Tax Solutions and Business Tips 
for Trucking Professionals
The 2017 Federal Income Tax filing deadline is fast approaching! 
In order for Abacus CPAs to begin preparing your 2017 income
tax return, we need a completed 2017 tax organizer from you. 
You can find a fillable 2017 tax organizer on our website at www.abacuscpas.com If you turn in your completed organizer ad all related tax information by March 21st we will have your return
processed before the April 17th deadline.  Any organizers turned in after March 21st may be extended.
Quarterly Estimates
By: Rebekah Sanders
 
An ongoing trend we see among self-employed individuals is the failure to pay quarterly estimated taxes.  Not only is paying your quarterly estimated taxes a great budgetary tool for your business, it is also mandated by law.  Failure to pay quarterly estimated taxes will result in the IRS accessing a .5% penalty on your total tax liability if you owe more than $1,000 or if you have not paid at least 90% of your liability.

To help self-employed individuals meet this obligation the IRS has set up a quarterly estimated tax payment schedule:

Payment Period                                       Due Dates
1st qtr. January 1 - March 31                     April 17, 2018
2nd qtr. April 1 - May 31                           June 15, 2018
3rd qtr. June 1 - August 31                       September 17, 2018
4th qtr. September 1 - December 31          January 15, 2019

Quarterly estimated payments can be made online, by phone, or by mail.

We are honored that you have chosen Abacus CPAs for your accounting needs.  If you need assistance in determining what amount you should pay for quarterly estimated taxes, we do provide a quarterly estimate program for $50 per quarter.  If you have any questions or would like to participate in our estimate program, give us a call at 417-380-5000.

 

LUMPERS!
By: Drew Klaus

 

Did you know that not all companies record the lumper expenses on the driver settlements?  Make sure to review the expenses listed on your settlements for lumper expenses and other tax deductible expenses when providing information to your accountant!

 

For example, Prime Inc. sends an advance through the settlements to pay for lumpers, however when lumpers are paid out by the driver the lumper expense receipts are not recorded on the driver's settlements as an expense.  This is why your accountant will need all lumper expenses - whether they are paid out of pocket OR paid through comdata check.  Upon request, Abacus CPAs has the ability to go through the lumper receipts turned into Prime Inc. upon request and count the amount of lumpers paid with a comdata check; however doing so will incur a $70 fee.

 

Other transportation companies may subtract the amount of lumper expenses back out of the driver's settlements but categorize it as a reimbursement.  If a driver's lumpers are already subtracted out of a settlement, Abacus will only need the amount paid out of pocket for lumpers. 


For more clarification on lumpers, please feel free to contact us at 417-380-5000.

 

 

On the Road Recipes!
Crockpot Chicken Fajitas

Ingredients
1 teaspoon Chili Powder
1 teaspoon Kosher Salt
1/2 teaspoon Ground Cumin
1/2 teaspoon Onion Powder
1/4 teaspoon Garlic Powder
1 tablespoon Cornstarch
1/4 cup Water
3 tablespoons Olive Oil
1-3 Chicken Breast (cut into 1/2 inch strips)
1 Green Bell Pepper
1 medium Onion
2 tablespoons Lime Juice
 Tortillas

Directions
Add all the ingredients to the crockpot.  Cook on low for 6-8 hours or high for 4 hours.  Shred the chicken using two forks.  Add mixture to tortillas.  Optional: Top with lettuce, cheese, salsa and sour cream. Enjoy!

As our busiest time approaches, we thought it was a good time to remind you about our SECURE online portal in which you can submit documents for us and we can submit documents for you.  Below is HOW TO access:
 
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.

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 March!
Sylvester Jackson
Paul Jackson
Michael Miller
Zak Jules
Sheila Just
Randy Leffingwell
Alvin Debats
Nathaniel Lester
William Niemeier
Karega Collier
Jose Rodriguez
Quentin Jones
Michael Dyer

Celebrating 10 years in March!
Lee Cumbly
Clifton Humphrey

Celebrating 15 years in March!
Michael Neal
Tona Rollins

REMINDER!
We sent a message last month about the 1099-MISC. 
 It is so important we have copied it here as well. 

If you paid a co-driver $600 or more, outside of W-2 earnings, you are REQUIRED to provide them with a 1099-MISC.!  The required tax documents need to be mailed to the IRS on or before January 31st and we can help prepare them for you!  You will just need to provide us with each of the co-drivers addresses, social security numbers and the amounts you paid each.

DUE: 1099-MISC forms are due to the Recipient and the IRS on January 31, 2018
PENALTIES: There are penalties for failure to file and filing incorrectly or past due dates.
NOTICES: Please contact us if you receive a notice from the IRS regarding 1099-MISC forms.

Please contact us immediately if you would like assistance with the preparation of 1099-MISC forms for your Business.