Trucker CFO Blog

As a small business owner, you’re likely familiar with the concept of reasonable compensation for yourself as an S-Corporation owner. But what exactly does reasonable compensation entail, and why is it essential for S-Corporation owners to understand and adhere to? In this blog post, we’ll delve into the importance of reasonable compensation, how it occurs…

As a small business owner in the trucking industry, you know the importance of staying on top of your taxes. However, what happens if you suddenly discover a fraudulent tax return has been filed in your name? Dealing with identity theft and fraudulent tax returns can be overwhelming, but taking immediate action is crucial to…

As the backbone of the American economy, small trucking businesses face unique challenges, especially in light of recent legislative changes. The IRS Funding Boost, part of the broader IRS Funding Act, aims to enhance tax law enforcement, raising important considerations for small business owners in the trucking industry. While politicians and IRS officials assure us…

As valued clients of Trucker CFO, it is crucial for you to stay updated on regulatory changes that may impact your trucking business. One important update to be aware of is the Beneficial Ownership Information (BOI) reporting requirements, mandated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Let’s dive into what…

The IRS Fresh Start Program has been a lifeline for countless taxpayers struggling with tax debt. While it may sound like a beacon of hope, it’s essential to understand that this program isn’t a magic wand that wipes away your tax troubles. In this blog, we’ll dive into the details of the Program, highlighting its…

Keeping What You Earn Everyone wants to keep as much of their hard-earned money as possible, but taxes can make that a challenge. Knowing the basics and staying up to date on tax withholding regulations can help you put more money in your pocket. In this blog post, we’ll delve into the questions surrounding tax…

If you’re a truck driver or a fleet owner operating as an independent contractor, you are most likely familiar with the 1099 payment structure. As a self-employed individual, you are subject to the self-employment tax, which can eat up a significant portion of your earnings. Therefore, it is no wonder why many truck drivers and…

At Trucker CFO, we stress the importance of developing a plan for your business and strategies that will help you in achieving your goals. Many of the same principles that apply to operating a profitable small business also apply to successfully managing your personal finances. The bottom line with managing a business or managing a…

Avoid a Costly Surprise Don’t let the Q1 estimated tax deadline for 2023 surprise you. The deadline for making your Q1 estimated tax payment is April 18, 2023. One of the reasons that payment of Q1 estimated taxes can become overlooked or forgotten is that April 18 is also the filing deadline for your personal…

Is It Tax Deductible or Not?As we move into tax season, one of the major topics the Trucker CFO team gets asked about is trucking tax deductions and whether different things are deductible or not. In our experience, we have found that the best way to start the conversation about being deductible or not begins…