🚨 New Business Leaders of America Podcast Episode 🚨

John T Hewitt, the Great-Grandaddy of taxes and founder of Loyalty Brands,
joins the Business Leaders of America Podcast! 🎙

▶ Founder and CEO of Loyalty Brands
▶ Founder of two Top 100 retail franchise chains,
Jackson Hewitt and Liberty Tax
▶ Brought in over 5000 franchises.
▶ Created over 800 Millionaires!!

Excited to share my insightful discussion with John Hewitt, the CEO of Loyalty Brands Inc. We dove deep into his incredible entrepreneurial journey, spanning over five decades, where he founded three successful companies and opened over 10,000 franchises in the tax preparation and business services sector across the USA and Canada. From his early days at H&R Block to founding and leading Jackson Hewitt and Liberty Tax Service to incredible heights, John’s story is a testament to resilience, innovation, and unwavering determination. Don't miss out on the valuable lessons and inspiring insights he shares! 


Click on the article to see how to get your FREE copy of John's book, "iCompete: How My Extraordinary Strategy for Winning Can Be Yours"

Interview with John Hewitt, founder of Jackson Hewitt and Liberty Tax Service

Welcome to the Mehra CPA podcast, hosted by Deepak Mehra, owner of Mehra CPA in Delta, BC. In this episode, we explore "7 Ways to Pay Less Tax in Canada for Small Business Owners." Learn practical strategies to minimize your tax burden and keep more of your hard-earned money. From maximizing deductions and credits to income splitting and utilizing tax-free savings accounts, we cover essential tips to help you navigate the complexities of tax planning. Tune in for valuable insights and expert advice designed to support your business's financial success. Don’t miss out on this informative and actionable episode!

Contact Us Today

Website- https://mehracpa.com/

Call- +1(604) 781-9170

Email- accountant@mehracpa.com

7 Ways to Pay Less Tax in Canada for Small Business Owners

Join Mullah Iqbal Baig, an Enrolled Agent at Citizen Tax Service PLLC, as he discusses how tax preparation services can benefit your business. Learn how maximizing deductions, avoiding costly mistakes, strategic tax planning, and expert advice can help your company save time, reduce stress, and improve long-term financial health. This episode highlights the essential role tax services play in growing a successful business while ensuring compliance and minimizing audit risks. Get Professional Tax Preparation services in Arizona.

Contact Us Today 

Website- https://citizentaxes.com/

How Can Your Business Benefit from Tax Preparation Services?

In this episode, Jennifer Jones, the owner of Answers! Accounting CPA, explores the importance of professional bookkeeping services and how they can positively impact your business. From maintaining accurate financial records and ensuring compliance to improving cash flow management and saving you valuable time, bookkeeping plays a vital role in the success of any business. Jennifer also shares how outsourcing your bookkeeping can lead to better financial decision-making and help your firm scale efficiently. Tune in to learn how Answers! Accounting CPA can help your business stay financially healthy and grow with confidence!

Website- https://www.answers.cpa/

Call- +1 (719) 418-6191

Email- jenjones@answers.cpa

How Bookkeeping Services Can Benefit Your Firm

In this episode of the Answers! Accounting CPA Podcast, host Jennifer Jones, owner of Answers! Accounting CPA in Colorado Springs, shares essential tax filing tips for small business owners. From staying organized year-round to maximizing deductions, paying quarterly estimated taxes, and staying up-to-date with tax law changes, Jennifer offers practical advice to simplify the tax filing process. Learn how working with a CPA can save you time, reduce stress, and ensure accuracy in your tax returns. If you're a small business owner looking for expert guidance, this episode is for you!

Website- https://www.answers.cpa/

Call- +1 (719) 418-6191

Email- jenjones@answers.cpa

Tax Filing Tips for Small Businesses

Tax preparation for trucking businesses is a complex process that goes beyond simply filing returns. Trucking companies and owner-operators face unique tax challenges, including tracking mileage, managing expenses, and maximizing deductions. With the right strategies and expertise, trucking tax preparation can help reduce liabilities, increase savings, and streamline financial management during tax season. 

Here’s how professional tax preparation tailored to the trucking industry can make a significant financial impact.

Identifying Industry-Specific Deductions

One of the biggest benefits of professional tax preparation is the ability to identify and claim deductions specific to the trucking industry. Common deductions include:

Per Diem Expenses: Meals and lodging while on the road can be deducted, providing significant savings for long-haul truckers.

