Transportation CFO Inc.

03/22/2022

03/22/2022

cách gấp màn nhanh

03/22/2022

190k 1 màn tự b**g

10/26/2021

Tips for New Owner-Operators

4. Decide if leasing is for you.

You’ll need to decide if you want to lease onto a company or become your own authority and [find your own loads]. There are basically three options:

- **Lease-Purchase Operator:** Sign a lease or a lease-purchase agreement to get a truck through a carrier or third-party leasing company. This is the easiest way to get a truck with little or no down payment or credit, but many drivers sign a lease before they’re ready and get saddled with expensive equipment. Some contracts restrict decision-making, and others make it difficult to take your equipment to other carriers.
- **Leased Owner-Operator:** Buy your equipment (outright or through a loan), and lease to a carrier to use their operating authority. You have control over the equipment and who you lease to, but you can’t walk away from the equipment free and clear. You’ll face severe financial consequences if you default on the loan.
- **Carrier:** Get your own operating authority and become a motor carrier. There’s higher profit margins and more freedom, but it’s also more work. You develop your own customer base and solicit freight from shippers or work through load boards with a cut going to the broker who helps facilitate.

5. Choose the right truck.

Do you buy an expensive new truck that comes with a warranty? Or a used truck that costs less but you may have to put money into? Do you buy a flatbed? Start researching the benefits of used versus new trucks, and figure out what kind of lanes you’ll be running to get the right truck for the job. This is the most expensive part of becoming an owner-operator, and you want to make the best decision for you. Once you’ve narrowed down your truck options, research fuel economy and maintenance so you know what to expect once you start running. **This is a long-term financial commitment, so do your research! It will save you time and money in the long run.

6. Talk to an accountant.

You’ll need to figure out a business structure, have a system for taxes, and a method for record keeping. Meet with a reputable accountant, and talk to them about the business you want to create. They can help you file the appropriate documents and set you up for success by figuring out the business structure that’s right for you. They can also help with a quarterly tax filing system to ensure you comply with the International Fuel Tax Agreement (IFTA) and any other taxes associated with your business.

10/25/2021

Gain two straightforward methods for taking out debt and dramatically lowering your overall interest. Plus, get expert answers to paying off your mortgage quicker than you ever thought possible.

10/22/2021

Are you bogged down in the day-to-day grind of keeping your business running?Then this free download is just what you need!

10/21/2021

New Tax Reporting Rules Start in 2022 for Payments by PayPal and other Third Party Payment Providers

If you work as an independent contractor and are paid through PayPal or by a similar third party settlement organization, are an Airbnb host, or sell goods on eBay, Etsy, or similar websites, you need to know about a little noticed changed in the tax reporting rules that goes into effect in 2022. Because of this change, it will be harder than ever to hide income from the IRS.

Third-Party Information Reporting
The IRS has a series of forms beginning with the numbers 1099 that financial institutions, employers, and businesses are supposed to file to report various types of payments to the IRS. The IRS matches the figures on these information returns with the amount reported on the recipient's tax return to determine if underreporting occurred.

If you're an independent contractor, your payments get reported to the IRS one of two ways. First, if you're paid over $600 during the year by check, cash, money order, or direct deposit, the business that hired you is supposed to file IRS Form 1099-NEC with the IRS reporting the payments (Form 1099-NEC replaced Form 1099-MISC in 2021).

However, if you're paid through a third party settlement organization (TPSO) like PayPal, the payor need not report the payment to the IRS on Form 1099-NEC. Instead, it's the TPSO's responsibility to file a different form called Form 1099-K with the IRS.
But there is a big whole in 1099-K reporting. Under current law, a 1099-K need be filed only when the annual payments to the recipient total more than $20,000 and there are more than 200 transactions. As a result, many payments go unreported. If you have less than $20,000 in payments and/or 200 transactions, the IRS will have no report of the payment. However, you're still supposed to report the income on your tax return.

These rules apply not only to independent contractors who bill clients directly, but to those who obtain clients through online hiring platforms like Upwork (or Uber, Lyft, Handy and many others). These online platforms often serve as TPSOs themselves or use PayPal or similar third party TPSOs.

The same goes for short-term rental hosts who use online platforms like Airbnb and VRBO to book and bill their guests. Likewise for online platforms used to sell goods like eBay and Etsy.