As we’re about to close the books on another year, how was 2021 for your business? Whether you had an average year, stellar year, or a dismal one, tracking your revenue is as critical to your business, as filing your taxes. Don’t work all year just to pay too much in taxes. The tax code is enormous. You know your business, and you should know when it’s time to find a tax professional who knows their business.
If you handle your own bookkeeping, that’s great, just make sure you don’t miss any of those much needed and much-deserved deductions. For example, there were a few adjustments to the amount of per diem that can be deducted for those of us subject to HOS (Hours Of Service). Determining whether you can take advantage of certain tax credits to lower your AGI (Adjusted Gross Income,) or just figuring how much the proper amount of the credit(s) are, is crucial.
If you’re in need of a bookkeeping or tax service to sort out all of the IRS deductions and jargon, consider hiring a professional service that specializes in trucking industry taxes. Those of us in the transportation industry have some special rules when it comes to the IRS tax code. Be sure that whoever handles your accounting and tax prep, knows what they’re doing with respect to your business model and needs.
Visit the ATBS website for more information in their Knowledge Hub. If the task is overwhelming, consider hiring ATBS while you’re there.