Given the number of times trucking companies receive or make payments, they often have fairly complex accounting needs. Even among single-rig operations, accounting for trucking companies presents some challenges. It is a good idea to be aware of these four common accounting issues within the trucking business.
Segregation of Accounts
Everyone who runs a business should segregate their personal and company accounts. This applies even to owner-operators. Accounting for trucking companies should always be separate from personal money to ensure you're handling your numbers and taxes properly.
If you have a large estate and want to protect it from taxes and other burdens, you may want to consider having an estate planning trust drawn up for yourself. This document can help ensure that your assets are protected after your death. These trusts also help reduce the size of your taxable estate and make it easier for your heirs to access the money when they need it.
Here are four circumstances when you may consider hiring these services.
If you own a business and you want to avoid financial problems, now's the time to hire a CPA. If you own a small business, you might think that a bookkeeper can handle the day-to-day accounting. Or you might still be using your own bookkeeping program for your small business. If that's the case, set those aside and hire a CPA. They can help get your small business on solid ground.
Do you work with a financial advisor to help manage your investments and future financial plans? If so, you could benefit from also working with an accountant as your retirement draws closer, and here are five reasons why.
1. To Get Budgeting Help
Financial advisors are excellent at helping you plan for the big picture, but they aren't always the ones to work on specific smaller projects. One important part of a successful retirement is budgeting properly both before and after retiring.
As a roofing contractor, running your business takes more than just doing good roofing work. You also have to effectively manage the business side of things. That includes knowing the bookkeeping requirements you need to follow.
Save All of Your Receipts
Tax laws require you to save all of the receipts for the business expenses you claim. This includes roofing materials, tools, hiring contractors, and other expenses.
When you write off your business expenses, the IRS has the right to audit you.