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Taxes

IRS Funding Boost: What it Means for Small Business Trucking Companies

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…

Comprehensive Guide to Paying Taxes to the IRS: Simplifying Your Tax Payment Process

Navigating the maze of paying taxes online can often seem daunting. Whether you’re an individual trying to manage estimated taxes or a business owner looking to settle your annual Form 1040, the complexity can be intimidating. However, the IRS.gov website streamlines this process by offering various efficient and user-friendly payment methods, including debit/credit card payments…

The IRS Fresh Start Program: What You Need to Know

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…

Getting Started

What is the Best Business Entity for a Trucker?

As a trucker choosing a business entity, you have a lot to consider. You may not be familiar with all the choices, but in this blog, we will cover some of the most common options. The four most common types of business entities for owner-operators are…

Getting Your CDL

Recently, we talked about the importance of having a plan before jumping into the owner-operator’s seat. Today, we’re going to dive in a little bit deeper about getting your CDL and a few things you need to take into consideration when doing your research. Not all operations are going to require you to have that CDL,…

What are the most common tax mistakes truckers make?

All too often, truckers who make the transition from being an employee to an owner-operator are not as informed as they need to be about the tax laws that govern the industry. This lack of knowledge can, unfortunately, create major headaches for truckers. Find out from the professionals at the Trucker CFO — a provider…

Operations and Strategy

Beneficial Ownership Reporting Requirements: A Guide for Small Business Trucking Companies

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 Trucking Spot Market: Key Things Truck Drivers Should Know

If you’ve heard about the trucking spot market and wondered what it’s all about, this blog is for you. We’re going to talk about some important things that help you understand the market better. Let’s break it down into simple terms. What is the Tender Rejection Rate? Imagine you get an offer to carry a…

Switching from 1099 to W2 Payment Structure

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…

Bookkeeping

Client Spotlight: Meet Carol And Joe Shelton

During his visit to the Expedite Expo, Trucker CFO Colton Lawrence got a chance to catch up with Joe and Carol Shelton, fleet owners who found Colton and his Trucker CFO Team to be a valuable asset to their R2R Trucking Company. During this edition of the podcast, you will hear the Sheltons share their experience and the relationship they have built with the Trucker CFO team over the years…

Exploring Considerations On The S-Corp Election

In this edition of the podcast, we’ll be focusing on the key considerations that are a part of the business entity formation process while we look in detail at the S-Corp Election. You’ll be hearing from the Trucker CFO, Colton Lawrence, Colton will also be joined on the podcast by Robert Hazen, a member of the team at the Trucker CFO…

Importance of Properly Handling Paperwork

How important to your trucking business is properly handling paperwork? In this episode of the podcast, Colton Lawrence, the Trucker CFO, will be discussing the various considerations that come into play involving the need for handing your paperwork in the right way. As part of the discussion, Colton will be talking about accurate record-keeping…