Tax Solutions and Business Tips 
for Trucking Professionals

Extensions
By: Betsy Dyer

 
If you filed an extension, the deadline for filing your 2017 tax return is fast approaching.

The deadline to file with an extension is October 15, 2018. In the event you have not filed an extension, it is vital that everyone who is required to file, files a return, even if you owe taxes and are unable to pay at this time.
What exactly is an extension? Most people understand that an extension gives you an automatic six month extension to file, yet some believe that an extension also allows the taxpayer additional time to pay their taxes. It is important to know that the second statement is inaccurate. An extension DOES NOT allow the taxpayer an extension to pay, it ONLY provides an extension to file.

Two of the most common types of penalties regarding returns are [1] the penalty for failure-to-file and [2] the penalty for the failure-to-pay. An extension will remove the burden of the failure-to-file penalty if the taxpayer ensures that their return is filed within the allotted six month time frame. The penalty for failure-to-pay will be assessed on any tax return that has a balance due that was not paid by the original tax deadline of April 17, 2018.

As noted above, it is very important that every person file a tax return when required to do so. In the event you do not file a return, the IRS could file a substitute tax return on your behalf as a way to assess taxes due. When the IRS files a substitute return they will typically file the taxpayer as Single with no dependents. The IRS will also not have any record of the business expenses you could have claimed had you filed your own return. The substitute tax return the IRS files can then generate tax levies and liens regarding your tax balances. The best way to avoid these issues is to ensure you file your own tax return and work out a payment arrangement with the IRS in the event you owe.

Abacus CPAs, LLC is here to help you with all your tax needs. Please contact us at 417.380.5000 for assistance.



On the Road Recipes!
Crockpot Apple Crisp
 
Ingredients:
5 cups of apples, not quick
1 cup of oats, not quick
1 1/2 cups of flour
1 cup packed sugar
1/2 cup of granulated sugar
3 tsp. cinnamon
3/4 cup of butter, unsalted
 
Instructions:
Spray crockpot with non-stick spray. Add apples to the crock pot.
Put melted or softened butter in bowl and mix the rest of the ingredients with the butter. Pour mixture over apples.
Cook on high for 3 hrs. or on low for 4-6 hrs.
Serve and enjoy!

If you've filed an amended return and want to check on its status...look at the IRS website. The agency has a tool to make it easier for filers to find out about the status of amended individual returns filed on Form 1040-X. Go to www.irs.gov/filing/wheres-my-amended-return to access the system. You'll need to enter your Social Security number, date of birth and ZIP code.
 
Abacus Access
You can access this online portal by going to abacuscpas.com, and then clicking the green button labeled "Abacus Access" on the home page. Much like email, an Abacus Access user will have a specific username and password associated with their account.
Uploading Documents:
After logging into Abacus Access, the user can upload documents by clicking "File Exchange", then clicking the folder labeled "Upload your files here", and then clicking the upload button. After clicking the upload button, a pop-up box will appear enabling the user to add their desired files. Once the user has added their desired files, the last step in uploading the files is clicking the "Start upload" button on the pop-up box.
To Access Your Tax Return:
In order to access an electronic copy of the user's completed Tax Return, simply click the "File Exchange" button. After clicking File Exchange, the user will see a folder labeled "Tax Return 20XX" which is where their Federal and State Tax Returns will be stored.

    

 Congratulations to Roy Romo for getting first place in the Sleeper Berth Class at the Truck Driving Championships! 

Below are the clients with whom we are celebrating a big anniversary of working together!  We appreciate you and your continued trust in us!

Celebrating 5 years in July!
Sebastian Mujica
Austin Giles
Brandon Summers
Hayward Rodgers
Jonathan Voutsas
Kin Wah Ng
Victor Kilbourn
Chad Bradshaw
Blake Koehler
Dameon Gordon
Randall Williamson
Jearrith Auberry
John David Berry

Celebrating 5 years in August!
Joe Berian
Kenneth Young
Alex Moors
Scott Roberts
Neil Coody
Robert Baron
Travis Richason
Cary Nickolson

Celebrating 10 years in August!
Daniel Medvec
Anthony Pierce