Truck driving is one of those professions that appears to pass down from generation to generation. Though there have been a number of alterations to the industry over the past 50 to 60 years or so, many of the things those truckers from past had to develop for truckers of today experience as well. One of them is tax season.
Depending on their size, Trucking Business Owners have a lot of disbursements in a given year. As the paramount form of cargo transportation in North America specially for Alberta Edmonton Area, St Albert, Strathcona County, Calgary, Red Deer, Lethbridge, Medicine Hat, Fort Mcmurray, Grande Prairie, Airdrie, Banff Canmore, Lloydminster and all over Canada. According to the American Trucking Associations, the millions of tons delivered to various destinations require a lot of planning, both for owners and the drivers who they employ.
The following are some Income Tax Preparation Tips for Trucking Business Owners that can help Trucking Business Owners adequately prepare for Tax season:
Expenses must be Traceable
You cannot save on taxes if you have not held faultless records tracking what disbursals you have paid for over the past year. So before Tax Filing starts, guarantee that you have held track of what payments have been made contributing to the success of your Trucking Business.
Be Aware Business Classification
The naming that companies establish are primarily there for liability and Tax purposes. For example, Trucking Business Owners may decide that they want to integrate, form a limited liability company. Each one has its own set of Tax rewards and responsibilities. If you are doubtful of how they work, speak with an Accountable Business Services (ABS) Tax experts for guidance.
Maintain Older Records on File
Every year brings new Tax codes and duties, so you may be under the impression that because last year has passed, you may as well dispose those forms to save space. This is inadvisable, though; because you may still be inspected by the government should they find an error in past Tax filings. As a common rule, you should hold all of your Business and Tax records for no less than ten years. Talk to an Accountable Business Services (ABS) Tax experts about unusual conditions, because you may want to keep some records indefinitely if you filed late in a former year or did not report profit that you should have.
Make Differentiate between what is Deductible and Non Deductible
Luckily, there are many business expenses that can be written down when Filing your Trucking Business Taxes. This includes access fees, like the Internet or satellite radio, and trade association dues. You can even subtract the cost of cleaning supplies, provided you have held on your receipts. Just be aware that there are disbursals that cannot be deduced. These include personal expenses and commuting costs, like the price of gas or highway tolls.
For more Income Tax Preparation Tips for Trucking Business, talk to an Accountable Business Services (ABS) Tax experts thru following contact details:
Accountable Business Services 9905 104 St NW T5K 2G5 Edmonton
Support Call: 1 (888)-556-7864
Fax Number: 780-669-7960