Abacus CPAs September 2016
Newsletter
Why Are Quarterly Tax Estimates Important?
by Teri Wingo
 
You may be asking yourself, why are Quarterly Tax Estimates so important? Well, as an Owner Operator paying Quarterly Tax Estimates will assist you in the following ways:
 
1.     Pay the "Right" amount of Tax  - Quarterly estimated tax payments are better known as installment payments towards the current year tax return in advance and will be due no later than April 15th each year. However, don't let the April tax deadline scare you. If Abacus prepares your estimates and tax return, we will prepare your estimates based on information you have provided to us . This means you will no longer need to be concerned with paying your taxes in one lump sum, rather you will pay them quarterly. In order to effectively prepare your estimate s , Abacus will need to ensure you have provided our office with the necessary information. Specific items needed to prepare an estimate are: [1] all income (i.e.: paystubs), [2] preferred filing status, [3] number of dependents, [4] expenses incurred by your business , [5] prior year tax return, etc. By providing these items, along with good communication, we can reach the overall goal to help you keep the most operating cash in your company. We can achieve this goal by providing the most financially efficient tax estimated payments.
 
2.     Avoid Penalties & Interest  - The days of allowing your employer to withhold and pay your taxes for you came to an end when you became your own boss. For self-employed individuals it is important to note that the IRS will charge penalties and interest if Quarterly Tax Estimates are not filed. Paying your taxes throughout the year (through quarterly estimates) will help you avoid costly penalties and interest.
 
3.     Know your company's financial roadmap  - Similarly to how a GPS map indicates where you are going, Quarterly Tax Estimates provide you a financial roadmap for your business.  Utilizing Abacus CPAs to prepare your Quarterly Tax Estimates provides you the clearest pathway to your financial destination.
 
Contact Abacus CPA's, at 417.380.5000, for your next best step in preparing and filing your Quarterly Tax Estimates.  


Send us your Expense Records Here: 
DID YOU KNOW?
by Shawn Koder
 
Per Diem Allowance for Truck Drivers
One way that truck drivers can offset some of their earnings and receive a tax deduction is to use the per diem allowance established by the Internal Revenue Service. This information is published in IRS Publication 463 and establishes the limits for daily meal deductions that truck drivers can take.
 
Qualifications
  • To qualify for a tax deduction on a per diem basis, you must first meet the requirements established by the IRS. In general, you must be a transportation worker whose job requires that you be away from home on a regular basis. Furthermore, you must be away from home longer than the hours in a normal day's work. If you start and end their day where you live, you are not generally eligible for a per diem deduction. The IRS instead requires that your job causes you to sleep away from home for a substantial period of time.
Allowance
  • The IRS specifies per diem allowances that you can deduct from your taxable income, thus reducing your tax liability. You can take these allowances when your company does not provide its own standard per diem allowance. Publication 463 indicates that the standard per diem meal allowance is 80% of $63 per day, as of October 1, 2015.


 


On The Road Recipes!
by Cindy Abner  
 
Crock Pot Bar-B-Q Chicken
1 4-6 lb. whole chicken
1 packet Grill Mates Slow & Low Tennessee Smokehouse BBQ Chicken Rub
1 small onion
1 bottle of your favorite BBQ Sauce
 
Directions: Remove chicken from packaging and wash inside and out, removing neck, gizzard, liver, and heart. Pat it dry with paper towels inside and out.
Peel and slice the onion and place in the bottom of the crockpot.
Sprinkle the dry rub all over the chicken, inside and outside, ensuring it is covered completely. Place the chicken on top of the onions in the crockpot. No liquid is needed. Cover with lid and cook on low for 8 hours.
When the chicken is done, pour half the bottle of BBQ sauce on the outside of the chicken and spread well. Cover again and cook for another 15 minutes.  Use tongs to take chicken out because it will literally fall off the bone. 
Serve with the remaining BBQ sauce and your favorite side dish.
Make sure you clean up well so you prevent contamination from raw chicken. Refrigerate any leftovers.
Services Include

Tax Return Preparation
Quarterly Estimates
Strategic Growth Plans
Debt Structuring
LLC Formation
Registered Agent Services
Tax Problem-Resolution
Business Consulting
Audit Assurance
Financial Statements
 Thank you for being a valued client!!!

5 years!
Burke, Harry H. Jr.
Cooperider, Barry A.
Felts, Michael S.
Keyek, Scott A.
Murehead, Terry M.
Nichols, Jere B.
Wood, Justin D. 


10 years!
Bush, Ronald Guy
Hines, Alvin J.
Logan, Crystal J.
Nelson, Lucinda A. 

15 years!
Orellana, Jose R. 

Call us at

417-380-5000

(Please note that you will be placed on a short hold in order of caller and the first available representative will be able to help you!  Our offices are open Monday - Friday 8am-5pm CST)

 
 You can also find helpful information at
Cindy's Corner 
Tips from a former driver!

We've all heard the horror stories about ret stores not letting drivers park in their parking lots. In most cases it's just uncertainty by the store management. If you can, we encourage you to al ahead and ask permission.  If you are unable to call ahead, ask to speak to a manager when you arrive. Store will appreciate your thoughtfulness and may even be more apt to accept you and your truck if they have met you. If we, as an industry,can all be respectful of the land stores may loosen their restrictions!

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If you call us this month, be sure to wish a special Happy Birthday to some of our hardworking staff!
9/4 Cindy A.
9/16 Brooke S.