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Taxes
Understanding Common IRS Notices: A Guide for Truckers
As a small business owner in the trucking industry, staying on top of your finances is crucial. However, dealing with IRS notices can be daunting and stressful. At Trucker CFO, we specialize in providing accounting, tax preparation, and tax problem resolution services for small business trucking companies. In this blog post, we will break down…
What to Do If a Fraudulent Tax Return is Filed in Your Name
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…
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…
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
Reasonable Compensation for S-Corporation Owners
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…
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…
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…