The Centers for Medicare and Medicaid Services (CMS) reports that total U.S. health care spending now exceeds $4 trillion per year. Health and medicine are hyper-competitive, highly-regulated industries. All health companies and medical practices must have the right accounting process in place. While accounting is important for every type of business, healthcare companies face some …
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Owning and operating a successful trucking company can be challenging—particularly in today’s hyper-competitive market. It is crucial that your business complies with all federal and state tax regulations, including the Heavy Highway Vehicle Tax. At Williams Accounting & Consulting, we specialize in helping truck company owners navigate complex tax matters. In this article, our trucking …
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Posted by Williams Accounting & Consulting
Accounting, Bookkeeping, Business Consulting, Tax Preparation
With record high demand expected over the next several years, trucking can be a lucrative industry for qualified entrepreneurs. At the same time. trucking is a complex, highly regulated industry. One of the biggest challenges that truck company owners and operators face is navigating tax issues. It is crucial that you accurately measure (and record) …
Continue reading "Measuring True Expenses of Operating a Trucking Business"
Building and growing a successful business is never easy. You may need an infusion of outside capital to start or expand your operations. There are two main ways that businesses raise money: Debt financing; and Equity financing. There are advantages and disadvantages to each option. Which one is better for a business depends on many …
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There are few things more stressful and frustrating than finding out that you are facing a federal tax audit. As unnerving as it can be, it is important to remember that an audit does not mean that you did anything wrong. The Internal Revenue Service (IRS) defines a tax audit as a “review/examination of an …
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Do you own and operate your own trucking company? If so, it is crucial that you have the proper accounting system in place to protect your financial interests. Running a trucking company can be complicated—especially when it comes to tax matters. The Heavy Highway Vehicle Use Tax is one of the most important taxes that …
Continue reading "How Much is the Heavy Highway Vehicle Tax?"
Doctors have a lot on their plate—even more so when they own and operate their own medical practice. After a long day of work, the last thing that most physicians want to do is spend time sorting out the financial books for their business. Of course, proper bookkeeping and accounting is absolutely essential to the …
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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 …
Continue reading "What Can Owner Operators Write Off?"
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 …
Continue reading "How to Build a Budget as an Owner-Operator"
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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