Now?

Call Sharie 206-361-3950

sharie@fasteasyaccounting.com

Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services.

Bye for now until our next episode here on the Contractors Success MAP Podcast.

Warm Regards,

Randal DeHart | The Contractors Accountant

Our Workflow Removes Your Paperwork Frustrations

  For Contractors Who Prefer

To Do Your Bookkeeping

Fast Easy Accounting Do-It-Yourself Construction Accounting Store Is Open

Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

#1 EZ Step Interview inside QuickBooks Setup #2 Asked Their Tax Accountant To Setup QuickBooks #3 They Attended A How To Setup QuickBooks Class Or Seminar

And QuickBooks Does Not Work The Way They Want It Too!

The Answer:

#1 Click Here To Buy An Entire QuickBooks Setup For Your Specific Contracting Company

#2 Click Here To Buy Just The Chart Of Accounts For Your Specific Contracting Company

                                                                          Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors, Contractors_Success_Map_Contractor_Vs_Tax_Accountant_View_Of_Financials

Check out this episode about Contractors Marketing - Accounting - Production (M.A.P.)!

[joshhamilton11]

Managing Irregular Income: Tax Planning Tips For Truckers

Managing irregular income as a trucker requires careful tax planning and financial management, and enlisting the expertise of a tax preparer for truck drivers can be invaluable. Here are some tax planning tips specifically tailored to help truckers effectively manage their irregular income:

Set Aside Funds for Taxes: With irregular income, it's crucial to set aside a portion of each paycheck for taxes. Estimate your tax liability based on your projected income and tax rate, then allocate a percentage of each payment towards your tax savings account. By consistently setting aside funds, you can avoid a financial strain when tax time arrives.

Use Quarterly Estimated Tax Payments: Truckers who expect to owe $1,000 or more in taxes for the year are generally required to make quarterly estimated tax payments to the IRS. Estimate your quarterly tax liability and make timely payments to avoid underpayment penalties. Quarterly payments help distribute your tax burden evenly throughout the year, making it easier to manage irregular income.

Leverage Tax Deductions and Credits: Maximize your tax deductions and credits to lower your taxable income and reduce your overall tax liability. As a trucker, you may be eligible for deductions such as per diem expenses, vehicle expenses, home office deductions, and retirement contributions. Additionally, explore tax credits available for individuals with irregular income, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit.

Consider Tax-Advantaged Retirement Accounts: Contributing to tax-advantaged retirement accounts, such as a Traditional IRA or a SEP IRA, can help smooth out your income and reduce your tax liability. Contributions to these accounts are tax-deductible, allowing you to save for retirement while lowering your taxable income. Additionally, retirement account earnings grow tax-deferred until withdrawn in retirement.

Manage Your Expenses Wisely: Keep track of your business expenses throughout the year and maximize deductions wherever possible. Deductible expenses for truckers may include fuel costs, vehicle maintenance and repairs, insurance premiums, tolls, and lodging expenses while on the road. By managing your expenses wisely and documenting them accurately, you can lower your taxable income and increase your tax refund.

Utilize Tax Software or Professional Assistance: Consider using tax preparation software or hiring a tax professional to help you navigate the complexities of filing taxes with irregular income. Tax software can streamline the tax preparation process and help you identify potential deductions and credits. Alternatively, a tax professional specializing in trucker taxes can provide personalized advice and ensure compliance with tax laws.

Plan for Fluctuations in Income: Recognize that irregular income is part of the trucking industry and plan accordingly. Create a budget that accounts for both high-earning and low-earning months, and adjust your spending habits accordingly. Building an emergency fund can provide a financial cushion during periods of reduced income, helping you avoid financial hardship.

Stay Organized Throughout the Year: Keep detailed records of your income and expenses throughout the year to streamline the tax preparation process. Maintain accurate mileage logs, fuel receipts, maintenance records, and other business-related documents. Organizing your financial records makes it easier to claim deductions and credits, reducing the risk of errors on your tax return.

In conclusion, managing irregular income as a trucker requires careful tax planning and financial management. By setting aside funds for taxes, making quarterly estimated tax payments, maximizing deductions and credits, contributing to tax-advantaged retirement accounts, managing expenses wisely, utilizing tax software or professional assistance, planning for income fluctuations, and staying organized throughout the year, truckers can effectively navigate their tax obligations and achieve greater financial stability.

[joshhamilton11]

Year-Round Tax Success: Tips and Tricks For Truckers

Tax season can be daunting, but it doesn't have to be for truckers. By adopting savvy strategies and staying ahead of the game, you can sail smoothly through the tax maze. From optimizing deductions to maintaining meticulous records, here's a guide packed with expert advice to ensure year-round tax success for truckers.

1. Keep Impeccable Records:

The cornerstone of tax success for truckers is meticulous record-keeping. Track every expense related to your job, from fuel and maintenance to tolls and road meals. Embrace technology by utilizing specialized apps or software tailored for truckers to streamline your record-keeping process.

2. Grasp Per Diem Rates:

Per diem rates can be a powerful tool in your tax arsenal. They enable you to deduct a portion of your meal and incidental expenses while on the road. Stay updated on the IRS's current per diem rates and ensure you're claiming this deduction accurately to maximize your tax savings.

3. Optimize Deductions:

Don't miss out on valuable deductions. Take full advantage of deductions for vehicle maintenance, equipment purchases, insurance premiums, and even home office expenses if applicable. Every deduction adds up, so leave no stone unturned.

4. Stay Organized Year-Round:

Avoid the tax season frenzy by maintaining year-round organization. Establish a robust filing system for receipts and invoices, and make it a habit to log expenses into your accounting software regularly. By staying on top of your finances throughout the year, you'll breeze through tax season effortlessly.

5. Consider Professional Assistance:

While you can handle your taxes independently, seeking guidance from an accountant for truck drivers can provide invaluable peace of mind. Look for a seasoned professional familiar with the intricacies of truckers' taxes to ensure you're maximizing your savings and complying with regulations.

6. Plan for Estimated Tax Payments:

As a self-employed trucker, staying on top of quarterly estimated tax payments is crucial. Failure to plan for these payments can lead to penalties and interest charges. Work with your tax advisor to calculate your estimated tax liability and set aside funds accordingly to avoid any surprises.

7. Harness Retirement Savings Opportunities:

Investing in retirement not only secures your financial future but also offers immediate tax benefits. Explore retirement savings options such as a SEP IRA or Solo 401(k), which allow you to contribute pre-tax income and lower your taxable income for the year.

8. Stay Abreast of Tax Law Changes:

Tax laws are constantly evolving, and staying informed is key. Subscribe to industry publications, participate in seminars, or engage in online forums where tax professionals and fellow truckers share insights and updates about tax regulations.

Conclusion:

Achieving tax efficiency as a trucker demands diligence, organization, and knowledge. By maintaining meticulous records, optimizing deductions, and staying informed about tax law changes, you can navigate the tax landscape with confidence. With these essential strategies in your toolkit, you'll be well-equipped to minimize your tax burden and maximize your savings year-round.