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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…

Through the latest Driving Your Dollars edition of the Trucker CFO Podcast, we explore a wide range of business decisions and the importance of carefully weighing how those choices will impact your business. Colton Lawrence, the Trucker CFO, discusses a few key business decisions and looks at some of the long-range outcomes that should be…

Tax Resolution is the highlighted topic of discussion for this Driving Your Dollars edition of the Trucker CFO Podcast. For those of you who might not be familiar with the term, tax resolution is needed when you owe money to the IRS. Colton Lawrence, the Trucker CFO, will be exploring tax resolution situations and the…

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…

For most of us, just hearing the words tax audit can set off alarm bells. What are the odds of being audited? Are small business owners more likely to be audited? How are you notified if your tax return has been flagged for an audit? What preparations should you make if you’re being audited? In…

How often are you able to get some down time and step away from your work life or running your trucking business? Now that the long run and final sprint of another tax season is in the books, Trucker CFO Colton Lawrence wanted to dedicate the latest Driving Your Dollars edition of the Trucker CFO…

Now that the April 18 deadline for filing personal tax returns is in the books, the Trucker CFO Team is asking two important questions: What is your plan for managing costs in your business? Do you have an effective plan for the next tax season? During this week’s Driving Your Dollars edition of the Trucker…

Do you have a plan in place for your retirement? For trucking professionals who are asked to focus on meeting deadlines and the needs of today, retirement planning often gets overlooked or kicked down the road as part of working with your personal finances. In this week’s Driving Your Dollars edition of the Trucker CFO…