As a truck driver, owning and operating your own business has the potential to be highly lucrative. According to a report from Trucks.com, independent truck drivers (owner-operators) earn more on average than company drivers. At the same time, owning and managing your own trucking business can be challenging. There are a lot of issues that …
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An owner-operator is a truck driver who owns their own business. For owner-operators, building a budget is critically important. You need to make sure that your business accounting is done properly so that you are in the best position to take advantage of all available tax deductions. This raises an important question: What can owner-operators …
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Posted by Williams Accounting & Consulting
Accounting, Business Consulting, Tax Preparation, Tax Resolution
Trucking is one of the most important industries in the country. According to data published by the United States Census Bureau, there are more than 700,000 trucking businesses nationwide. Independent owner-operators make up a significant portion of truckers. It can be an excellent business opportunity. A 2019 report from Convoy.com found that the average owner-operator …
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Successful businesses require the input of an accountant or bookkeeper to manage financial records. Once you realize this, you will also want to know how much bookkeeping services cost to determine what is within your budget. The answer to this question will not always be straightforward since you can hire an in-house employee, a traditional …
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As an owner of a small business, various questions will almost certainly cross your mind. How much am I supposed to pay for the tax? Why am I paying a specific amount of money? Is there a way I can reduce the taxable income? This is normal because the last thing you would want is …
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For an employer, running payroll involves the issuing of checks & direct deposits, the handling of payroll deductions/contributions, and the tracking of expenses. While it can be a frustrating and time-consuming task, payroll is extremely important. Companies that fall behind on their payroll end up facing serious problems, potentially even legal sanctions. Accounting is the …
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Are you looking for professional financial help for your business or organization? If so, you may be considering hiring an accountant or a CPA. This raises a common question: What is the difference between an accountant and a CPA? There is an important distinction. Although all CPAs are accountants, not every accountant is a CPA. …
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For small business owners, dealing with tax issues can be a real headache. As noted by the Internal Revenue Service (IRS), business taxes fit into five broad categories: Income taxes, estimated taxes, self-employment taxes, employment taxes, and excise taxes. Of course, within those categories are many different complex issues. To ensure that your company is …
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On December 21st, 2020, Congress passed a $900 billion COVID-19 relief bill. A week later, the bill was signed into law by President Trump. A comprehensive package, the latest COVID-19 bill includes a new round of Paycheck Protection Program (PPP) loans through the Small Business Administration (SBA). If your business is closed or operations are …
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Owning and operating a successful small business is complicated. As every business owner knows well, there is a seemingly endless number of tasks that must be accomplished. Bookkeeping is one of those tedious but important jobs that has to get done. In doing bookkeeping for your small business, you must: Create and understand the proper …
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