Small Business Guidance: For Trucking Owner-Operators

         Each business venture is special when you consider the challenges that can come up, and the decisions that need to be faced. There are many factors that must be considered. Getting a clear look at the type of business and industry will allow for the best perspective. Sometimes, there are there are industries that have consistent opportunities for growth. We will take a look and see how this is true of the Trucking industry.

          The lifeblood of every economy is the ability to ship goods from one place to another. Trucking has been, and will continue to be, at the center of the US economy. Considering the current emphasis being put on domestic goods, the Trucking industry is poised to be at the center of a financial gold mine. This might make taking the risk and becoming an Owner-Operator in the Trucking field worthwhile. With that said, there is no substitute for experience. It might look like a great time to set out with own business, but taking some time to actually learn about what Trucking will involve is a wise move.


          After that period of time, you will be ready to decide if becoming an Owner-Operator is the right choice. On the plus side, there will be many new opportunities. Buying a truck directly and getting dedicated routes can be a reality. However, there is a word of caution that should be considered. This would be a good time to consult a Qualified Tax Professional to help explain all legalities, tax liabilities, and what the profit margins will truly turn out to be as a result of signing contracts. This can be the right time to incorporate. This move can protect you and potentially open the door to more business opportunities. Anthony Sykes & Company Inc. is here to serve your Trucking business. Our address of 12631 Imperial Highway Suite F-136 Santa Fe Springs 90670 is definitely on your route.

Comments

Post a Comment

Popular posts from this blog

Early Results from Focused Efforts on High Income Tax Cheats

            Over the past year, the Internal Revenue Service ( IRS ) has used funding from the Inflation Reduction Act on audit activities for those who earn more than $1 million and have more than $250,000 in tax debt. In that time, the IRS collected $1 billion from the group that met these criteria. The increase in funding will allow for other goals to be reached as well.           More staff has been added and technology is being updated to provide better service to all taxpayers in the coming years. The IRS will now expand its enforcement activity to include complex partnerships, large corporations, and high-income high wealth individuals who do not file tax returns. In recent years the IRS was not consistent with enforcing tax rules in this area and had fallen behind in the ways some had gotten around their tax responsibilities. These new initiatives look to bridge that gap. If you are in need of t...
Read more

Protect Yourself from Threats

            When it comes to data security threats, the challenges never end. The tactics that criminals use continue to change, but there are some basic things to keep in mind. When it comes to mass email messages or texts, the goal is to get someone to click on a link to steal information or download malware. This is phishing or smishing. An update to this scam is called clone phishing. In this variation, a real email is copied and sent to the recipient again. This time it has an attachment with malicious software or a link to a website designed to steal your personal information.           We can never be too sure how the attack will present itself, but we can be prepared with security measures to protect ourselves. Stop and be aware of warning signs. Unexpected messages with urgent tones telling you to click or download something should be examined closely. Getting a repeated message from a trusted source w...
Read more

The IRS Focuses on High Income Tax Cheats

             The Internal Revenue Service ( IRS ) continues to focus on applying the tax laws with accuracy and fairness. With that in mind, they have announced that they are restarting a program that focuses on individuals who did not file returns from 2017 to 2021 and had at least $400,000 in income. They have identified at least 125,000 cases of people who are not in compliance.           The non-filer letters will be going out every week to start the process of filing returns, collecting taxes, interest, and penalties. The basis of these letters comes from information through Forms W2, 1099 and others. Those who receive letters of this nature need to take quick action. The enforcement actions in this program are stronger than usual. That makes it critical that those who receive these letters go to a qualified tax professional . The IRS can be made aware of qualifying deductions and credits that can ch...
Read more