Vehicle Maintenance: Repairs, tires, oil changes, and other maintenance costs are fully deductible.

Fuel Costs: Given the high cost of fuel in trucking, these expenses are a major deduction.

Licensing and Permits: Fees for commercial driver’s licenses (CDLs) and other necessary permits are deductible.

Experienced tax professionals offering trucking tax preparation services understand how to accurately calculate these deductions and ensure that nothing is overlooked.

Accurate Mileage Tracking

Mileage is a critical factor in trucking taxes, as it directly impacts deductions related to fuel and vehicle depreciation. Properly documenting mileage ensures you don’t miss out on potential savings or risk audits due to inaccuracies. Tax professionals help implement systems for tracking miles efficiently, whether through GPS logs or mileage tracking apps. By staying organized, you can confidently maximize deductions while staying compliant with tax regulations.

Leveraging Depreciation Benefits

Trucking companies often have significant investments in vehicles and equipment. Tax preparation experts can help you leverage depreciation benefits through strategies such as the Modified Accelerated Cost Recovery System (MACRS) or Section 179 deductions. These approaches allow you to write off a significant portion of the cost of trucks, trailers, and other assets, reducing taxable income and saving money during tax season.

Navigating Complex Tax Regulations

The trucking industry is subject to various tax regulations, such as heavy vehicle use tax (HVUT), International Fuel Tax Agreement (IFTA) compliance, and highway use taxes. Missteps in compliance can result in penalties and lost savings. Tax professionals who specialize in trucking understand these regulations and can guide you through the intricacies, ensuring accurate filings and avoiding costly errors.

Minimizing Self-Employment Tax for Owner-Operators

For independent truck drivers, self-employment taxes can be a significant financial burden. However, tax preparation experts can help minimize this liability by maximizing deductions and exploring options like forming an S-Corp to reduce taxable income. A well-planned tax strategy tailored to owner-operators can result in substantial savings.

Year-Round Tax Planning

Effective tax preparation is not limited to the weeks leading up to tax season. Tax professionals provide year-round support, offering guidance on expense tracking, estimated tax payments, and strategic financial decisions. Proactive planning ensures you’re prepared for tax season while reducing your overall tax liability.

Conclusion

Trucking tax preparation goes beyond compliance—it’s a valuable tool for saving money and optimizing your financial strategy. From industry-specific deductions to effective depreciation management and regulatory compliance, expert tax preparation can unlock significant savings for trucking businesses and owner-operators. By partnering with a knowledgeable tax advisor, you can confidently navigate tax season, maximize deductions, and keep more of your hard-earned money.



How Trucking Tax Preparation Can Save You Money During Tax Season?

A trucking tax specialist plays a vital role in helping trucking business owners track and deduct their business expenses, ensuring compliance with tax laws while maximizing potential deductions. These professionals understand the nuances of the trucking industry and the specific tax challenges faced by owner-operators and fleet managers. By working with a specialist, trucking businesses can streamline their financial management and optimize their tax savings.

Understanding Deductible Business Expenses

One of the first steps a trucking tax specialist takes is educating their clients about which expenses are tax-deductible. Trucking businesses incur a variety of costs related to vehicles, maintenance, operations, and more. Common deductible expenses include:

Fuel Costs: Gasoline and diesel fuel are some of the largest expenses for trucking businesses. A tax specialist ensures that fuel expenses are properly tracked and documented, allowing the business to claim them as deductions.

Truck Maintenance and Repairs: Regular maintenance, tire replacements, and repairs are necessary to keep the trucks in good working order. A tax professional ensures that all related expenses are deducted from taxable income.

Insurance: Insurance premiums, including truck insurance, cargo insurance, and liability insurance, are deductible business expenses. A trucking tax specialist will ensure these costs are accurately accounted for.

Depreciation of Vehicles: The cost of purchasing and maintaining trucks is a long-term expense. A tax specialist helps calculate and apply vehicle depreciation over time, which reduces taxable income and maximizes deductions.

Tracking Expenses Effectively

Accurate record-keeping is essential for maximizing deductions and avoiding issues during an audit. A trucking tax specialist can set up systems to track expenses in real-time, ensuring nothing is missed. This includes recommending software or tools for logging fuel purchases, mileage, repairs, and other business-related expenditures.

