Tax Solutions and Business Tips 
for Trucking Professionals
As a reminder, if you have not yet filed your partnership or S-Corp tax return for the 2017 tax year, the last date to file your return without late filing penalties will be September 17th, 2018.  Please contact us at 417-380-5000 if you need assistance with getting your return prepared.
 
 
Deductible Expenses
By Chase A. Probert
 
When you sign up to work with Abacus CPAs, you will be required to notify our staff of deductible expenses in order for us to properly file your taxes. Some expenses may come from a company settlement, others may be paid for out of pocket with cash or with a debit/credit card, but all expenses will have to be accounted for to ensure that your taxes are properly filed. But how do you know what is considered deductible?

The IRS provides three simple criteria to determine if an item is deductible. The IRS indicates that for an expense to be deductible, it must be both ordinary and necessary. An ordinary expense is said to be "one that is common and accepted in your trade or business" and a necessary expense is "one that is helpful and appropriate for your trade or business.[1]" The expense must also be paid for out pocket, meaning that any reimbursed expenses are technically not considered deductible.

While the IRS does not provide a list of deductible expenses for each industry, drivers can easily help determine if something is deductible by asking themselves if an item is considered ordinary and necessary. An expense such as fuel can be determined as ordinary and necessary because it is both a common expense in the industry and necessary in order to conduct business.

Drivers will be required to keep records for any expenses they will be deducting (with few exceptions). Drivers are required to keep copies of each receipt and should also keep a back-up copy such as a photo copy or a scanned copy of the receipt. Drivers will not be required to keep receipts for items falling underneath their daily per diem deduction, including purchases for meals, personal hygiene, and over-the-counter medications. Drivers will be required to keep logs indicating days out over the road while maintaining a living space outside of their truck in order to claim the per diem deduction.

If you have any questions regarding deductible expenses, please contact our office at 417-380-5000 or visit our website at abacustrucking.com.


[1] https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses

On the Road Recipes!
 
Cajun Pulled Pork (keto friendly)
 
Ingredients:
4 lbs boneless pork shoulder
1 tablespoon brown sugar
1 teaspoon ground cumin
1 teaspoon garlic powder
1 teaspoon onion powder
1 teaspoon cayenne pepper
1 teaspoon smoked paprika
1 teaspoon black pepper
1/2 cup chopped onion
1 tablespoon butter
1-2 tablespoon hickory liquid smoke
2 cups of water
 
Instructions:
Put the meat into a large zip lock bag with the brown sugar and all the seasonings.  Seal well and shake to coat and then pour the contents of the bag into the crock pot. Top with the chopped onion, butter, and liquid smoke. Pour in the water. Cover and cook on LOW for 8-10 hours or 4-6 hours on HIGH or until the meat shreds easily with a fork. Serve on toasted buns, on rice, or in large romaine leaves.
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.

    

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 September!
Brandon Durbrow
Corey McMiller
Johnny Young
Justin Surgace
Darwin Delaney
Timothy Matney
John Skipper
William Nunn
Jaina Blue

Celebrating 10 years in September!
James Culley Jr.

As a reminder, if you have not yet filed your individual tax return for the 2017 tax year, the last date to file your return without late filing penalties will be October 15th, 2018.  Please contact us at 417-380-5000 if you need assistance with getting your return prepared.