Your Tax Place, Inc. - Tax Savings Strategies

 How to Maintain Success as an Owner Operator - 2022 As an Owner Operator, have you noticed your paycheck  slowly become  LESS and LESS instead of MORE and MORE in comparison with what you have experienced in the past 2 years??? Since 2020 when COVID hit, our economy has NOT BEEN STABLE and has caused many economic imbalances that have NEVER BEEN SEEN BEFORE! I have been in the trucking and transportation industry for 17 years and have NEVER SEEN the consistent $3,000 to $10,000 NET weekly payouts to drivers that I have been seeing in the past 24 months. Most of you veteran drivers have not ever seen this before, either.   And we all  say,  IT'S ABOUT TIME! Unfortunately, these Skyrocketing Rates  that are driving up your pay are NOT SUSTAINABLE , and WILL DESTROY OUR ECONOMY if left too high for long. The Trucking industry is used by economists to predict the health of the economy and to make necessary changes, which is a BIG reason why we are all seeing and ex

  $45.6 billion dollars was approved by the Senate to help the IRS to IMPROVE ENFORCEMENT which is causing a lot of us to become concerned.   WHAT COULD HAPPEN?    The chances of getting audited has dramatically increased.  4 Ways to Prepare in Case You are Audited  1. Be sure that all expenses claimed on your tax return are accurately supported by receipts. 2. Review your Tax Return before you sign it. Take your time and review all income/expenses claimed BEFORE SIGNING  ONLY YOU, not your tax preparer, is responsible for the information reported on your tax return AFTER YOU SIGN IT Compare your tax return with the previous year and question any differences to be sure you can support any changes Ask alot of questions to learn the laws used to prepare your tax return Have your filed tax return amended if you catch the errors BEFORE the IRS catches them 3. Hire a Reputable Tax Preparer that has a history of Assisting with Audits Confirm they have represented others in audi

  Owning a Business is NOT something that is usually taught in our primary or secondary school systems.  During these early years, we are trained to become compliant, obedient EMPLOYEES so we can work for someone else in THEIR businesses.  Business Ownership is usually a choice but can also occur by accident after someone convinces us to accept a CONTRACTOR JOB with a company under the guise that we will "MAKE MORE MONEY"... for them, e.g owner operator .  Becoming a contractor “relieves” the hiring company from the responsibilities of having to pay the cost of insurance, vacation pay, sick pay, taxes, and many other perks for you.  Those financial responsibilities then belong to YOU and because the contracting company is now saving a bundle of cash they are glad to pay you a little more to relieve them of these responsibilities. You, as a new business owner, will find yourself needing that extra money so you can pay your own income taxes, health insurance and bills to keep