For example, specialists often suggest using a mileage log for tracking business miles driven, ensuring that only the appropriate portion of fuel and maintenance expenses are claimed. With proper tracking, the business owner can separate personal expenses from business-related costs, which is critical for accurate deductions.

Maximizing Tax Deductions with Industry-Specific Strategies

Trucking businesses have unique opportunities to minimize taxes that other industries might not. A trucking tax specialist can take advantage of these opportunities, such as:

Per Diem Deductions: Truck drivers who are on the road for long periods can claim a per diem deduction for meals and lodging. This flat-rate deduction makes it easier for business owners to account for these costs without itemizing every receipt.

Fuel Tax Credits: In some cases, trucking companies may be eligible for fuel tax credits, particularly if they purchase fuel in certain states or engage in specific types of transportation. A tax specialist knows how to navigate these regulations and ensure that all possible credits are applied.

Section 179 Deductions: Under Section 179, businesses can deduct the full purchase cost of qualifying equipment, including trucks and trailers, in the year of purchase, instead of spreading it over several years. A trucking tax specialist can guide the business through this process, ensuring that it takes full advantage of this valuable tax benefit.

Compliance and Audit Protection

A trucking tax specialist ensures that all deductions and expenses comply with IRS rules and regulations. They help avoid common pitfalls, such as claiming non-deductible personal expenses or failing to provide proper documentation during an audit. Their expertise in tax law reduces the risk of penalties and ensures that every eligible deduction is claimed.

How A Trucking Tax Specialist Helps You Track and Deduct Business Expenses?

In this episode of "Keep What's Yours", hosts Josh Gilbert and senior tax strategist Jeff Zufall discuss the 2024 tax season, highlighting the lack of significant tax revisions and the alarming rise in crypto theft. Jeff explains the challenges of dealing with stolen digital assets, emphasizing that such losses cannot be written off as capital or casualty losses. They also touch on the complexities of cryptocurrency transactions and the importance of dealing with reputable companies to avoid scams. The conversation shifts to the IRS's current challenges, including staffing issues and the impact of recent hiring freezes. Jeff advises listeners on the importance of accurately reporting digital asset transactions and the potential consequences of failing to do so. The episode concludes with practical advice for taxpayers, stressing the importance of timely tax payments and the benefits of professional tax assistance.

The IRS reports that small businesses overpay their taxes every year. Stop overpaying - Call Capital Advisory Group at 636-394-5524 today!


2025-03-17 Keep What’s Yours

2025-03-22 Keep What’s Yours

In this episode, Jennifer Jones, CPA and owner of Answers! Accounting CPA in Colorado Springs, shares how working with a CPA can help you save money on taxes. From maximizing deductions and minimizing liabilities to proactive year-round planning, Jennifer explains the real value behind strategic tax services. If you’re tired of overpaying or feeling unsure during tax season, this episode is for you. Discover how expert guidance can make all the difference. Tax services available in Colorado Springs!

Website- https://www.answers.cpa

Call- +1 (719) 418-6191

Email- jenjones@answers.cpa

How a CPA Can Save You Money on Taxes

America Business Leaders sharing their advice and journeys to success with existing and emerging Leaders of America.

Answers Accounting CPA LLC is a full-service Certified Public Accounting (CPA) Firm in Colorado Springs, CO and Nation-Wide. We offer a broad range of accounting and tax services for business owners, executives, independent professionals, and individuals at affordable prices. Our customized accounting services are designed to meet your business or personal needs regardless of how simple or complex. Our company is guided by trusted management with more than twenty years of accounting experience. We are dedicated to helping to achieve your goals and grow your financial future with confidence. We spend time getting to know you and your situation, then strategize personalized, actionable tax plans.

Hi! I am Josh Hamilton, an expert in providing Accounting Services for Trucking Business and I am working in this Industry for the last 5 years. I am not the owner of the content which has been published here. This content is only for knowledge purposes. This content belongs to the respective owners and I do not hold any right for this content.

Citizen Tax Service PLLC is a leading Enrolled Agent firm based in Arizona, USA, dedicated to providing comprehensive financial solutions to individuals and businesses. With a team of experienced professionals, we offer a wide range of services, including bookkeeping, accounting, tax planning, tax preparation, and payroll services. Our commitment to accuracy, reliability, and personalized service ensures that our clients can confidently navigate their financial obligations and make informed decisions for their financial future. At Citizen Tax Service PLLC, we are your trusted partners in achieving financial success.

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