For over 30 years, we have provided professional and accurate assistance in helping our clients in the trucking industry with reporting their income tax returns. In doing so, we offer professional insight in how to manage trucking activity, abide by tax obligations and grow your truck business; which is key to avoid IRS audits.
Besides traditional business expenses, Truck Driver's can claim additional expenses reserved exclusively for those in the trucking industry. Some of these expenses can vary from licensing to fuel or even miscellaneous expenses specific to one's profession.
No matter the scenario, our tax experts work diligently to ensure that no deduction is ever overlooked to guarantee the most accurate refund possible.
The Tax Cuts and Jobs Act (TJCA), signed into effect 2018, effectively eliminated or limited many itemized deductions, credits, and limits (including the standard deduction), until Dec. 31, 2025.
However, homeowners can still lower their tax liability based on current allowed expenses which range from medical expenses, mortgage deduction, property taxes, interest, charities, and much more.
California is still among one of the few states that allows you to claim certain work expenses, which as a homeowner, serves to help optimize your refund.
A self-employed person refers to any person who earns their living from any independent pursuit of economic activity. In other words, self-employment is any taxable income not under payroll.
The main types of self-employment categories include trucking, delivery, sales, maintenance, child care construction and more.
Self-employed individuals can claim tax-deductible business expenses that aren't open to employees under payroll. This can include business equipment, meals, mileage deduction, business trips, office supplies, office space, phone and internet costs, etc.
It is important to know what kind of deductions can be claimed, since deductions vary depending of the type of work. Regardless of your profession, our tax experts will help determine which deductions you are eligible to write off for your benefit.
Since 1996, IRS has been issuing ITIN's to taxpayer's and their eligible dependents. A n Individual Taxpayer Identification Number (ITIN) is a United States tax processing number issued by the Internal Revenue Service for those who need to file a federal tax return but aren't eligible for a Social Security number.
You can apply for an ITIN any time during the year when you have to report taxable earnings. Through this beneficial program, taxpayers with an ITIN can qualify for available tax credits, and receive a refund depending on federal tax deductions.
Our tax experts work efficiently to ensure that your application is filed quickly and in accordance to the most up-to-date IRS guidelines. We have helped thousands over the years successfully apply for and receive their ITIN numbers without hassles or unnecessary delays.
If you need IRS audit assistance, our tax experts are here to counsel you. By following legal procedures and regulations, we are able to assist you in a case-by-case basis; or assist you in a settlement for owed taxes.
The IRS may flag your IRS return for several reasons. Some of the common audit red flags are excessive deductions or credits, unreported income, rounded numbers, wrong or inflated deductions, missing forms or schedules, identity-theft and more.
If you have received an IRS notice, and need professional help for a speedy resolution, do not hesitate to reach out to us for a consultation.
The Franchise Tax Board may send you a notice or letter for issues that may involve delays in processing returns, requests in additional information, changes or questions in tax returns, and more.
If you receive a notice or a letter by FTB, do not hesitate to contact or tax experts so that they can expedite a solution. to avoid further problems in your tax return. We have helped countless of our clients swiftly resolve notices by FTB, by diligently handling these case-by-case letters and acting accordingly.
What is Form 1099? Form 1099 is a tax information return that reports income received outside of wages, salaries and tips. The most frequently used form when filing a tax return is a 1099-NEC, which reports how much a business paid annually to nonemployees, including independent contractors.
A 1099 worker is a freelancer, independent contractor, or other self-employed worker that completes particular jobs or assignments; and are not considered employees of a company.
If you are business that needs help reporting payments to independent workers, then reach out to our tax professionals, so that they may help you file the proper paperwork for your independent workers, as while as the proper documentation to be reported to the IRS for their labor in your business.
In contrast to the 1099- NEC, another form frequently filed is a 1099-MISC. This form is used to to report certain types of miscellaneous compensation, such as rents, prizes, and awards, and more. In other words, it is income that was not earned through labor, and thus most be reported accordingly under this form. A taxpayer usually receives a 1099-MISC if they were paid 10$ (or more) in royalties; or 600$ (0r more) in other types of miscellaneous income during a calendar year.
If you are interested in filing or reporting 1099's, click the link below so our tax experts can reach out to you.
Rental income is any payment you receive for the use or occupation of property. Any personal property that generates taxable income is meant to be reported and is subject to income taxes. Thus, rental properties can range from houses, condominiums, apartments, land, vehicles, machinery, or even equipment and more.
Our tax experts have the knowledge and experience to help you report this income with proper counseling, while ensuring to optimize the associated expenses that can be deducted from your rental income.
CDTFA Quarterly Sales Tax
Retailers engaged in business in California must register with the California Department of Tax and Fee Administration (CDTFA) and pay the state's sales tax, which applies to all retail sales of goods and merchandise except those sales specifically exempted by law.
Our tax experts can help you swiftly and accurately report your quarterly taxes to the State Board of Equalization, to ensure to abide by the law and maintain your seller's permit.
We can also help file past due quarters currently present in your account. If you are interested in attaining more information regarding seller's permits, requirements, and responsibilities, do not hesitate to reach out to our tax experts for more information.
Back Taxes (Unreported Income)
If you did not file your tax return on time, it is important to know that if a taxpayer is due a refund, it can only be claimed within three years.
However, if the taxpayer owes income taxes, it is strongly suggested to file on time, as a means to be avoid having late charges and penalties accumulated alongside the balance due.
Our tax experts are always looking for proactive ways to help you, and maximize your benefits. If you have unreported income, please reach out to our professionals so that can counsel you on the best approach suited for your particular tax situation.
FREQUENTLY ASKED QUESTIONS
What is an ITIN? And when do I need one?
An Individual Taxpayer Identification Number (ITIN) is a United States tax processing number issued by the Internal Revenue Service for those who need to file a federal tax return but aren't eligible for a Social Security number.
When will I receive my ITIN?
The approximate processing time to receive the ITIN is 7 to 11 weeks.
If you have not received your ITIN or any other correspondence from the IRS 7 weeks after applying, call the IRS toll-free number at 1-800-829-1040 for the status of your application if you are in the United States. If you are outside of the U.S., call 267-941-1000 (not a toll-free number).